Sticky-Wage Models and Knowledge Capital

Huang, Kevin X. D.; Katayama, Munechika; Shintani, Mototsugu; Tsuruga, Takayuki

Sticky-Wage Models and Knowledge Capital

Huang, Kevin X. D.; Katayama, Munechika; Shintani, Mototsugu et al.

Institute of Social and Economic Research Discussion Papers, 2019, 1046, 1-22

Number of Access:588（2025-11-05 18:09 Counts）

Identifier to cite or link to this item: https://hdl.handle.net/11094/72990

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Title	Sticky-Wage Models and Knowledge Capital
Creator	CreatorName Huang, Kevin X. D.
	NRID 1000020718134 1000020718134 CreatorName Katayama, Munechika
	NRID 1000000252718 1000000252718 CreatorName Shintani, Mototsugu
	NRID 1000040511720 1000040511720 ORCID 0000-0002-8177-2330 0000-0002-8177-2330 researchmap permalink 7000008934 7000008934 Scopus Author ID 16424964300 16424964300 CreatorName Tsuruga, Takayuki
Subject	Intangible capital
	wage rigidity
	monetary policy
Abstract	We present a sticky-wage model with two types of labors: while worker's labor contributes to current production, researcher's work helps develop new ideas to add to firm's knowledge capital that enhances its productivity for many periods. The long-lived effect of knowledge capital on productivity is analogous to the long-lasting effect of consumer durables on utility in the sticky-price model of Barsky, House and Kimball (2007). Our sticky-wage model generates the near monetary neutrality result similar to the result in their sticky-price model, if returns to researchers' labor are low in developing knowledge capital. We show, however, that the relative role of the pricing of the two production inputs analogous to consumption durables and nondurables in their sticky-price model is completely reversed in our sticky-wage model.
Publisher	The Institute of Social and Economic Research, Osaka University
Source Title	Institute of Social and Economic Research Discussion Papers
Volume (Issue)	1046
Page	1-22
Date of Issued	2019-01
Language	English
Handle URL	https://hdl.handle.net/11094/72990
Relation.references	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2019/DP1046.pdf
Access Rights	metadata only access
Category	ディスカッション／ワーキング・ペーパー DP/WP
Category	Institute of Social and Economic Research Discussion Papers

Resource Type	technical report
Local Type	DP/WP
DCMI Type	Text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2019, 1046, p. 1-22
DC.title	Sticky-Wage Models and Knowledge Capital
DC.creator	Huang, Kevin X. D.
	Katayama, Munechika
	Shintani, Mototsugu
	Tsuruga, Takayuki
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	English
DC.type' scheme='DCTERMS.DCMIType	Text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2019-01
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2019/DP1046.pdf
DC.subject	Intangible capital
	wage rigidity
	monetary policy
DCTERMS.abstract	We present a sticky-wage model with two types of labors: while worker's labor contributes to current production, researcher's work helps develop new ideas to add to firm's knowledge capital that enhances its productivity for many periods. The long-lived effect of knowledge capital on productivity is analogous to the long-lasting effect of consumer durables on utility in the sticky-price model of Barsky, House and Kimball (2007). Our sticky-wage model generates the near monetary neutrality result similar to the result in their sticky-price model, if returns to researchers' labor are low in developing knowledge capital. We show, however, that the relative role of the pricing of the two production inputs analogous to consumption durables and nondurables in their sticky-price model is completely reversed in our sticky-wage model.
DC.format	72990
citation_title	Sticky-Wage Models and Knowledge Capital
citation_author	Huang, Kevin X. D.
	Katayama, Munechika
	Shintani, Mototsugu
	Tsuruga, Takayuki
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	English
citation_date	2019-01
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1046
citation_firstpage	1
citation_lastpage	22
citation_public_url	https://hdl.handle.net/11094/72990
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2019/DP1046.pdf

Sticky-Wage Models and Knowledge Capital

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