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In the presence of rigid prices, movements in the exchange rate help to absorb external shocks and to reduce changes in net exports. However, they also affect firms’ competitiveness, marginal costs, and labor demand. In countries where labor market institutions hinder wage adjustment (for...
Persistent link: https://www.econbiz.de/10011717323
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. Towards that aim, we structurally model matching frictions and rigid wages...
Persistent link: https://www.econbiz.de/10003339179
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. Towards that aim, we structurally model matching frictions and rigid wages...
Persistent link: https://www.econbiz.de/10003337206
important for monetary policy. -- Labor Market ; wage rigidity ; bargaining ; Bayesian estimation …
Persistent link: https://www.econbiz.de/10003832582
Persistent link: https://www.econbiz.de/10003448377
Persistent link: https://www.econbiz.de/10003922932
Persistent link: https://www.econbiz.de/10011336711
important for monetary policy. -- Labor Market ; wage rigidity ; bargaining ; Bayesian estimation …
Persistent link: https://www.econbiz.de/10003827243
Persistent link: https://www.econbiz.de/10003803467
In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions. We first investigate to which extent a more flexible labor market would alter the business cycle behaviour...
Persistent link: https://www.econbiz.de/10012764518