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Business cycle and monetary policy analysis with market rigidities and financial frictions
(2013)
Documento de trabajo / Lan gaiak,
We describe a dynamic macroeconomic model that incorporates firm-level borrowing constraints, competitive CES loan production, and rigidities on both setting prices and wages. The external finance premium (interest-rate ...
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 ...