Labor Market Imperfections and the Dynamics of Postwar Business Cycles
AbstractAn 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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Bibliographic InfoPaper provided by CIRPEE in its series Cahiers de recherche with number 0319.
Date of creation: 2003
Date of revision:
Imperfectly competitive households; Sticky nominal wages; Labor adjustment costs; Business cycles; Endogenous propagation mechanisms;
Find related papers by JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-04-13 (All new papers)
- NEP-DGE-2003-04-13 (Dynamic General Equilibrium)
- NEP-MAC-2003-04-13 (Macroeconomics)
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