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Nominal Wage Rigidities in a New Keynesian Model with Frictional Unemployment Author info | Abstract | Publisher info | Download info | Related research | Statistics Vincent Bodart () (Université catholique de Louvain)
Gregory De Walque () (National Bank of Belgium)
Olivier Pierrard () (Central Bank of Luxembourg and Université catholique de Louvain)
Henri R. Sneessens () (Université catholique de Louvain, Université catholique de Lille and IZA Bonn)
Raf Wouters () (National Bank of Belgium)
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In this paper, we propose a search and matching model with nominal stickiness à la Calvo in the wage bargaining. We analyze the properties of the model, first, in the context of a typical real business cycle model driven by stochastic productivity shocks and second, in a fully specified monetary DSGE model with various real and nominal rigidities and multiple shocks. The model generates realistic statistics for the important labor market variables.
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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number
2528.
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Length: 40 pages
Date of creation: Dec 2006Date of revision:
Handle: RePEc:iza:izadps:dp2528Contact details of provider: Postal: IZA, P.O. Box 7240, D-53072 Bonn, Germany Phone: +49 228 3894 223 Fax: +49 228 3894 180 Web page: http://www.iza.org
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Keywords: DSGE ; search and matching ; nominal wage rigidity ; monetary policy ; Other versions of this item:
Find related papers by JEL classification: E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy J64 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Unemployment: Models, Duration, Incidence, and Job Search
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