Struktura empirycznego modelu równowagi ogólnej dla niejednorodnych gospodarstw domowych
Empirical General Equilibrium Model for Heterogeneous Households

Summary/Abstract: The paper is the third of three parts that together present methods for building a dynamic general equilibrium model. It presents detailed assumptions and the derivation of the new-Keynesian Phillips curve for wages. Households in the model have monopolistic power that allows them to set the wage rate for their unique qualifications, which are the source of heterogeneity. Each consumer sets the wage optimally by maximising the expected, discounted over time, sum of utilities, taking into account the probability of having no opportunity for future optimisation. The key structural equation that captures wage inertia correlates wage inflation with its expected value in future and the degree of the disequilibrium of the labour market, interpreted as the difference between real wages and the marginal rate of substitution of consumption and leisure.

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