Title of article :
Real priceandwagerigiditieswithmatchingfrictions
Author/Authors :
Keith Kuester، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2010
Abstract :
Frictionalunemploymentmeansthatworkers,forsometime,areafirm-specificfactor
of production.Thispapermodelstheresultinginteractionofwagebargainingandprice
settingatthefirmlevelinaNewKeynesianmodelwithlabormarketmatchingfrictions.
Realrigiditiesariseandthelaborshareceasestobeagoodproxyformarginalcosts.The
modelreplicatestheimpulseresponsesofanSVARforU.S.databetterthanalternatives
in whichtherealrigiditiesarisingatthefirmlevelareabsent.Inaddition,itimplies
reasonablylowdegreesofnominalrigiditywhereasthealternativesdonot.The
interactionofwageandpricesettingatthefirmlevelisimportantforthe
macroeconomicdynamics
Keywords :
Firm-specific laborReal rigiditiesPhillips curveWage rigidityBargaining
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
