Maurice Tutor

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Category > Management Posted 09 Feb 2018 My Price 9.00

temporary TFP shock

A temporary TFP shock: Suppose the economy is hit with a temporary positive TFP shock. For example, suppose weather conditions are temporarily very favorable for agriculture.

(a) Analyze the effect of the shock in the labor market diagram of a standard DSGE model (with no sticky prices or wages). What is the effect on the real wage and employment in the short run?

(b) How would your answer change if there are sticky prices? Discuss how your answer relates to the impulse response functions shown in Figure 15.11.

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Maurice Tutor
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Status NEW Posted 09 Feb 2018 11:02 PM My Price 9.00

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