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Wage stickiness and unemployment fluctuations: an alternative approach

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dc.contributor.authorCasares Polo, Miguel
dc.contributor.authorMoreno Pérez, Antonio
dc.contributor.authorVázquez, Jesús
dc.contributor.departmentEconomíaes_ES
dc.contributor.departmentEkonomiaeu
dc.date.accessioned2016-05-10T07:40:35Z
dc.date.available2016-05-10T07:40:35Z
dc.date.issued2009
dc.description.abstractErceg, 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 into a New-Keynesian model. Using Bayesian econometric techniques, both models are estimated with U.S. quarterly data of the Great Moderation. Estimation results are similar and provide a good empirical fit with the crucial difference that our proposal delivers unemployment fluctuations. Thus, second-moment statistics of U.S. unemployment are replicated reasonably well in our proposed New-Keynesian model with sticky wages. In the welfare analysis, the cost of cyclical fluctuations during the Great Moderation is estimated at 0.60% of steady-state consumption.en
dc.description.sponsorshipThe first and third authors would like to acknowledge financial support from the Spanish government (research projects ECO2008-02641 and SEJ2007-66592C03-01/ECON from Ministerio de Ciencia e Innovación, respectively). The first author also thanks Fundación Ramón Areces (VII Concurso Investigación en Economía) for financial support.en
dc.format.extent35 p.
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://academica-e.unavarra.es/handle/2454/20636
dc.language.isoengen
dc.relation.ispartofseriesDocumentos de Trabajo DE - ES Lan Gaiakes
dc.relation.ispartofseries0902en
dc.rightsCC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)en
dc.rights.accessRightsAcceso abierto / Sarbide irekiaes
dc.rights.accessRightsinfo:eu-repo/semantics/openAccessen
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectWage rigidityen
dc.subjectPrice rigidityen
dc.subjectUnemploymenten
dc.titleWage stickiness and unemployment fluctuations: an alternative approachen
dc.typeinfo:eu-repo/semantics/workingPaper
dspace.entity.typePublication
relation.isAuthorOfPublication308e2f24-fee5-4ddb-be38-6e7a11cabf44
relation.isAuthorOfPublicationd2989604-f204-42e4-9b1f-0a330e6443b1
relation.isAuthorOfPublication.latestForDiscovery308e2f24-fee5-4ddb-be38-6e7a11cabf44

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