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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/30747
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| Title: | | Monetary persistence and the labor market: A new perspective  |
| Authors: | | Lechthaler, Wolfgang Merkl, Christian Snower, Dennis J. |
| Issue Date: | | 2010 |
| Series/Report no.: | | CESifo working paper 2935 |
| Abstract: | | In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business cycle. The reactions to monetary and real shocks become much more sluggish. Job creation and job destruction are negatively correlated. And the volatility of unemployment is much larger than in the standard search and matching model. |
| Subjects: | | monetary persistence labor market hiring and firing costs |
| JEL: | | A00 A10 A11 E24 E32 E52 J23 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Economists Online CESifo Working Papers, CESifo Group Munich
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