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Quadratic Labor Adjustment Costs and the New-Keynesian Model

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Author Info

  • Wolfgang Lechthaler
  • Dennis Snower

Abstract

We build quadratic labor adjustment costs into an otherwise standard New-Keynesian model of the business cycle and show that this is sufficient to increase both, output and inflation persistence

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File URL: https://www.ifw-members.ifw-kiel.de/publications/labor-adjustment-costs-in-a-new-keynesian/kiel-working-paper
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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1453.

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Length: 7 pages
Date of creation: Oct 2008
Date of revision:
Handle: RePEc:kie:kieliw:1453

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Related research

Keywords: Monetary Persistence; Labor Adjustment Costs;

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References

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  1. Guido Ascari, 2004. "Staggered Prices and Trend Inflation: Some Nuisances," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(3), pages 642-667, July.
  2. Taylor, John B, 1980. "Aggregate Dynamics and Staggered Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 1-23, February.
  3. Wolfgang Lechthaler & Christian Merkl & Dennis Snower, 2008. "Monetary Persistence and the Labor Market: A New Perspective," Kiel Working Papers 1409, Kiel Institute for the World Economy.
  4. Christoffel, Kai & Linzert, Tobias, 2006. "The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics," Discussion Paper Series 1: Economic Studies 2006,11, Deutsche Bundesbank, Research Centre.
  5. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
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Cited by:
  1. Vogel, Lukas, 2008. "Interacting nominal and real labour market rigidities," MPRA Paper 22647, University Library of Munich, Germany, revised May 2010.

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