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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 ...
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 ...
Short run and long run effects of banking in a New Keynesian model
(2010)
Documento de trabajo / Lan gaiak,
This paper introduces both endogenous capital accumulation and deposit-in-advance requirements for investment in the banking model of Goodfriend and McCallum (2007). Impulse response functions from technology and monetary ...
Data revisions in the estimation of DSGE models
(2011)
Documento de trabajo / Lan gaiak,
Revisions of US macroeconomic data are not white-noise. They are persistent, correlated with real-time data, and with high variability (around 80% of volatility observed in US real-time data). Their business cycle effects ...
An estimated new-Keynesian model with unemployment as excess supply of labor
(2010)
Documento de trabajo / Lan gaiak,
As one alternative to search frictions, wage stickiness is introduced in a New-Keynesian model to generate endogenous unemployment fluctuations due to mismatches between labor supply and labor demand. The effects on an ...
The great moderation of inflation: a structural analysis of recent U.S. monetary business cycles
(2012)
Documento de trabajo / Lan gaiak,
U.S. inflation has experienced a great moderation in the last two decades. This paper examines the factors behind this and other stylized facts, such as the weaker correlation of inflation and nominal interest rate (Gibson ...
Firm entry under financial frictions
(2011)
Documento de trabajo / Lan gaiak,
Introducing both endogenous firm entry and a requirement for external finance in a general-equilibrium model leads to three main results. First, the financial constraint has contractionary effects on both equity investment ...
Entry and exit in recent US business cycles
(2015)
Documento de trabajo / Lan gaiak,
I show evidence indicating that the variability of the total number of business units (establishments) has significantly increased in recent US business cycles, accounting for nearly 2/3 of real GDP fluctuations during the ...
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, ...