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On firm-level, industry-level, and aggregate employment fluctuations
(2013) Documento de trabajo / Lan gaiak,
Employment fluctuations are examined, at different levels of aggregation, in a dynamic model that provides firm-specific hiring decisions due to search frictions and sticky pricing. The results indicate that firm-level ...
On staggered prices and optimal inflation
This paper computes the steady-state optimal rate of inflation assuming two different sticky-price specifications, Calvo (1983) and Taylor (1980), in a model with monopolistic competition. The optimal rate of inflation ...