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Bank of Canada RSS Feedsen2024-03-29T11:00:15+00:00Downward Nominal Wage Rigidity Meets the Zero Lower Bound
https://www.bankofcanada.ca/2017/04/staff-working-paper-2017-16/
We add downward nominal wage rigidity to a standard New Keynesian model with sticky prices and wages, where the zero lower bound on nominal interest rates is allowed to bind. We find that wage rigidity not only reduces the frequency of zero bound episodes but also mitigates the severity of corresponding recessions.2017-04-20T13:45:37+00:00enDownward Nominal Wage Rigidity Meets the Zero Lower Bound2017-04-20Inflation targetsLabour marketsMonetary policy frameworkStaff Working Paper 2017-16https://www.bankofcanada.ca/wp-content/uploads/2017/04/swp2017-16.pdfDownward Nominal Wage Rigidity Meets the Zero Lower BoundRobert AmanoStefano GnocchiApril 2017EE2E24E3E32E5E52