The Phillips and Beveridge curves revisited
This paper studies the cyclical labor market properties of a model wich aims to account for the Phillips and Beveridge curves. Monopolistic competition and sticky prices on the goods market are introduced in a labor market search model disturbed by both technological and money supply shocks. We explain the specific propagation mechanisms on the labor market related to money supply shocks and show that they help to understand aggregate labor market dynamics.
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- Hairault, Jean-Olivier & Portier, Franck, 1993.
"Money, New-Keynesian macroeconomics and the business cycle,"
European Economic Review,
Elsevier, vol. 37(8), pages 1533-1568, December.
- Hairault, J.O. & Portier, F., 1992. "Money New-Keynesian Macroeconomics and the Business Cycles," Papiers d'Economie MathÃ©matique et Applications 92.32, UniversitÃ© PanthÃ©on-Sorbonne (Paris 1).
- Andolfatto, David, 1996. "Business Cycles and Labor-Market Search," American Economic Review, American Economic Association, vol. 86(1), pages 112-32, March.
- Ireland, Peter N., 1997. "A small, structural, quarterly model for monetary policy evaluation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 47(1), pages 83-108, December.
- Jordi Galí, 1992. "How Well Does The IS-LM Model Fit Postwar U. S. Data?," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 709-738.
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