Now showing items 1-3 of 3
A new Keynesian analysis of industrial employment fluctuations
(2009) Documento de trabajo / Lan gaiak,
This paper describes a model with sticky prices, search frictions and hours-clearing wages that provides firm differentiation across several dimensions: price, output, wage, employment and hours per worker. The connection ...
Monopolistic competition, sticky prices, and the minimal mark-up in steady state
(2007) Documento de trabajo / Lan gaiak,
This note reports the rate of inflation that minimizes the mark-up of prices over marginal costs in the steady-state solution of a monopolistic competition model with either Taylor (1980) or Calvo (1983) pricing. The minimal ...
Business cycle and monetary policy analysis in a structural sticky price model of the euro area
(2001) Documento de trabajo / Lan gaiak,
Structural models are a powerful tool for business cycle and monetary policy analysis because they are assumed to be invariant to either policy changes or external shocks. In this paper, we derive a neoclassical monetary ...