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You searched for subject:(Nominal wage rigidity). Showing records 1 – 2 of 2 total matches.

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1. Toledo, Marcelo Gaspari Cirne de. Ensaios sobre a meta de inflação ótima para o Brasil.

Degree: PhD, Teoria Econômica, 2011, University of São Paulo

O regime de meta para a inflação foi adotado por um amplo conjunto de países nos últimos anos. Evidentemente, a definição da meta de inflação a ser perseguida é parte essencial do regime. O presente trabalho pretende contribuir para o debate sobre a meta ótima para o Brasil. O trabalho está dividido em três ensaios que, por caminhos diversos, buscam estimar quantitativamente os custos e benefícios de diferentes metas de inflação para a economia brasileira. O foco é sobre os efeitos de longo prazo de diferentes metas, uma vez que esses são mais relevantes do que os possíveis custos de ajustamento para uma eventual nova meta de inflação. O primeiro artigo aborda a questão sobre a meta de inflação ótima para o Brasil por meio da perda de bem estar medida pela demanda de moeda, um canal clássico considerado pela literatura. O segundo avalia a relação entre o nível e a incerteza sobre a inflação futura, utilizando para tanto modelos para a estimação da variância condicional da inflação, as expectativas de inflação relatadas por analistas econômicos e medidas de inflação implícita em preços de ativos. O terceiro artigo apresenta um enfoque mais teórico e estrutural, apresentando um modelo no qual existe um trade-off para a meta de inflação e calibrando esse modelo para obter estimativas da meta ótima para a economia brasileira. O modelo considera, de um lado, a perda de bem estar causada pela inflação através da demanda de moeda e, de outro, o benefício pela redução da perda de eficiência econômica ocasionada pela rigidez dos salários nominais. Concluímos que a análise exposta no presente trabalho sugere que, tendo em vista a redução da incerteza macroeconômica na economia brasileira nos últimos anos, haveria motivos também para uma redução gradual da meta de inflação. Contudo, também aponta que não se deve buscar metas muito baixas, uma vez que o benefício adicional em se reduzir a meta de inflação é relativamente pequeno quando já se está em um nível de inflação baixo.

Inflation targeting regimes have been adopted by a large number of countries in recent years. Obviously, the definition of the actual inflation target to be pursued is an essential part of this regime. This work aims to make a contribution to the debate about the optimal target for Brazil. The three essays follow different paths in an attempt to estimate the quantitative costs and benefits of the different inflation targets for the Brazilian economy. The focus is on the long-term effects of the different targets as these are more important than the possible costs during the transition towards the new inflation target. The first article discusses the optimal inflation target based on the welfare loss measured by the money demand function, a classic channel highlighted in the literature. The second assesses the relation between the level and uncertainty of future inflation. We investigate this issue with the use of econometric models to estimate the conditional variance of inflation, of inflation expectations reported by professional economic analysts and…

Advisors/Committee Members: Duarte, Pedro Garcia, Gonçalves, Carlos Eduardo Soares.

Subjects/Keywords: Brazil; Downward nominal wage rigidity; Inflação - Brasil; Inflation target; Monetary policy; Política monetária - Brasil; Salários

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Toledo, M. G. C. d. (2011). Ensaios sobre a meta de inflação ótima para o Brasil. (Doctoral Dissertation). University of São Paulo. Retrieved from http://www.teses.usp.br/teses/disponiveis/12/12138/tde-16082011-125602/ ;

Chicago Manual of Style (16th Edition):

Toledo, Marcelo Gaspari Cirne de. “Ensaios sobre a meta de inflação ótima para o Brasil.” 2011. Doctoral Dissertation, University of São Paulo. Accessed August 14, 2020. http://www.teses.usp.br/teses/disponiveis/12/12138/tde-16082011-125602/ ;.

MLA Handbook (7th Edition):

Toledo, Marcelo Gaspari Cirne de. “Ensaios sobre a meta de inflação ótima para o Brasil.” 2011. Web. 14 Aug 2020.

Vancouver:

Toledo MGCd. Ensaios sobre a meta de inflação ótima para o Brasil. [Internet] [Doctoral dissertation]. University of São Paulo; 2011. [cited 2020 Aug 14]. Available from: http://www.teses.usp.br/teses/disponiveis/12/12138/tde-16082011-125602/ ;.

Council of Science Editors:

Toledo MGCd. Ensaios sobre a meta de inflação ótima para o Brasil. [Doctoral Dissertation]. University of São Paulo; 2011. Available from: http://www.teses.usp.br/teses/disponiveis/12/12138/tde-16082011-125602/ ;


Texas A&M University

2. Ma, Eunseong. Essay on Inequality, Business Cycles, and Macroeconomic Policy.

Degree: PhD, Economics, 2019, Texas A&M University

This dissertation investigates inequality, business cycles, and macroeconomic policies. First, I investigate the quantitative implications of real wage rigidities and heterogeneity for two long-lasting puzzles in the business cycles literature: the low correlation between total hours worked and labor productivity and the large volatility of the labor wedge, defined as a gap between the marginal rate of substitution of aggregate leisure for aggregate consumption and the marginal product of aggregate labor. I shed light on these issues by extending a heterogeneous-agent model with an indivisible labor supply choice to real wage rigidities. I find that a small amount of real wage stickiness would be sufficient to resolve both anomalies when long-term wage contracts and heterogeneity are taken into account. Second, I study the heterogeneous responses of consumption between the poor and the rich to government spending shocks. Government spending shocks have substantially different effects on consumers across the income distribution: consumption increases for the poor whereas it decreases for the rich in response to a rise in government expenditure. I shed light on this issue by incorporating a progressive tax scheme and productive public expenditure into a heterogeneous agent model economy with indivisible labor. The model economy is able to successfully match aggregate and disaggregate effects of government spending shocks on consumption. When the government increases its spending and accompanies it by a rise in tax progressivity, the poor are employed and increase their consumption since after-tax wage rates increase while the rich decrease their consumption because of a fall in after-tax wage rates. Third, I also investigate the relation between monetary policy and inequality by asking how one affects the other: the effect of monetary policy on inequality and the impact of the long-run level of inequality on the effectiveness of monetary policy. To this end, I incorporate nominal wage contracts and cash-in-advance constraints into a heterogeneous agent model economy with indivisible labor. I find that expansionary monetary policy reduces income, wealth, and consumption inequalities mainly due to a rise in employment from the bottom of the distributions. There are heterogeneous effects on income across the wealth distribution: in response to an unanticipated monetary easing, households in the bottom of the wealth distribution benefit from an increase in employment while rich households benefit from a rise in the real asset returns in a relative sense. An unexpected monetary expansion also has asymmetric responses of consumption between the poor and the rich: asset-poor households increase their consumption while it falls for wealthy households. This implies that inflation hurts the rich more. I also find that the long-run prevailing levels of inequality matter for the effectiveness of monetary policy by determining the size of labor supply elasticity, which represents the shape of reservation wage distribution. All else… Advisors/Committee Members: Zubairy, Sarah (advisor), Jansen, Dennis (committee member), Kim, Hwagyun (committee member), Zhang, Yuzhe (committee member).

Subjects/Keywords: Real wage rigidity; Heterogeneity; Labor wedge; Hours-productivity correlation; Government spending; Consumption inequality; Progressive tax; Productive government spending; Indivisible labor; Monetary policy; Inequality; Nominal wage rigidity

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Ma, E. (2019). Essay on Inequality, Business Cycles, and Macroeconomic Policy. (Doctoral Dissertation). Texas A&M University. Retrieved from http://hdl.handle.net/1969.1/185039

Chicago Manual of Style (16th Edition):

Ma, Eunseong. “Essay on Inequality, Business Cycles, and Macroeconomic Policy.” 2019. Doctoral Dissertation, Texas A&M University. Accessed August 14, 2020. http://hdl.handle.net/1969.1/185039.

MLA Handbook (7th Edition):

Ma, Eunseong. “Essay on Inequality, Business Cycles, and Macroeconomic Policy.” 2019. Web. 14 Aug 2020.

Vancouver:

Ma E. Essay on Inequality, Business Cycles, and Macroeconomic Policy. [Internet] [Doctoral dissertation]. Texas A&M University; 2019. [cited 2020 Aug 14]. Available from: http://hdl.handle.net/1969.1/185039.

Council of Science Editors:

Ma E. Essay on Inequality, Business Cycles, and Macroeconomic Policy. [Doctoral Dissertation]. Texas A&M University; 2019. Available from: http://hdl.handle.net/1969.1/185039

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