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Firm-Specific Labor and Firm-Specific Capital: Implications for the Euro-Data New Phillips Curve Author info | Abstract | Publisher info | Download info | Related research | Statistics Julien Matheron
Standard GMM estimates of the New Phillips curve on euro-area data yield degrees of nominal rigidity that are not in accordance with recent microeconomic evidence. This paper studies whether similar conclusions are reached in a richer model where price setters face firm-specific capital and/or firm-specific labor. We find that combining these elements or considering firm-specific labor alone leads to statistically significant and economically reasonable estimates of the degree of nominal rigidity. In contrast, ignoring firm-specific labor yields estimates that are not supported by microeconomic evidence.
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Article provided by International Journal of Central Banking in its journal International Journal of Central Banking .
Volume (Year): 2 (2006)
Issue (Month): 4 (December)
Pages:
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Handle: RePEc:ijc:ijcjou:y:2006:q:4:a:2Contact details of provider: Postal: Centralbahnplatz 2, CH - 4002 Basel Phone: (41) 61 - 280 80 80 Fax: (41) 61 - 280 91 00 Email: Web page: http://www.ijcb.org/ More information through EDIRC
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Keywords: Find related papers by JEL classification: E1 - Macroeconomics and Monetary Economics - - General Aggregative Models E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
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