Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/62052
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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, optimisinghouseholds 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 labourmarket frictions help to understand the so-called sectoral “comovement puzzle”. Our benchmarkmodel with staggered Right-to-Manage wage bargaining closely matches the empiricalelasticities of output, employment and hours per worker across sectors. The model withNash bargaining, in contrast, predicts that firms adjust employment exclusively along theextensive margin.en_US
dc.language.isoengen_US
dc.publisherZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft |xKiel und Hamburgen_US
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_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-

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