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عنوان فارسی مقاله:
تاثیر انعطاف ناپذیری دستمزد بر رتبه اعتباری مستقل
عنوان انگلیسی مقاله:
Impact of Wage Rigidity on Sovereign Credit Rating
سال انتشار : 2017
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بخشی از مقاله انگلیسی:
2. Downward Wage Rigidity
2.1 Drawing on Wage Rigidity’s Literature Starting from the argument of Keynesian macroeconomics, there has been long-standing debate about whether wages are rigid.1 Several empiricists have explored the existence of downward wage rigidities. Starting with McLaughlin (1994), the studies have examined the existence of downward wage rigidities by using micro-level data. Most studies suggest evidence of moderate degrees of wage rigidity (Beissinger and Knoppik, 2003; Chen and Zhang, 2007; Elsby, 2005; Fehr and Goette, 2005; Goette et al., 2007; Rhee and Song, 2013). In particular, Altonji and Devereux (2000) and using regime-switching specification wage rigidity, find that wages are almost completely rigid. Following the methodology of Altonji and Devereux (2000), Bauer et al. (2007) show evidence of real and nominal wage rigidity for the period 1975 to 2001 from West Germany. Also, Song et al. (2017) show a wide range of downward wage rigidity throughout the 19 countries. 2.2 Measuring Wage Rigidity This study considers a regime-switching model to estimate wage rigidity, in line with Altonji and Devereux (2000) and Bauer et al. (2007). Hamilton (1989, 1990) first developed the regimeswitching specification method to analyze structural shifts of time-series process conditioning, upon there being some changes to economic circumstances. The regime-switching approach supposes that the coefficients of regression models are subject to occasional discrete shifts, and thus estimates both the parameters that characterize the different regimes and the probability law for the transition between regimes. In running a simple linear regression, we consider a single slope parameter for the relevant regressor; however, in the current context of the regimeswitching regression framework, we allow for the presence of two possibly different slopes for a given sample.
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کلمات کلیدی:
OECD Economic Surveys: New Zealand 2011 https://books.google.com/books?isbn=9264093176 OECD - 2011 - Business & Economics regulatory policies (Chapter 2), implied consumer wealth effects that exacerbated ... in rigidities lowered total factor productivity growth and hence potential output. ... and labour- market regulations were tightened (higher minimum wage and tighter ... Two rating agencies currently have the NZ sovereign credit rating on ... [PDF]Sovereign Defaults, External Debt, and Real Exchange Rate ... - IMF https://www.imf.org/external/pubs/ft/wp/2016/wp1637.pdf by T Asonuma - 2016 - Cited by 14 - Related articles cycle literature where neither nominal rigidity nor money is included for instance, Gourio ... regimes in a sovereign debt model.5 6 Introducing nominal wage ridigities ..... lower credit ratings, result in real exchange rate depreciations: defaults ... IMF program nor LIBOR rates have significant influence over real exchange rates ... World Economic Outlook, October 1990 https://books.google.com/books?isbn=1455237493 International Monetary Fund. Research Dept. - 1990 - Business & Economics ... credible in a situation where there are large, sovereign borrowers and where ... and debt ratios do face larger interest rate spreads and lower credit ratings. ... of region-specific shocks and negative spillover effects from national budgetary policies. ... This would be the case especially if serious price and wage rigidities and ...
