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Wage stickiness and unemployment fluctuations: an alternative approach
dc.creator | Casares Polo, Miguel | es_ES |
dc.creator | Moreno, Antonio | es_ES |
dc.creator | Vázquez, Jesús | es_ES |
dc.date.accessioned | 2016-05-10T07:40:35Z | |
dc.date.available | 2016-05-10T07:40:35Z | |
dc.date.issued | 2009 | |
dc.identifier.uri | https://hdl.handle.net/2454/20636 | |
dc.description.abstract | Erceg, Henderson and Levin (2000, Journal of Monetary Economics) introduce sticky wages in a New-Keynesian general-equilibrium model. Alternatively, it is shown here how wage stickiness may bring unemployment fluctuations into a New-Keynesian model. Using Bayesian econometric techniques, both models are estimated with U.S. quarterly data of the Great Moderation. Estimation results are similar and provide a good empirical fit with the crucial difference that our proposal delivers unemployment fluctuations. Thus, second-moment statistics of U.S. unemployment are replicated reasonably well in our proposed New-Keynesian model with sticky wages. In the welfare analysis, the cost of cyclical fluctuations during the Great Moderation is estimated at 0.60% of steady-state consumption. | en |
dc.description.sponsorship | The first and third authors would like to acknowledge financial support from the Spanish government (research projects ECO2008-02641 and SEJ2007-66592C03-01/ECON from Ministerio de Ciencia e Innovación, respectively). The first author also thanks Fundación Ramón Areces (VII Concurso Investigación en Economía) for financial support. | en |
dc.format.extent | 35 p. | |
dc.format.mimetype | application/pdf | en |
dc.language.iso | eng | en |
dc.relation.ispartofseries | Documentos de Trabajo DE - ES Lan Gaiak | es |
dc.relation.ispartofseries | 0902 | en |
dc.rights | CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) | en |
dc.rights.uri | https://creativecommons.org/licenses/by-nc-nd/4.0/ | |
dc.subject | Wage rigidity | en |
dc.subject | Price rigidity | en |
dc.subject | Unemployment | en |
dc.title | Wage stickiness and unemployment fluctuations: an alternative approach | en |
dc.type | Documento de trabajo / Lan gaiak | es |
dc.type | info:eu-repo/semantics/workingPaper | en |
dc.contributor.department | Economía | es_ES |
dc.contributor.department | Ekonomia | eu |
dc.rights.accessRights | Acceso abierto / Sarbide irekia | es |
dc.rights.accessRights | info:eu-repo/semantics/openAccess | en |