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dc.creatorCasares Polo, Migueles_ES
dc.creatorMoreno, Antonioes_ES
dc.creatorVázquez, Jesúses_ES
dc.description.abstractAs 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.en
dc.description.sponsorshipThe authors would like to acknowledge financial support from the Spanish government (research projects ECO2008-02641, ECO2009-11151 and SEJ2007-66592-C03-01/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.extent45 p.
dc.relation.ispartofseriesDocumentos de Trabajo DE - ES Lan Gaiakes
dc.rightsCC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)en
dc.subjectSticky wagesen
dc.subjectBusiness cyclesen
dc.subjectNew-Keynesian modelsen
dc.titleAn estimated new-Keynesian model with unemployment as excess supply of laboren
dc.typeDocumento de trabajo / Lan gaiakes
dc.contributor.departmentUniversidad Pública de Navarra. Departamento de Economíaes_ES
dc.contributor.departmentNafarroako Unibertsitate Publikoa. Ekonomia Sailaeu
dc.rights.accessRightsAcceso abierto / Sarbide irekiaes

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CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)
Except where otherwise noted, this item's license is described as CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)