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Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Society for Economic Dynamics - SED - 2006
We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. We structurally model matching frictions and rigid wages in line with an...
Persistent link: https://www.econbiz.de/10005051295
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The Impact of Labor Markets on the Transmission of Monetary Policy in an Estimated DSGE Model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Institute for the Study of Labor (IZA) - 2005
Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New- Keynesian closed economy...
Persistent link: https://www.econbiz.de/10005762079
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Identifying the role of labor markets for monetary policy in an estimated DSGE model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Center for Financial Studies - 2006
-euro heterogeneity in wage bargaining we take this as the first-best approximation at hand for modelling monetary policy in the presence …
Persistent link: https://www.econbiz.de/10010958792
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Identifying the role of labor markets for monetary policy in an estimated DSGE model
Christoffel, Kai Philipp; Küster, Keith; Linzert, Tobias - Deutsche Bundesbank - 2006
-euro heterogeneity in wage bargaining we take this as the first-best approximation at hand for modelling monetary policy in the presence …
Persistent link: https://www.econbiz.de/10005083212
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Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Center for Financial Studies - 2007
-euro heterogeneity in wage bargaining we take this as the first-best approximation at hand for modelling monetary policy in the presence …
Persistent link: https://www.econbiz.de/10005176440
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The Role of Labor Markets for Euro Area Monetary Policy
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Institut für Weltwirtschaft (IfW) - 2009
posting process, shocks to the separation rate and variations in bargaining power are important determinants of business cycle … fluctuations. Our results point primarily towards disturbances in the bargaining process as a significant contributor to inflation …
Persistent link: https://www.econbiz.de/10004992847
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Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Society for Computational Economics - SCE - 2006
We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. We structurally model matching frictions and rigid wages in line with an...
Persistent link: https://www.econbiz.de/10005342905
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Real and Nominal Wage Adjustment in Open Economies
Forslund, Anders; Gottfries, Nils; Westermark, Andreas - Nationalekonomiska Institutionen, Uppsala Universitet - 2005
equation is derived from a model of wage bargaining over nominal wages; hence both long run coefficients and adjustment … theoretical model we interpret this as evidence of union bargaining power. Unemployment benefits have substantial effects on wages …
Persistent link: https://www.econbiz.de/10005642494
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The role of labor markets for euro area monetary policy
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - European Central Bank - 2009
posting process, shocks to the separation rate and variations in bargaining power are important determinants of business cycle … fluctuations. Our results point primarily towards disturbances in the bargaining process as a significant contributor to inflation …
Persistent link: https://www.econbiz.de/10005002790
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Identifying the role of labor markets for monetary policy in an estimated DSGE model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - European Central Bank - 2006
-euro heterogeneity in wage bargaining we take this as the first-best approximation at hand for modelling monetary policy in the presence …
Persistent link: https://www.econbiz.de/10005531004