The DOI matches its Crossref record.
Aggregate Dynamics and Staggered Contracts
Abstract
Staggered wage contracts as short as 1 year are shown to be capable of generating the type of unemployment persistence which has been observed during postwar business cycles in the United States. A contract multiplier causes business cycles to persist beyond the length of the longest contract, and a diffusion of shocks across contracts causes the persistence to increase for several periods before diminishing. A persistence of inflation is also generated by the contracts. This persistence is represented as a reduced-form distributed-lag wage equation in which the lag coefficients have a pure-expectations component and an inertia component due to the overhang of outstanding contracts. Using rational expectations to separate these components suggests that aggregate demand may have a greater impact on inflation than the simple reduced-form estimates would indicate.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cited by
Staggered prices in a utility-maximizing framework
Calvo, G. A. (1983) · Journal of Monetary Economics · doi:10.1016/0304-3932(83)90060-0 · Cited by 7,901
Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005) · Journal of Political Economy · doi:10.1086/426038 · Cited by 6,238
Rules, discretion and reputation in a model of monetary policy
Barro, R. J., & Gordon, D. B. (1983) · Journal of Monetary Economics · doi:10.1016/0304-3932(83)90051-x · Cited by 3,610
Alesina, A. (1988) · NBER Macroeconomics Annual · doi:10.1086/654070 · Cited by 723
Unemployment: Macroeconomic Performance and the Labour Market
Layard, R., Nickell, S., & Jackman, R. (2005) · doi:10.1093/acprof:oso/9780199279166.001.0001 · Cited by 325
Metadata
- Authors
- Taylor, J. B.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1980-02
- Volume
- 88
- Issue
- 1
- Pages
- 1-23
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2090148352
- Cited by
- 2,435
- References
- 0
- FWCI
- 64.48
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Aggregate Dynamics and Staggered Contracts. https://app.cochat.ai/papers/10.1086/260845
- The paper
- Taylor, J. B. (1980). Aggregate Dynamics and Staggered Contracts. Journal of Political Economy. https://doi.org/10.1086/260845
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
