We study the implications of having different sources of nominal rigidities on the relationship between productivity growth and shocks volatility in a model with procyclical R&D and imperfect competition in goods and labour markets. We show that the effects of uncertainty on long-term growth not only depends on the source of fluctuations, as recent literature shows, but also, and crucially, on whether prices and/or wages are rigid.
Annicchiarico, B., Pelloni, A. (2014). Productivity growth and volatility: how important are wage and price rigidities?. OXFORD ECONOMIC PAPERS, 66(1), 306-324 [10.1093/oep/gpt013].
Productivity growth and volatility: how important are wage and price rigidities?
ANNICCHIARICO, BARBARA;PELLONI, ALESSANDRA
2014-01-01
Abstract
We study the implications of having different sources of nominal rigidities on the relationship between productivity growth and shocks volatility in a model with procyclical R&D and imperfect competition in goods and labour markets. We show that the effects of uncertainty on long-term growth not only depends on the source of fluctuations, as recent literature shows, but also, and crucially, on whether prices and/or wages are rigid.File in questo prodotto:
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