The Negative Mean Output Gap

The Negative Mean Output Gap
We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns than they increase employment during expansions. This is demonstrated in a simple New Keynesian model with asymmetric wage... READ MORE...

Publication date: August 2019
ISBN 9781513511740
$18.00

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