Arbeitspapier
Monetary persistence and the labor market: A new perspective
In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model; incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business cycle. The reactions to monetary and real shocks become much more sluggish. Job creation and job destruction are negatively correlated. And the volatility of unemployment is much larger than in the standard search and matching model.
- Sprache
-
Englisch
- Erschienen in
-
Series: CEPR Discussion Paper Series ; No. 7650
Klassifikation
Wirtschaft
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Business Fluctuations; Cycles
Monetary Policy
Labor Demand
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Business Fluctuations; Cycles
Monetary Policy
Labor Demand
Thema
Business Cycle Statistics
Hiring and Firing Costs
Labor Market
Monetary Persistence
Geldpolitik
Schock
Hysteresis
Ungleichgewichtstheorie
Arbeitsmobilität
Kosten
Hiring and Firing Costs
Labor Market
Monetary Persistence
Geldpolitik
Schock
Hysteresis
Ungleichgewichtstheorie
Arbeitsmobilität
Kosten
Ereignis
Geistige Schöpfung
(wer)
Lechthaler, Wolfgang
Merkl, Christian
Snower, Dennis J.
Merkl, Christian
Snower, Dennis J.
Ereignis
Veröffentlichung
(wer)
Centre for Economic Policy Research (CEPR)
(wo)
London
(wann)
2010
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:25 MESZ
Objekttyp
- Arbeitspapier
Beteiligte
- Lechthaler, Wolfgang
- Merkl, Christian
- Snower, Dennis J.
- Centre for Economic Policy Research (CEPR)
Entstanden
- 2010
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