演講者簡介 : Xavier Raurich got his Ph.D. in Economics from Universitat Autònoma de Barcelona in 1998. He is currently serving as Associate Professor of Department of Economic Theory at University of Barcelona. His research field is in macroeconomics, economic growth and development.
演講摘要 : We introduce a non-competitive labor market in the neoclassical one-sector growth model to study the growth effects of wage inertia. We compare the dynamic equilibrium of an economy with wage inertia with the equilibrium of an economy with flexible wages. We show that both economies converge to the same long run equilibrium, but the transitional dynamics will be different because wages are a state variable when wage inertia is introduced. We study the growth effects of technological and fiscal policy shocks in these two economies. During the transition, the growth effects of technological shocks obtained when wages exhibit inertia will be the opposite from the ones obtained when wages are flexible. We also show that the growth effects of fiscal policies will be delayed when there is wage inertia.
