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A New Keynesian analysis of industrial employment fluctuations

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Abstract

This paper describes a model with sticky prices, search frictions and hours-clearing wages that provides firm differentiation across several dimensions: price, output, wage, employment and hours per worker. The connection between pricing and hiring decisions results in firm-level employment fluctuations that depend upon sticky prices, search costs, demand elasticity and labor supply elasticity. The calibrated model is able to match average US industrial employment volatility when assuming a small industrial size, providing one possible answer to Shimer (2005a)´s puzzle.

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File URL: ftp://ftp.econ.unavarra.es/pub/DocumentosTrab/DT0903.PDF
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Bibliographic Info

Paper provided by Departamento de Economía - Universidad Pública de Navarra in its series Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra with number 0903.

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Length: pages
Date of creation: 2009
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Publication status: Published in
Handle: RePEc:nav:ecupna:0903

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Keywords: search frictions; sticky prices; industrial employment;

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