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Monetary persistence, imperfect competition, and staggering complementarities
Merkl, Christian; Snower, Dennis J. - In: Macroeconomic dynamics 13 (2009) 1, pp. 81-106
Persistent link: https://www.econbiz.de/10003815907
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Temporary price changes and the real effects of monetary policy
Kehoe, Patrick J.; Midrigan, Virgiliu - 2008
Persistent link: https://www.econbiz.de/10003770430
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Monetary persistence and the labor market : a new perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2010
In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business...
Persistent link: https://www.econbiz.de/10003937114
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Monetary persistence and the labor market : a new perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2010
Persistent link: https://www.econbiz.de/10003943956
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Temporary price changes and the real effects of monetary policy
Kehoe, Patrick J.; Midrigan, Virgiliu - 2008
Persistent link: https://www.econbiz.de/10009518074
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Monetary persistence and the labor market : a new perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - In: Journal of economic dynamics & control 34 (2010) 5, pp. 968-983
Persistent link: https://www.econbiz.de/10003973007
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Monetary persistence and the labor market : a new perspective
Lechthaler, Wolfgang (contributor);  … - 2008
that the employment rate is slow to converge to its steady state value after a monetary shock. The after-effects of a shock … continue to exert an effect on the labor market even long after the shock is over. The sluggishness of the labor market … translates to the product market and thus the output effects of the monetary shock become more persistent. Under reasonable …
Persistent link: https://www.econbiz.de/10003719627
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Temporary price changes and the real effects of monetary policy
Kehoe, Patrick J. (contributor);  … - 2008
In the data, a large fraction of price changes are temporary. We provide a simple menu cost model which explicitly includes a motive for temporary price changes. We show that this simple model can account for the main regularities concerning temporary and permanent price changes. We use the...
Persistent link: https://www.econbiz.de/10003722992
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Monetary persistence and the labor market : a new perspective
Lechthaler, Wolfgang (contributor);  … - 2008
that the employment rate is slow to converge to its steady state value after a monetary shock. Under reasonable … calibrations, the after-effects of a shock continue to exert an effect on the labor market even long after the shock is over. The … sluggishness of the labor market translates to the product market and thus the output effects of the monetary shock become more …
Persistent link: https://www.econbiz.de/10003665644
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Sales and the real effects of monetary policy
Kehoe, Patrick J. (contributor);  … - 2007
In the data, a sizable fraction of price changes are temporary price reductions referred to as sales. Existing models include no role for sales. Hence, when confronted with data in which a large fraction of price changes are sales related, the models must either exclude sales from the data or...
Persistent link: https://www.econbiz.de/10003479621