Monetary persistence and the labor market: A new perspective

Arbeitspapier

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.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CEPR Discussion Paper Series ; No. 7650

Klassifikation und Themen

• Klassifikation: Wirtschaft ; 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

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Lechthaler, Wolfgang ; Merkl, Christian ; Snower, Dennis J.
• Ereignis: Veröffentlichung
• (wer): Centre for Economic Policy Research (CEPR)
• (wo): London
• (wann): 2010

Weitere Informationen

• Handle: http://hdl.handle.net/10419/32953
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ