مقاله انگلیسی رایگان در مورد انعطاف ناپذیری دستمزد، و رکود مداوم ( الزویر )

مقاله انگلیسی رایگان در مورد انعطاف ناپذیری دستمزد، و رکود مداوم ( الزویر )

 

مشخصات مقاله
عنوان مقاله  Bubbles, wage rigidity, and persistent slumps
ترجمه عنوان مقاله  حباب، انعطاف ناپذیری دستمزد، و رکود مداوم
فرمت مقاله  PDF
نوع مقاله  ISI
سال انتشار

مقاله سال ۲۰۱۷

تعداد صفحات مقاله  ۱۲ صفحه
رشته های مرتبط  اقتصاد
گرایش های مرتبط  اقتصاد پولی
مجله  اسناد اقتصادی – Economics Letters
دانشگاه University of North Carolina, United States
کلمات کلیدی  حباب های منطقی، انعطاف ناپذیری دستمزد، بیکاری، رکود طولانی
کد محصول  E5090
نشریه  نشریه الزویر
لینک مقاله در سایت مرجع  لینک این مقاله در سایت الزویر (ساینس دایرکت) Sciencedirect – Elsevier
وضعیت ترجمه مقاله  ترجمه آماده این مقاله موجود نمیباشد. میتوانید از طریق دکمه پایین سفارش دهید.
دانلود رایگان مقاله دانلود رایگان مقاله انگلیسی
سفارش ترجمه این مقاله سفارش ترجمه این مقاله

 

بخشی از متن مقاله:
۱ Intro

The collapse of asset and credit bubbles often precedes financial crises and protracted recessions (Jordà et al., 2015), such as the “lost decades” following the collapse of Japan’s housing bubble in 1991. However, understanding post-bubble crises and recessions remains an open question for the general equilibrium bubble literature (see surveys by Barlevy, 2012 and Miao, 2014), as most existing models predict a relatively benign post-bubble transition. A standard prediction is that while bubbles give rise to economic booms, their collapse simply precedes a gradual reversion to the pre-bubble trend while the economy retains full employment (e.g., Hirano and Yanagawa, 2016).

Our contribution is a tractable model where the collapse of bubbles can lead to a protracted slump, or even a “hysteresis” – periods in which investment, output, and employment are persistently below the prebubble trend. We embed downward wage rigidity (real or nominal, à-la Schmitt-Grohé and Uribe, 2016) into an otherwise relatively standard rational bubble model (à-la Martin and Ventura, 2012, 2016). Despite being a standard friction in New Keynesian models, wage rigidity has been largely absent from bubble models. We show its presence leads to drastically different post-bubble dynamics. As usual, bubbles in our model crowd in lending and investment. However, their collapse causes a slump in which wages cannot flexibly fall and firms have to cut employment, causing involuntary unemployment and a drop in net worth. This process amplifies and propagates the effects of collapse. Figure 1’s top panel illustrates the model’s dynamics (versus the standard dynamics with flexible wage).

Our model allows for analytical characterizations of the depth and duration of the slump. While a higher rate of credit creation leads to bigger bubbles and economic booms, it also causes a deeper and longer recession after bubbles collapse. Additionally, we show that post-bubble inflation can reduce the depth and duration of the recession, but deflation would exacerbate them. Overall, by combining the rational-bubble and New Keynesian frameworks, our paper provides a new and complementary perspective on long recessions (see, inter alia, Krugman, 1998, Christiano et al., 2015).

ثبت دیدگاه