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Labor Market Imperfections and the Dynamics of Postwar Business Cycles

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Author Info

  • Steve Ambler
  • Alain Guay
  • Louis Phaneuf

Abstract

An estimated dynamic general equilibrium model which features imperfectly competititve households, sticky nominal wages and costly labor input adjustment is shown to be consistent with several stylized aspects of U.S. postwar business cycle dynamics including the positive serial correlation of output, consumption, investment and employment growth over short horizons and the persistent, hump-shaped response of output to innovations in the temporary component.

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File URL: http://www.cirpee.org/fileadmin/documents/Cahiers_2003/CIRPEE03-19.pdf
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Bibliographic Info

Paper provided by CIRPEE in its series Cahiers de recherche with number 0319.

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Date of creation: 2003
Date of revision:
Handle: RePEc:lvl:lacicr:0319

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Related research

Keywords: Imperfectly competitive households; Sticky nominal wages; Labor adjustment costs; Business cycles; Endogenous propagation mechanisms;

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Cited by:
  1. Nooman Rebei & Steven Ambler & Ali Dib, 2004. "Optimal Taylor Rules in an Estimated Model of a Small Open Economy," Econometric Society 2004 North American Summer Meetings 627, Econometric Society.
  2. Steve Ambler & Ali Dib & Nooman Rebei, 2003. "Nominal Rigidities and Exchange Rate Pass-Through in a Structural Model of a Small Open Economy," Working Papers 03-29, Bank of Canada.
  3. Louis Phaneuf & Nooman Rebei, 2007. "Technology Shocks and Business Cycles: The Role of Processing Stages and Nominal Rigidities," Working Papers 07-7, Bank of Canada.
  4. Kevin Moran, 2005. "Learning and the Welfare Implications of Changing Inflation Targets," Cahiers de recherche 0511, CIRPEE.
  5. Louis Phaneuf & Nooman Rebei, 2008. "Production Stages and the Transmission of Technological Progress," Cahiers de recherche 0802, CIRPEE.
  6. Chahnez Boudaya, 2006. "Stage-specific technology shocks and employment :could we reconcile with the RBC models ?," Cahiers de la Maison des Sciences Economiques v06043, Université Panthéon-Sorbonne (Paris 1).
  7. Nooman Rebei, 2004. "Characterization of the Dynamic Effects of Fiscal Shocks in a Small Open Economy," Working Papers 04-41, Bank of Canada.
  8. Alexopoulos, Michelle, 2007. "A monetary business cycle model with unemployment," Journal of Economic Dynamics and Control, Elsevier, vol. 31(12), pages 3904-3940, December.
  9. Fève, Patrick & Matheron, Julien, 2005. "Can the Kydland-Prescott Model Pass the Cogley-Nason Test?," IDEI Working Papers 350, Institut d'Économie Industrielle (IDEI), Toulouse.

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