Heterogeneous-agent New Keynesian models with sticky nominal wages usually assume that wage-setting unions demand the …, wages and inflation to monetary policy shocks becomes notably less pronounced. This attenuation reflects that hours worked … modification substantially lowers the effective stickiness of nominal wages, resulting in markedly different wage and inflation …

This paper investigates the credit channel in Germany and the United Kingdom. The financial systems of these two … competition among credit intermediaries, resulting in a declining dependence on banks in Germany. …

to monetary policy and labor supply. The first chapter deals with the problem of weak identification in the estimation of … focus shifts to the aggregation and estimation of labor supply elasticities. The second chapter develops an aggregation … procedure for the Frisch elasticity of labor supply. The exact size of this particular elasticity matters a lot when …