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DTSTART:20231029T030000
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UID:calendar.132324.field_date.0@www.tse-fr.eu
DTSTAMP:20260811T171424Z
CREATED:20230721T081001Z
DESCRIPTION:François Le Grand (Rennes School of Business)\, “Redistribution
  and the Wage-Price Dynamics: Optimal Fiscal and Monetary Policy”\, Macroe
 conomics Seminar\, TSE\, December 5\, 2023\, 14:00–15:30\, room Auditorium
  4.\n\nWhen both prices and wages are subject to nominal frictions\, an in
 crease in input prices\nsuch as energy can initiate a wage-price dynamics\
 , as both nominal wages and prices adjust\nslowly. High inflation in price
 s and wages reduces welfare as it generates distributional effects\nand af
 fects aggregate demand. To analyze optimal policy in this environment\, we
  consider a\nheterogeneous-agent model\, with both wage and price stickine
 ss. We derive joint optimal\nfiscal-monetary policy\, using a rich set of 
 fiscal tools. We first identify the set of fiscal tools\,\nwhich implement
 s nominal price and wage stability as an optimal outcome. Starting from th
 is\nequivalence result\, we identify the key instrument for implementing p
 rice and wage stability\,\nwhich appears to be a time-varying wage subsidy
 . We call this policy a non-Keynesian\nstabilization policy\, as it does n
 ot directly channel through aggregate demand. We finally\ncompare our resu
 lts to those obtained in a representative-agent environment.\n(with Xavier
  Ragot and Thomas Bourany)
DTSTART;TZID=Europe/Paris:20231205T140000
DTEND;TZID=Europe/Paris:20231205T153000
LAST-MODIFIED:20260113T095129Z
LOCATION:TSE\, December 5\, 2023\, 14:00–15:30\, room Auditorium 4
SUMMARY:Macroeconomics Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2023-redistribution-and-wage-pr
 ice-dynamics-optimal-fiscal-and-monetary-policy
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