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dc.contributor.authorDi Pace, Federicoen
dc.contributor.authorHertweck, Matthias S.en
dc.date.accessioned2012-09-04T08:15:28Z-
dc.date.available2012-09-04T08:15:28Z-
dc.date.issued2012-
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
dc.language.isoengen
dc.publisherZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft |xKiel und Hamburgen
dc.relation.ispartofseries|aBeiträge zur Jahrestagung des Vereins für Socialpolitik 2012: Neue Wege und Herausforderungen für den Arbeitsmarkt des 21. Jahrhunderts - Session: Monetary Policy and Financial Markets |xE14-V2en
dc.subject.jelE21en
dc.subject.jelE23en
dc.subject.jelE31en
dc.subject.jelE52en
dc.subject.ddc330en
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 Goods-
dc.typeConference Paperen
dc.identifier.ppn731469410en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:vfsc12:62052en

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