Arbeitspapier
Re-examining the role of sticky wages in the U.S. Great Contraction: A multi-sector approach
We quantify the role of contractionary monetary shocks and wage rigidities in the U.S. Great Contraction. While the average economy-wide real wage varied little over 1929-33, real wages rose significantly in some industries. We calibrate a two-sector model with intermediates to the 1929 U.S. economy where wages in one sector adjust slowly. We find that nominal wage rigidities can account for less than a fifth of the fall in GDP over 1929-33. Intermediate linkages play a key role, as the output decline in our benchmark is roughly half as large as in our two-sector model without intermediates.
- Sprache
-
Englisch
- Erschienen in
-
Series: EPRI Working Paper ; No. 2012-5
- Klassifikation
-
Wirtschaft
Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)
Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
- Thema
-
Great Depression
Sectoral Models
Sticky Wages
Lohnrigidität
Reallohn
Geldangebot
Schock
Konjunktur
Mehr-Sektoren-Modell
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Amaral, Pedro S.
MacGee, James C.
- Ereignis
-
Veröffentlichung
- (wer)
-
The University of Western Ontario, Economic Policy Research Institute (EPRI)
- (wo)
-
London (Ontario)
- (wann)
-
2012
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Amaral, Pedro S.
- MacGee, James C.
- The University of Western Ontario, Economic Policy Research Institute (EPRI)
Entstanden
- 2012
Ähnliche Objekte (12)
Syntactic pausing? Re-examining the associations
Re-examining inequality persistence
Re-examining inequality persistence
Re-examining progressive halakhah
Re-examining HSPC1 inhibitors
Re-examining inequality persistence
Re-examining inequality persistence
Re-examining inequality persistence
Re-Examining the Earnings Assimilation of Immigrants
Development and interdisciplinarity: Re-examining the "economics silo"
Did Kettlewell commit fraud? Re-examining the evidence
Did Kettlewell commit fraud? Re-examining the evidence
Syntactic pausing? Re-examining the associations
Re-examining inequality persistence
Re-examining inequality persistence
Re-examining progressive halakhah
Re-examining HSPC1 inhibitors
Re-examining inequality persistence
Re-examining inequality persistence
Re-examining inequality persistence
Re-Examining the Earnings Assimilation of Immigrants
Development and interdisciplinarity: Re-examining the "economics silo"
Did Kettlewell commit fraud? Re-examining the evidence
Did Kettlewell commit fraud? Re-examining the evidence
Syntactic pausing? Re-examining the associations
Re-examining inequality persistence
Re-examining inequality persistence
Re-examining progressive halakhah
Re-examining HSPC1 inhibitors
Re-examining inequality persistence
Re-examining inequality persistence
Re-examining inequality persistence
Re-Examining the Earnings Assimilation of Immigrants
Development and interdisciplinarity: Re-examining the "economics silo"
Did Kettlewell commit fraud? Re-examining the evidence