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Jahrestagung des Vereins für Socialpolitik 2012: Neue Wege und Herausforderungen für den Arbeitsmarkt des 21. Jh. >

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dc.contributor.authorDi Pace, Federicoen_US
dc.contributor.authorHertweck, Matthias S.en_US
dc.date.accessioned2012-09-04T08:15:28Z-
dc.date.available2012-09-04T08:15:28Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/62052-
dc.description.abstractThe standard two-sector monetary business cycle model suffers from an important deficiency. Since durable good prices are more flexible than non-durable good prices, optimising households build up the stock of durable goods at low cost after a monetary contraction. Consequently, sectoral outputs move in opposite directions. This paper finds that labour market frictions help to understand the so-called sectoral “comovement puzzle”. Our benchmark model with staggered Right-to-Manage wage bargaining closely matches the empirical elasticities of output, employment and hours per worker across sectors. The model with Nash bargaining, in contrast, predicts that firms adjust employment exclusively along the extensive margin.en_US
dc.language.isoengen_US
dc.publisherZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel und Hamburgen_US
dc.relation.ispartofseriesBeiträge zur Jahrestagung des Vereins für Socialpolitik 2012: Neue Wege und Herausforderungen für den Arbeitsmarkt des 21. Jahrhunderts - Session: Monetary Policy and Financial Markets E14-V2en_US
dc.subject.jelE21en_US
dc.subject.jelE23en_US
dc.subject.jelE31en_US
dc.subject.jelE52-
dc.subject.ddc330en_US
dc.subject.keyworddurable productionen
dc.subject.keywordlabour market frictionsen
dc.subject.keywordsectoral comovementen
dc.subject.keywordmonetary policyen
dc.titleLabour Market Frictions, Monetary Policy, and Durable Goodsen_US
dc.typeConference Paperen_US
dc.identifier.ppn731469410-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:vfsc12:62052-
Appears in Collections:Jahrestagung des Vereins für Socialpolitik 2012: Neue Wege und Herausforderungen für den Arbeitsmarkt des 21. Jh.

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