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UID:event-10397@www.amse-aixmarseille.fr
DTSTAMP:20260421T184050Z
CREATED:20260421T184050Z
LAST-MODIFIED:20260421T184050Z
STATUS:CONFIRMED
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SUMMARY:Macro and labor market seminar - Xavier Ragot*\, Ivan Petrella**
DTSTART:20231117T113000Z
DTEND:20231117T123000Z
DESCRIPTION:*When both prices and wages are subject to nominal frictions\, 
 an increase in input prices such as energy can initiate a wage-price dynami
 cs\, as both nominal wages and prices adjust slowly. High inflation in pric
 es and wages reduces welfare as it generates distributional effects and aff
 ects aggregate demand. To analyze optimal policy in this environment\, we c
 onsider a heterogeneous-agent model\, with both wage and price stickiness. 
 We derive joint optimal fiscal-monetary policy\, using a rich set of fiscal
  tools. We first identify the set of fiscal tools\, which implements nomina
 l price and wage stability as an optimal outcome. Starting from this equiva
 lence result\, we identify the key instrument for implementing price and wa
 ge stability\, which appears to be a time-varying wage subsidy. We call thi
 s policy a non-Keynesian stabilization policy\, as it does not directly cha
 nnel through aggregate demand. We finally compare our results to those obta
 ined in a representative-agent environment.**Terms of trade are an inaccura
 te empirical proxy for how fluctuations in international prices affect the 
 economy. To capture the relevance of terms of trade fluctuations for the do
 mestic business cycle\, the role of export and import prices needs to be an
 alyzed separately. Using a sample of developing economies\, we find that th
 e economy’s response to a positive export price shock does not mirror the
  response to a negative import price shock. Taken together\, export and imp
 ort price shocks account for around 30 percent of output fluctuations\, but
  export price shocks are more important than import price shocks as drivers
  of output. Global demand and supply shocks\, which simultaneously affect e
 xport and import prices\, are largely undetected in the terms-of-trade meas
 ure but significantly affect domestic business cycles. We link our results 
 to existing small open economy models used to study the transmission of ter
 ms-of-trade shocks.\\n\\nContact: Marco Fongoni : marco.fongoni[at]univ-amu
 .frFrancesco Gaudio : francesco-saverio.gaudio[at]univ-amu.fr\n\nPlus d'in
 formations: https://www.amse-aixmarseille.fr/fr/evenements/xavier-ragot-iva
 n-petrella
LOCATION:Îlot Bernard du Bois - Salle 17\, AMU - AMSE\, 5-9 boulevard Maur
 ice Bourdet\, 13001 Marseille
URL;VALUE=URI:https://www.amse-aixmarseille.fr/fr/evenements/xavier-ragot-ivan-petrella
CONTACT:Marco Fongoni : marco.fongoni[at]univ-amu.frFrancesco Gaudio :&nbsp
 \;francesco-saverio.gaudio[at]univ-amu.fr
TRANSP:OPAQUE
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