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Saturday, July 25, 2020 | History

2 edition of Nominal wage stickiness and aggregate supply in the Great Depression found in the catalog.

Nominal wage stickiness and aggregate supply in the Great Depression

Ben Bernanke

Nominal wage stickiness and aggregate supply in the Great Depression

by Ben Bernanke

  • 11 Want to read
  • 24 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Depressions -- 1929 -- Econometric models.,
  • Money supply -- Econometric models.,
  • Wages -- Econometric models.,
  • Gold standard -- Econometric models.

  • Edition Notes

    StatementBen S. Bernanke, Kevin Carey.
    SeriesNBER working paper series -- working paper no. 5439, Working paper series (National Bureau of Economic Research) -- working paper no. 5439.
    ContributionsCarey, Kevin Joseph, 1967-
    The Physical Object
    Pagination31, [13] p. :
    Number of Pages31
    ID Numbers
    Open LibraryOL22414247M

    Chapter 9 ("Nominal Wage Stickiness and Aggregate Supply in the Great Depression" written with Kevin Carey) considers several econometric refinements to Eichengreen and Sach's well-known Journal of Economic History article on the gold standard and the Great Depression. It concludes that the refinements do little to alter Eichengreen and.   Nominal wages, the price of labor, adjust very will first look at why nominal wages are sticky, due to their association with the unemployment rate, a variable of great interest in macroeconomics, and then at other prices that may be sticky. Wage Stickiness. Wage contracts fix nominal wages for the life of the contract.

    The timing of the release of the book was one of the reasons for its success. Before , economists failed to explain the causes of the Great Depression of The General Theory (henceforth GT) offered an interpretation of the depth and length of the Depression and called for government intervention to stabilise the capitalist economy. B. the economy would produce if all prices, including nominal wages, were fully flexible. C. occurs when the actual rate of unemployment is zero. D. the cconomy would produce if all prices, including nominal wages, were sticky. Q8. A major reason for the end of the Great Depression was an increase in government spending: A. for social security.

    Our model tells us that such a gap should produce falling wages, shifting the short-run aggregate supply curve to the right. That happened; nominal wages plunged roughly 20% between and But we see that the shift in short-run aggregate supply was insufficient to bring the economy back to .   The aggregate supply curve is increasing in P because when P goes up and the nominal wage (W) is fixed, the real wage (W/P) falls, and therefore the profit maximizing level of output rises.


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Nominal wage stickiness and aggregate supply in the Great Depression by Ben Bernanke Download PDF EPUB FB2

Building on earlier work by Eichengreen and Sachs, we use data for 22 countries to study the role of wage stickiness in propagating the Great Depression. Recent research suggests that monetary shocks, transmitted internationally by the gold standard, were a major cause of the by: Nominal Wage Stickiness and Aggregate Supply in the Great Depression Ben S.

Bernanke, Kevin Carey. NBER Working Paper No. Issued in January NBER Program(s):Economic Fluctuations and Growth. Building on earlier work by Eichengreen and Sachs, we use data for 22 countries to study the role of wage stickiness in propagating the Great Depression.

Bernanke, Ben S. and Carey, Kevin, Nominal Wage Stickiness and Aggregate Supply in the Great Depression (January ). NBER Working Paper No. wCited by: Get this from a library. Nominal wage stickiness and aggregate supply in the Great Depression. [Ben Bernanke; Kevin Carey]. Downloadable. Author(s): Ben S.

Bernanke & Kevin Carey. Abstract: Building on earlier work by Eichengreen and Sachs, we use data for 22 countries to study the role of wage stickiness in propagating the Great Depression. Recent research suggests that monetary shocks, transmitted internationally by the gold standard, were a major cause of the Depression.

Nominal Wage Stickiness and Aggregate Supply in the Great Depression Building on earlier work by Eichengreen and Sachs, we use data for 22 countries to study the role of wage stickiness in propagating the Great Depression.

Get this from a library. Nominal wage stickiness and aggregate supply in the Great Depression. [Ben Bernanke; Kevin Carey] -- Abstract: Building on earlier work by Eichengreen and Sachs, we use data for 22 countries to study the role of wage stickiness in propagating the Great Depression. *Prices in US$ apply to orders placed in the Americas only.

Prices in GBP apply to orders placed in Great Britain only. Prices in € represent the retail prices valid in Germany (unless otherwise indicated). Prices are subject to change without notice.

Prices do not include postage and handling if applicable. Nominal Wage Stickiness and Aggregate Supply in the Great Depression. the authors use data for twenty-two countries to study the role of wage stickiness in propagating the Great Depression. Recent research suggests that monetary shocks, transmitted internationally by the gold standard, were a major cause of the Depression.

the authors. Building on earlier work by Barry Eichengreen and Jeffrey Sachs, the authors use data for twenty-two countries to study the role of wage stickiness in propagating the Great Depression.

Figure Aggregate Demand and Short-Run Aggregate Supply: – Slumping aggregate demand brought the economy well below the full-employment level of output by The short-run aggregate supply curve increased as nominal wages fell. Evaluation of sticky wages. Nominal wages can fall. In the Great Depression, nominal wages were cut in many manufacturing industries.

between and actual weekly earnings of manufacturingworkers declined by per cent. NBER, Wolman, Leo, 1 May ; As well as wages being sticky, prices can be sticky. Money, Sticky Wages, and the Great Depression Article in American Economic Review 90(5) February with 61 Reads How we measure 'reads'.

NOMINAL WAGE STICKINESS AND AGGREGATE SUPPLY IN THE GREAT DEPRESSION* BEN S. BERNANKE AND KEVIN CAREY Building on earlier work by Eichengreen and Sachs, we use data for 22 coun-tries to study the role of wage stickiness in propagating the Great Depression. Recent research suggests that monetary shocks, transmitted internationally by.

Nominal Wage Stickiness and Aggregate Supply in the Great Depression. By Ben S. Bernanke and Kevin Carey. Download PDF ( KB) Abstract.

Building on earlier work by Eichengreen and Sachs, we use data for 22 countries to study the role of wage stickiness in propagating the Great Depression. Nominal Wage Stickiness and Aggregate Supply in. esis)." Chapter 9 ("Nominal Wage Stickiness and Aggregate Supply in the Great Depression" written with Kevin Carey) considers several econometric refinements to Eichengreen and Sach's well-known Journal of Economic History article on the gold standard and the Great Depression.

It concludes that the refinements do little to alter. Nominal rigidity, also known as price-stickinessor wage-stickiness, is a situation in which a nominal priceis resistant to change.

Complete nominal rigidity occurs when a price is fixed in nominal terms for a relevant period of time. For example, the price of a. nominal wage stickiness was an important mechanism for propagating monetary declines in the early s.

Overall, Essays on the Great Depression is a mixed bag. Aggregate demand and aggregate supply Case 4: Sticky wages with imperfect compion nomic history—particularly the Great Depression—and all that seemed to remain for macroeconomic research was to estimate the parameters of the consumption, in-vestment, and money-demand functions with ever-greater precision as the passage of.

Money, Sticky Wages, and the Great Depression Michael D. Bordo, Christopher J. Erceg, Charles L. Evans. NBER Working Paper No. Issued in June NBER Program(s):Development of the American Economy, Monetary Economics This paper examines the ability of a simple stylized general equilibrium model that incorporates nominal wage rigidity to explain the magnitude and persistence of the Great.

Aggregate demand fell sharply in the first four years of the Great Depression. As the recessionary gap widened, nominal wages began to fall, and the short-run aggregate supply curve began shifting to the right.

These shifts, however, were not sufficient to close the recessionary gap.Nominal Wage Stickiness and Aggregate Supply in the Great Depression - With Kevin Carey Index "The financial crisis has made Federal Reserve Chairman Ben Bernanke's book Essays on the Great Depression a hot seller Bernanke, a former Princeton University economist, is considered the pre-eminent living scholar of the Great.Bernanke, Ben S.

and Carey, Kevin () Nominal wage stickiness and aggregate supply in the Great Depression. Quarterly Journal of Economics– Bordo, Michael D., Erceg, Christopher J., and Evans, Charles L. () Money, sticky wages, and the Great Depression.