tailieunhanh - Macroeconomic theory and policy phần 8

Ở một mức độ, câu trả lời cho câu hỏi này có vẻ rõ ràng: tất nhiên họ. Hầu hết mọi người có thể có trong tâm trí các hành vi của tiền lương của chính họ khi họ trả lời theo cách này. Tỷ lệ tiền lương danh nghĩa thường có thể duy trì cố định trong vài tháng cuối cùng trong một số ngành nghề. | . ARE NOMINAL PRICES WAGES STICKY 207 Are Nominal Prices Wages Sticky At one level the answer to this question seems obvious of course they are. Most people likely have in mind the behavior of their own wage when they answer in this way. Nominal wage rates can often remain fixed for several months on end in some professions. Likewise the prices of many products appear not to change on a daily or even monthly basis . newspaper prices taxi fares restaurant meals etc. . As is so often the case however first impressions are not always correct and if they are they do not always lead to an obvious conclusion. Let us first consider the evidence on product prices which is based on the empirical work of Bils and Klenow 2002 and Klenow and Krystov 2003 TABLE Duration of Prices by Category of Consumption 1995 97 Category Median Duration Share of CPI months percent All Items Goods Services Food Home Furnishing Apparel Transportation Medical Care Entertainment Other According to Table the median duration of price stickiness is about months across a broad range of product categories. Thus it does appear to be the case that individual product prices display a form of nominal stickiness. But one should be careful here. Price-stickiness at the individual level need not translate into price-level stickiness . price-stickiness at the aggregate level . Suppose for example that all firms keep their prices fixed for 4 months but when they do change their prices they change them significantly. One way for the price-level to display stickiness is if a large number of firms synchronized their price changes for example if all firms changed their prices at the same time once every 4 months . On the other hand if firms changed their prices in a completely unsychronized way . if everyday a small number of firms change their prices then the price-level may actually be flexible .