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This paper introduces staggered right-to-manage wage bargaining into a NewKeynesian business cycle model. Our key result is that the model is able to generatepersistent responses in output, inflation, and total labor input to both neutraltechnology and monetary policy shocks. Furthermore, we...
Persistent link: https://www.econbiz.de/10008845687
This paper addresses the large degree of frictional wage dispersion in US data.The standard job matching model without …-the-job searchin a stochastic job matching model. Our key result is that the inclusion of variableon-the-job search increases the …
Persistent link: https://www.econbiz.de/10008845688
matching (PSM) estimators. Additionally, we also apply a combinedmatching difference-in-differences (MDiD) estimator to account …
Persistent link: https://www.econbiz.de/10005867870
This paper analyzes the recently documented instability of money demand in theeuro area in the framework of a Markov switching trend model. First, we consider astandard flexible price model with stable money demand, rational expectations, andan exogenous income-money ratio which follows a Markov...
Persistent link: https://www.econbiz.de/10005867935