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dc.contributor.authorLechthaler, Wolfgangen_US
dc.contributor.authorMerkl, Christianen_US
dc.contributor.authorSnower, Dennis J.en_US
dc.date.accessioned2010-03-03en_US
dc.date.accessioned2010-05-14T08:26:45Z-
dc.date.available2010-05-14T08:26:45Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/30747-
dc.description.abstractIn 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.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2935en_US
dc.subject.jelA00en_US
dc.subject.jelA10en_US
dc.subject.jelA11en_US
dc.subject.jelE24en_US
dc.subject.jelE32en_US
dc.subject.jelE52en_US
dc.subject.jelJ23en_US
dc.subject.ddc330en_US
dc.subject.keywordmonetary persistenceen_US
dc.subject.keywordlabor marketen_US
dc.subject.keywordhiring and firing costsen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwSchocken_US
dc.subject.stwHysteresisen_US
dc.subject.stwUngleichgewichtstheorieen_US
dc.subject.stwArbeitsmobilitäten_US
dc.subject.stwKostenen_US
dc.subject.stwTheorieen_US
dc.titleMonetary persistence and the labor market: A new perspectiveen_US
dc.typeWorking Paperen_US
dc.identifier.ppn620106956en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
CESifo Working Papers, CESifo Group Munich

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