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Kevin x.d. Huang, Munechika Katayama, Mototsugu Shintani and Takayuki Tsuruga
''Sticky-Wage Models and Knowledge Capital: A Note''
We present a sticky-wage model with two types of labors: while a worker's labor contributes to current production, a researcher's work helps develop new ideas to add to a 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). We show, however, that the relative role of the pricing of the two production inputs analogous to consumption durables and nondurables in BHK's sticky-price model is completely switched in our sticky-wage model.
JEL: E0 - Macroeconomics and Monetary Economics: General
C0 - Mathematical and Quantitative Methods: General
Manuscript Received : Apr 20 2017 Manuscript Accepted : Apr 22 2017

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