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Resuscitating the wage channel in models with unemployment fluctuations
Christoffel, Kai; Kuester, Keith - 2008
paper, we present a model with equilibrium unemployment which has three distinctive properties. First, using a search and …, which allows the model to reproduce the fluctuations of unemployment over the business cycle. And third, the model implies a … reasonable elasticity of steady state unemployment with respect to changes in benefits. The calibration of the model implies low …
Persistent link: https://www.econbiz.de/10011604969
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Resuscitating the Wage Channel in Models with Unemployment Fluctuations
Christoffel, Kai Philipp - 2008
paper, we present a model with equilibrium unemployment which has three distinctive properties. First, using a search and …, which allows the model to reproduce the fluctuations of unemployment over the business cycle. And third, the model implies a … reasonable elasticity of steady state unemployment with respect to changes in benefits. The calibration of the model implies low …
Persistent link: https://www.econbiz.de/10012770794
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Real price and wage rigidities in a model with matching frictions
Kuester, Keith - 2007
This paper incorporates search and matching frictions in the labor market into a New Keynesian model. In contrast to the literature, the labor market activity takes place in the (Calvo-staggered) price-setting sector. Matching frictions lead price-setting firms to negotiate wage rates with their...
Persistent link: https://www.econbiz.de/10011604766
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Inflation Dynamics with Labour Market Matching : Assessing Alternative Specifications
Christoffel, Kai Philipp; Costain, James S.; de Walque, … - 2010
This paper reviews recent approaches to modeling the labour market and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behaviour. In a search and matching environment, we consider the following modeling setups: right-to-manage...
Persistent link: https://www.econbiz.de/10014208182