Nová keynesiánská makroekonomie – Nový pohled na trh prácea makroekonomickou stabilitu

An alternative way of checking the empirical usefulness of a macroeconomic model is by comparing its influence on the stylised behaviour of macroeconomic variables during real-world business cycles. Very robust, stylised facts from real-world business cycles are that real wages are procyclical. A variable is seen as procyclical if it moves the same direction as income during the ups and downs of the business cycles. This stylised fact is at odds with the AD-AS models and also the DAD-AS model. These models propose countercyclical real wages. The AD-AS models and the DAD-AS model can also generate procyclical real wages depending if it is the stickiness of prices rather than the stickiness of wages that is the cause of the slow adjustment to nominal shocks. New Keynesian macroeconomics adds nominal rigidities to AD-AS models and the DAD- -AS model to explain deviations from potential product. New Keynesian macroeconomics strives to provide a microeconomic foundation for sticky wages and prices. Efficiency wage theory argues that raising the real wages may lower costs per unit of output by raising labour productivity. As a result, involuntary unemployment persists. New Keynesian macroeconomics challenges the classical labour market result on two fronts. First, real rigidities may give rise to labour market equilibrium with involuntary unemployment. Second, nominal wage rigidities may permit temporary displacements from equilibrium. Real rigidities prevent the real wage from moving down until the market clears. Sources of real rigidities are legislation, monopolistic trade unions, efficiency wages and insider-outsider effects. Nominal rigidities in the labour market prevent the nominal wage from bringing about real wage adjustment, which is necessary after prices change. One important institutional feature making nominal wages sticky is the existence of long-term contracts.