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The post-covid inflation episode
(2023)
Documento de trabajo / Lan gaia,
The recent inflation episode has been examined in an estimated NK-DSGE model with sticky wages and unemployement. The rise of US price inflation resulted from a combination of a sudden rise in 2020, the expansionary monetary ...
Wage stickiness and unemployment fluctuations: an alternative approach
(2009)
Documento de trabajo / Lan gaiak,
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 ...
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 ...
Wage setting actors, sticky wages, and optimal monetary policy
(2007)
Documento de trabajo / Lan gaiak,
Following Erceg et al. (2000), sticky wages are generally modelled assuming that households set wage contracts à la Calvo (1983). This paper compares that sticky-wage model with one where wage contracts are set by firms, ...
Sticky prices, sticky wages, and also unemployment
(2008)
Documento de trabajo / Lan gaiak,
This paper shows a New Keynesian model where wages are set at the value that matches household's labor supply with firm's labor demand. Subsequently, wage stickiness brings industry-level unemployment fluctuations. After ...
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 ...
Long run analysis in alternative optimizing monetary models
(2001)
Documento de trabajo / Lan gaiak,
This paper explores the transmission channel from monetary variables to real variables in the steady-rate equilibria of various neoclassical optimizing models with money. The existence of superneutrality is rejected for ...
Dynamic analysis in an optimizing monetary model with transaction costs and endogenous investment
(2001)
Documento de trabajo / Lan gaiak,
This paper analyzes the period-to-period changes that occur in an optimizing monetary model with uncertainty and sticky prices. Money is incorporate in its role as a medium of exchange through a time-cost transactions ...
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 ...
Why are labor markets in Spain and Germany so different?
(2016)
Documento de trabajo / Lan gaiak,
The volatility of unemployment fluctuations has been about 3 times higher in Spain than in Germany over the recent business cycles (1996-2013). In contrast, fluctuations of the rate of wage inflation were significantly ...