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Shirking in a monetary business cycle model

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Author Info
Michelle Alexopoulos

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Abstract

This paper investigates whether a limited participation model with imperfectly observed effort can reproduce the economy's responses to a monetary policy shock without appealing to high labour supply elasticities or high markups. The results demonstrate that the presence of imperfectly observed effort, in combination with the limited participation assumption, allows the model to account for the presence of involuntary unemployment, nominal wage rigidity, and the observed responses to monetary policy shocks.

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File URL: http://economics.ca/cgi/xms?jab=v39n3/CJEv39n3p0689.pdf
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Publisher Info
Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 39 (2006)
Issue (Month): 3 (August)
Pages: 689-718
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Handle: RePEc:cje:issued:v:39:y:2006:i:3:p:689-718

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Related research
Keywords:

Find related papers by JEL classification:
E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts

This item is featured on the following reading lists:

  1. Canadian Macro Study Group
Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)
  1. Erkki Koskela & Ronnie Schöb, 2009. "A note on internal and external reference in efficiency wage models," Journal of Economics, Springer, vol. 96(1), pages 79-86, January. [Downloadable!] (restricted)
  2. Miquel Faig, 2001. "A Search Theory of Money and Commerce with Neoclassical Production," Economics Working Papers 567, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
    Other versions:
  3. Jean-Pierre Danthine & Andre Kurmann, 2004. "Fair Wages in a New Keynesian Model of the Business Cycle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(1), pages 107-142, January. [Downloadable!] (restricted)
    Other versions:
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This page was last updated on 2009-10-28.


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