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Are Real Wages Procyclical Conditional on a Monetary Policy Shock?
Ma, Eunseong - 2020
It is well-known that real wages are procyclical conditional on a monetary policy shock. This paper challenges this conventional view by using a quantitative heterogeneous-agent New Keynesian economy with sticky wages. In the model with benchmark calibration, the wage rate per effective unit of...
Persistent link: https://www.econbiz.de/10014091478
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Output comovement and inflation dynamics in a two-sector model with durable goods : the role of sticky information and heterogeneous factor markets
Kitamura, Tomiyuki; Takamura, Tamon - 2016
output and inflation, as observed in a vectorautoregression analysis. In contrast to backward indexation to past inflation …, which is often assumed in the literature, sticky information leads to a hump-shaped response in the inflation of flexibly …
Persistent link: https://www.econbiz.de/10011517128
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Labor market institutions and the business cycle : unemployment rigidities vs. real wage rigidities
Abbritti, Mirko; Weber, Sebastian - 2010
This paper investigates the importance of labor market institutions for inflation and unemployment dynamics. Using the … and their interaction is crucial for the dynamics of inflation and unemployment. We estimate a panel VAR with … deterministically varying coeficients and find that there is a profound difference in the responses of unemployment and inflation to …
Persistent link: https://www.econbiz.de/10003972885
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Labor Market Institutions and the Business Cycle : Unemployment Rigidities vs. Real Wage Rigidities
Abbritti, Mirko - 2010
This paper investigates the importance of labor market institutions for inflation and unemployment dynamics. Using the … and their interaction is crucial for the dynamics of inflation and unemployment. We estimate a panel VAR with … deterministically varying coefficients and find that there is a profound difference in the responses of unemployment and inflation to …
Persistent link: https://www.econbiz.de/10013144855
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Wage and employment effects of workplace representation : a ”right to co-manage” model
Gu, Yiquan - 2010
This paper introduces a two-stage union-oligopoly-council model of wage and employment determination wherein at the first stage wage is negotiated through collective bargaining and at the second stage employment in each firm is co-determined by the employer and its works council. We provide a...
Persistent link: https://www.econbiz.de/10003950956
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Minimally altruistic wages and unemployment in a matching model
Rotemberg, Julio J. (contributor) - 2007
This paper presents a model in which firms recruit both unemployed and employed workers by posting vacancies. Firms act monopsonistically and set wages to retain their existing workers as well as to attract new ones. The model differs from Burdett and Mortensen (1998) in that its assumptions...
Persistent link: https://www.econbiz.de/10003715729
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Minimally Altruistic Wages and Unemployment in a Matching Model
Rotemberg, Julio J. - 2009
This paper presents a model in which firms recruit both unemployed and employed workers by posting vacancies. Firms act monopsonistically and set wages to retain their existing workers as well as to attract new ones. The model differs from Burdett and Mortensen (1998) in that its assumptions...
Persistent link: https://www.econbiz.de/10014048501
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The Business Cycle Implications of Reciprocity in Labor Relations
Danthine, Jean-Pierre; Kurmann, André - Centre Interuniversitaire sur le Risque, les Politiques … - 2007
firms) and a measure of wage entitlement are critical to fit the dynamic responses of hours, wages and inflation to various … significant fall of inflation and nominal wage growth in response to a neutral technology shock. …
Persistent link: https://www.econbiz.de/10005015304
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The Business Cycle Implications of Reciprocity in Labor Relations
Kurmann, Andre; Danthine, Jean-Pierre - Schweizerische Nationalbank (SNB) - 2010
inflation to various exogenous shocks. Aggregate employment conditions (measuring workers’ outside option), on the other hand …
Persistent link: https://www.econbiz.de/10008523825
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The Business Cycle Implications of Reciprocity in Labour Relations
Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2007
firms) and a measure of wage entitlement are critical to fit the dynamic responses of hours, wages and inflation to various … significant fall of inflation and nominal wage growth in response to a neutral technology shock. …
Persistent link: https://www.econbiz.de/10005136735