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An estimated new-Keynesian model with unemployment as excess supply of labor
dc.creator | Casares Polo, Miguel | es_ES |
dc.creator | Moreno, Antonio | es_ES |
dc.creator | Vázquez, Jesús | es_ES |
dc.date.accessioned | 2016-05-10T07:40:33Z | |
dc.date.available | 2016-05-10T07:40:33Z | |
dc.date.issued | 2010 | |
dc.identifier.uri | https://hdl.handle.net/2454/20632 | |
dc.description.abstract | 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. | en |
dc.description.sponsorship | The 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.extent | 45 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 | 1003 | 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 | Sticky wages | en |
dc.subject | Unemployment | en |
dc.subject | Business cycles | en |
dc.subject | New-Keynesian models | en |
dc.title | An estimated new-Keynesian model with unemployment as excess supply of labor | 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 |