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dc.contributor.authorBlanchard, Olivieren
dc.contributor.authorGalί, Jordien
dc.date.accessioned2009-01-28T14:59:54Z-
dc.date.available2009-01-28T14:59:54Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/17851-
dc.description.abstractWe develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine two strands of research: the New Keynesian model with its focus on nominal rigidities, and the Diamond-Mortensen-Pissarides model, with its focus on labor market frictions and unemployment. In developing this model, we proceed in two steps. We first leave nominal rigidities aside. We show that, under a standard utility specification, productivity shocks have no effect on unemployment in the constrained e?cient allocation. We then focus on the implications of alternative real wage setting mechanisms for fluctuations in unemployment. We then introduce nominal rigidities in the form of staggered price setting by firms. We derive the relation between inflation and unemployment and discuss how it is influenced by the presence of real wage rigidities. We show the nature of the tradeoff between inflation and unemployment stabilization, and we draw the implications for optimal monetary policy.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1335en
dc.subject.jelE50en
dc.subject.jelE32en
dc.subject.ddc330en
dc.subject.keywordnew Keynesian modelen
dc.subject.keywordlabor market frictionsen
dc.subject.keywordsearch modelen
dc.subject.keywordunemploymenten
dc.subject.keywordsticky pricesen
dc.subject.keywordreal wage rigiditiesen
dc.subject.stwNew-Keynesian Phillips Curveen
dc.subject.stwUngleichgewichtstheorieen
dc.subject.stwArbeitslosigkeiten
dc.subject.stwLohnrigiditäten
dc.subject.stwPreisrigiditäten
dc.subject.stwFriktionelle Arbeitslosigkeiten
dc.subject.stwTheorieen
dc.titleA New Keynesian Model with Unemployment-
dc.typeWorking Paperen
dc.identifier.ppn534872069en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1335en

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