عنوان

Wages, regime switching, and cycles.

3642772439

9783642772436

b551941

Wages, regime switching, and cycles.

[Book]

Piero Ferri

[Place of publication not identified]

Springer-Verlag Berlin An

2012

I Introduction.- 1 An Overall View.- 1.1 Scope and Objectives.- 1.2 The Revival of Business Cycle Theories.- 1.3 An Historical Outline.- 1.4 Facts and Theories.- 1.5 Nonlinearities and Business Cycles.- 1.6 The Role of the Labor Market in Business Cycles.- 1.7 The Regime-Switching Approach.- 1.8 Plan of the Book.- 1.9 References.- II The Business Cycle.- 2 Basic Concepts in the Theory of Cycles.- 2.1 Defining the Business Cycle.- 2.2 Does the Business Cycle Exist?.- 2.3 Trends and Cycles.- 2.4 The Asymmetries.- 2.5 Stylized Facts of the Labor Market.- 2.6 Has the Business Cycle Changed?.- 2.7 Long-run Forces and Changing Institutional Settings.- 2.8 References.- 3 Microfounded Exogenous Explanations.- 3.1 Stochastic and Exogenous Theories.- 3.2 Linear Macroeconometric Models.- 3.3 The Econometric Evidence.- 3.4 Real and Monetary Factors.- 3.5 Lucas's Contribution.- 3.6 The Labor Market and Market Clearing.- 3.7 Real Business Cycle Theories.- 3.8 Search Models and the Business Cycle.- 3.9 Methodological Issues and Conclusions.- 3.10 References.- 4 Nonlinear Deterministic Theories.- 4.1 Endogenous and Deterministic Theories.- 4.2 Old and New Tools of Analysis.- 4.3 Ceilings and Floors.- 4.4 Nonlinearities and the Labor Market.- 4.5 An Eclectic Model.- 4.6 A Classical Nonlinear Model.- 4.7 An Intermediate-run Model.- 4.8 Chaotic Behavior.- 4.9 Concluding Remarks.- 4.10 References.- III Wages and Prices.- 5 The Dynamic Role of Wages and Prices.- 5.1 Two Perspectives.- 5.2 Inflation and Hyperinflation.- 5.3 The Dimensionality of the Wage-Price Subsystem.- 5.4 Wages and Prices in a Business Cycle Perspective.- 5.5 Defining Rigidities.- 5.6 The Wage-Price Spiral with Rational Expectations.- 5.7 Rigidities and the Impact on Cycles.- 5.8 References.- 6 The Phillips Curve Debate.- 6.1 Two Parallel Debates.- 6.2 Facts and Theories.- 6.3 The Phillips Curve.- 6.4 The Tradeoff Curve.- 6.5 Search Theories, Misperceptions, and Rationality.- 6.6 The Real Wage Resistance Hypothesis.- 6.7 The Wage Equation in Real Terms.- 6.8 An Imperfect Competition Model.- 6.9 The Three Empirical Dimensions of Stickiness.- 6.10 The Phillips Curve after the Lucas Critique.- 6.11 References.- 7 Microfoundations of Labor Market Modeling.- 7.1 The Search for a Theoretical Foundation of Rigidities.- 7.2 Keynes's Three Questions.- 7.3 New-Keynesian Economics.- 7.4 The Theory of Efficiency Wages.- 7.5 Bargaining Theories.- 7.6 The Insider-Outsider Model.- 7.7 A Critical Assessment of Real Rigidity Theories.- 7.8 Nominal Rigidities.- 7.9 The Interdependence of Nominal and Real Rigidities.- 7.10 Noncompetitive labor markets and wage norms.- 7.11 The Indeterminacy Theorem.- 7.12 References.- IV Regime Switching.- 8 The Economics of Regime Switching.- 8.1 Introduction.- 8.2 A Definition.- 8.3 The Nature of a Regime.- 8.4 The Two Regimes in the General Theory.- 8.5 Regime Switching in Kalecki's Analysis.- 8.6 Changes in Industrial Relations.- 8.7 Rowthorn's Model.- 8.8 Toward Economic Justification.- 8.9 Three Possible Justifications.- 8.10 Regime Switching and Multiple Equilibria.- 8.11 The Time Dimension.- 8.12 References.- 9 Regime Switching and the Wage-Price Spiral.- 9.1 Dynamics in an Intermediate-Run Model.- 9.2 A Regime-Switching Model.- 9.3 The Employment Subsystem.- 9.4 Exogeneity in Real Terms.- 9.5 Exogeneity in Nominal Terms.- 9.6 An Extension of the Model.- 9.7 The Role of Technical Change.- 9.8 Concluding Remarks.- 9.9 References.- 10 Inflation and Real Wages.- 10.1 Introduction.- 10.2 A Small Scale Macroeconomic Model.- 10.3 A Regime Switching Model.- 10.4 An Empirical Study of Regime Switching.- 10.5 The Working of the Model.- 10.6 Further Discussion of the Model.- 10.7 Summary and Conclusions.- 10.8 References.- V Concluding Remarks.- 11 An Assessment.- 11.1 Introduction.- 11.2 A Reconsideration of Regime Switching.- 11.3 Comparison with other Nonlinear Models.- 11.4 Microfoundation versus Justification.- 11.5 Ss Rules and the Stochastic Approach.- 11.6 Business Cycle Theory and the Labor Market.- 11.7 Towards Future Research.- 11.8 References.

Piero Ferri

Piero Ferri

[Book]

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