nominal price stickiness. In order to obtain this result, we need very large real rigidities either in the form of a huge … discuss how this assumption can help to reduce the estimated nominal price stickiness. Furthermore, we show that a Taylor …

We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine … two strands of research: the New Keynesian model with its focus on nominal rigidities, and the Diamond … first leave nominal rigidities aside. We show that, under a standard utility specification, productivity shocks have no …

distributions below the median. Indeed, we find evidence of both downward nominal and real wage rigidities. We also find that the …

productivity shocks and second, in a fully specified monetary DSGE model with various real and nominal rigidities and multiple …In this paper, we propose a search and matching model with nominal stickiness à la Calvo in the wage bargaining. We … analyze the properties of the model, first, in the context of a typical real business cycle model driven by stochastic …

This paper evaluates the extent of downward nominal and real wage rigidity for different categories of workers and … very low nominal wage rigidity, consistent with the Belgian wage formation system of full indexation. Real rigidity is … in Belgium over the period 1990-2002. Our results show that Belgium is characterised by strong real wage rigidity and …

composition, competition, technology and wage-bargaining institutions. We adopt the measure of downward real wage rigidity (DRWR …

Using firm-level data for Belgium over the period 1997-2005, we evaluate the elasticity of firms' labour and real …, consistent with real wage rigidity. Second, while the elasticity of average labour compensation to idiosyncratic firm-level TFP …

on-the-job and endogenous job separation. We find that most specifications imply too little real rigidity and, so, too …