Gerke, Rafael; Giesen, Sebastian; Lozej, Matija; … - 2024 - November 24, 2023
Heterogeneous-agent New Keynesian models with sticky nominal wages usually assume that wage-setting unions demand the … unions can demand different hours from different households, directly taking household heterogeneity into account. In this …, wages and inflation to monetary policy shocks becomes notably less pronounced. This attenuation reflects that hours worked …