Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/33210 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 1902
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New-Keynesian closed economy DSGE model. We estimate the model using Bayesian techniques for German data from the mid 70s to present. In our framework, we find that labor market structure is important for the evolution of the business cycle, and for monetary policy in particular. Yet labor market shocks are not important information for the conduct of stabilization policy.
Schlagwörter: 
labor market
wage rigidity
bargaining
Bayesian estimation
JEL: 
E52
E58
J64
Dokumentart: 
Working Paper

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