명목임금계약과 노동시장 마찰의 거시경제 효과
Nominal Wage Contracts, Search Frictions and the Macroeconomy
0
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
가격이 신축적인 동태적 확률일반균형모형을 통해 노동시장 마찰과 명목임금계약의 효과를 분석한다. 노동시장 마찰을 통해 명목임금계약이 명시적으로 도입되고 미래 시점에 적용되는 명목임금이 현재 임금협상을 통해 이루어진다. 기업과 근로자 사이의 고용관계는 매칭을 통해 형성되고 기업 내부에서 발생하는 비용충격으로 인해 고용관계가 내생적으로 종료된다. 총생산성과 통화량 증가율에 영향을 미치는 충격을 통해 주요 거시경제 변수들의 변동성과 총산출량과의 상관관계를 분석한다. 한국경제 자료를 이용하여 모의실험한 결과 2분기에서 3분기 정도의 명목임금 경직성이 모형의 설명력을 높이는 것으로 나타난다.
Abstract
I construct a dynamic stochastic general equilibrium (DSGE) model characterized by money and flexible price in which search frictions and nominal wage contracts are considered. In the model, firms and workers enter into bargaining over the future nominal wage rate. Worker-firm pairs are subject to aggregate productivity shocks, money growth rate shocks, and idiosyncratic shocks. I examine to what extent the model can explain the business cycle properties of macroeconomic variables in the Korean economy. I find that the model economy with two- or three-period contracts comes close to accounting for the relative volatilities and comovements of the key macroeconomic variables.
참고문헌 (21)
- 실업률을 고려한 최적 통화정책 분석, "김인수", 한국은행, ~, pp.한국은행 BOK경제연구제2014-36 (2014)
- 양충열, "동태적 일반균형모형을 이용한 한국 사업체의 진입과 퇴출: 미국과의 비교 분석", 국제경제연구, 19(3), pp.1~25 (2013), 한국국제경제학회
- Andolfatto, David, "Business Cycles and Labor-Market Search", American Economic Review, 86(1), pp.112~132 (1996)
- Blanchard, Olivier, "Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment", American Economic Journal:Macroeconomics, 2, pp.1~30 (2010)
- Cho, Jang-Ok, "Money and Business Cycle with One-Period Nominal Contracts", Canadian Journal of Economics, 26(3), pp.638~659 (1993)
- Cho, Jang-Ok, "The Business Cycle with Nominal Contracts", Economic Theory, 6(1), pp.13~33 (1995)
- Wage, Inflation and Employment Dynamics with Labour Market Matching, "Christoffel, Kai", Banco de España, ~, pp.Documentos de Trabajo No. 0918 (2009)
- Cooley, Thomas F., "Frontiers of Business Cycle Research", pp.175~216 (1995), Princeton University Press
- Cooley, Thomas F., "A Neoclassical Model of the Phillips Curve Relation", Journal of Monetary Economics, 44(2), pp.165~193 (1999)
- Galí, Jordi, "Handbook of Monetary Economics", pp.487~546 (2010)
- Galí, Jordi, "Unemployment Fluctuations and Stabilization Policies" (2011), MIT Press
- Gertler, Mark, "An Estimated Monetary DSGE Model with Unemployment and Staggered Nominal Wage Bargaining", Journal of Money, Credit and Banking, 40, pp.1713~1764 (2008)
- Gertler, Mark, "Unemployment Fluctuations with Staggered Nash Wage Bargaining", Journal of Political Economy, 117, pp.38~86 (2009)
- Hall, Robert, "Employment Fluctuations with Equilibrium Wage Stickiness", American Economic Review, 95(1), pp.50~65 (2005)
- Hagedorn, Marcus, "The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited", American Economic Review, 98(4), pp.1692~1706 (2008)
- Janko, Zuzana, "Nominal Wage Contracts, Labor Adjustment Costs and the Business Cycle", Review of Economic Dynamics, 11(2), pp.434~448 (2008)
- Krause, Michael U., "The (Ir)relevance of Real Wage Rigidity in the New Keynesian Model with Search Frictions", Journal of Monetary Economics, 54(3), pp.706~727 (2007)
- Merz, Monika, "Search in the Labor Market and the Real Business Cycle", Journal of Monetary Economics, 36(2), pp.269~300 (1995)
- The Business Cycle with Nominal Contracts and Search Frictions, "Moon, W.", ~ (2014)
- Mortensen, Dale T., "Job Creation and Job Destruction in the Theory of Unemployment", Review of Economic Studies, 61(3), pp.397~415 (1994)
- Shimer, Robert, "The Cyclical Behavior of Equilibrium Unemployment and Vacancies", American Economic Review, 95(1), pp.25~49 (2005)