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Sticky prices, sticky wages, and also unemployment
dc.creator | Casares Polo, Miguel | es_ES |
dc.date.accessioned | 2016-05-10T07:40:36Z | |
dc.date.available | 2016-05-10T07:40:36Z | |
dc.date.issued | 2008 | |
dc.identifier.uri | https://hdl.handle.net/2454/20638 | |
dc.description.abstract | 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 aggregation, the rate of wage inflation is negatively related to unemployment, as in the original Phillips (1958) curve, with an additional term that provides forward-looking dynamics. The supply-side of the model can be captured with dynamic expressions equivalent to those obtained in Erceg, Henderson, and Levin (2000), though with different slope coefficients. Impulse-response functions from a technology shock illustrate the interactions between sticky prices, sticky wages and unemployment. | en |
dc.description.sponsorship | The author acknowledges financial support provided by the Spanish Ministry of Education and Science (Research Project SEJ2005-03470/ECON). | en |
dc.format.extent | 29 p. | |
dc.format.mimetype | application/pdf | en |
dc.language.iso | eng | en |
dc.relation.ispartofseries | Documentos de Trabajo DE - ES Lan Gaiak | es |
dc.relation.ispartofseries | 0801 | en |
dc.rights | CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) | en |
dc.rights.uri | https://creativecommons.org/licenses/by-nc-nd/4.0/ | |
dc.subject | New Keynesian model | en |
dc.subject | Sticky wages | en |
dc.subject | Unemployment | en |
dc.title | Sticky prices, sticky wages, and also unemployment | en |
dc.type | Documento de trabajo / Lan gaiak | es |
dc.type | info:eu-repo/semantics/workingPaper | en |
dc.contributor.department | Economía | es_ES |
dc.contributor.department | Ekonomia | eu |
dc.rights.accessRights | Acceso abierto / Sarbide irekia | es |
dc.rights.accessRights | info:eu-repo/semantics/openAccess | en |