Casares, Miguel; Moreno, Antonio; Vázquez, Jesús - In: SERIEs : Journal of the Spanish Economic Association 3 (2012) 3, pp. 395-422
Erceg et al. (J Monet Econ 46:281313, 2000) introduce sticky wages in a New-Keynesian general-equilibrium model. Alternatively, it is shown here how wage stickiness may bring unemployment fluctuations into a New-Keynesian model. Using a Bayesian econometric approach, bothmodels are estimated...
