Evaluation of Nominal Wage Rigidities' Sensitivity in Dynamic Stochasic General Equilibrium by Considering the Stock Price Bubbles

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SOHAILI KIOMARS; FATAHI SHAHRAM; rahmaniani narges

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Paper Information

Journal: Journal of Economic Modelling Year:2018 | Volume:11 | Issue:4(40) Page(s): 1-27

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Title

Evaluation of Nominal Wage Rigidities' Sensitivity in Dynamic Stochasic General Equilibrium by Considering the Stock Price Bubbles

Author(s)

SOHAILI KIOMARS | FATAHI SHAHRAM | rahmaniani narges | Issue Writer Certificate

Keywords

JEL Classification:D53Q2

E31Q2

E52Q1

E17.Keywords:General Equilibrium Model؛Monetary Policy؛Philips Curve؛Wage RigidityQ1

Abstract

The main goal of this study is to introduce a general stochastic dynamic equilibrium model with sensitivity analysis for the wage rigidity in Iran's economy using the seasonal data from 1995-2014. The results showed, capital market dynamics influence the real sector of Iranian economy. The monetary policy shock has a significant impact on macroeconomic variables and stock prices. The volatilities in stock prices helps to explain the Iranian business cycles. In the case of bubble in asset prices, credit constraint in firms was decreased and their opportunity cost decreases and causes a downward pressure on the marginal costs and finally inflation decreases. By assuming wage rigidity, possibility of wage adjustment with regard to monetary shock decreases and the reaction of labour and labour supply is been more strict. And changes in production is slower than when the wage perfect flexibility exist. Based on the results, using of the model with wage rigidity in order to better simulate the real world is suggested.

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APA: Copy

SOHAILI, KIOMARS, FATAHI, SHAHRAM, & rahmaniani, narges. (2018). Evaluation of Nominal Wage Rigidities' Sensitivity in Dynamic Stochasic General Equilibrium by Considering the Stock Price Bubbles. ECONOMIC MODELLING, 11(4(40) ), 1-27. SID. https://sid.ir/paper/176119/en

Vancouver: Copy

SOHAILI KIOMARS, FATAHI SHAHRAM, rahmaniani narges. Evaluation of Nominal Wage Rigidities' Sensitivity in Dynamic Stochasic General Equilibrium by Considering the Stock Price Bubbles. ECONOMIC MODELLING[Internet]. 2018;11(4(40) ):1-27. Available from: https://sid.ir/paper/176119/en

IEEE: Copy

KIOMARS SOHAILI, SHAHRAM FATAHI, and narges rahmaniani, “Evaluation of Nominal Wage Rigidities' Sensitivity in Dynamic Stochasic General Equilibrium by Considering the Stock Price Bubbles,” ECONOMIC MODELLING, vol. 11, no. 4(40) , pp. 1–27, 2018, [Online]. Available: https://sid.ir/paper/176119/en

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