14:15 - 15:45
Uncertainty, Wages, and the Business Cycle
We show that occasional deviations from efficient wage-setting generate strong and statedependent amplication of exogenous uncertainty shocks and contribute to explain the observed countercyclicality of empirical measures of aggregate uncertainty.
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Federico Ravenna is Head of Research at Danmarks Nationalbank and holds the Chair in Monetary Policy and Financial Markets at the the Department of Applied Economics at HEC Montréal, which he joined in August 2009. He was previously a tenured professor of Economics at the University of California – Santa Cruz, which he joined in 2001 after receiving his doctorate from New York University.
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Economist
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