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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: http://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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Keywords: Monetary Persistence; Labor Adjustment Costs;

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References

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  1. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
  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. Lechthaler, Wolfgang & Merkl, Christian & Snower, Dennis J., 2008. "Monetary Persistence and the Labor Market: A New Perspective," IZA Discussion Papers 3513, Institute for the Study of Labor (IZA).
  4. Guido Ascari, 2004. "Staggered prices and trend inflation: some nuisances," Macroeconomics 0404029, EconWPA.
  5. Christoffel, Kai & Linzert, Tobias, 2005. "The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics," Working Paper Series 0556, European Central Bank.
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Cited by:
  1. Vogel, Lukas, 2011. "Interacting nominal and real labour market rigidities," Economics Letters, Elsevier, vol. 111(3), pages 264-267, June.

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