Moreno Pérez, Antonio

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Moreno Pérez

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Antonio

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Automática y Computación

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  • PublicationOpen Access
    An estimated new-Keynesian model with unemployment as excess supply of labor
    (2010) Casares Polo, Miguel; Moreno Pérez, Antonio; Vázquez, Jesús; Economía; Ekonomia
    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 estimated New-Keynesian model for the U.S. economy are: i) the Calvo-type probability on wage stickiness rises, ii) the labor supply elasticity falls, iii) the implied second-moment statistics of the unemployment rate provide a reasonable match with those observed in the data, and iv) wage-push shocks, demand shifts and monetary policy shocks are the three major determinants of unemployment fluctuations.