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|Title:||A Note on Labor Share, Price Markup and Monetary Policy|
|Issue Date:||2021-01-19 11:40:22 (UTC+8)|
|Abstract:||This paper extends Kaplan and Zoch’s (2020) insight that the total labor share is neither solely norinversely determined by the price markup in a medium scale dynamic stochastic general equilibrium(DSGE) model with nondurables and durables. Our calibration results show that when monetarypolicy shocks and markup shocks are set to be positively (negatively) correlated, monetary contractionincreases (decreases) total labor share and price markup. The total labor share is countercyclical(procyclical) conditional on a monetary policy shock.|
|Relation:||Economics Letters, Vol.192, pp.109169|
|Appears in Collections:||[Department of Public Finance] Periodical Articles|
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