Title of article
Real priceandwagerigiditieswithmatchingfrictions
Author/Authors
Keith Kuester، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2010
Pages
12
From page
466
To page
477
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
Serial Year
2010
Journal title
Journal of Monetary Economics
Record number
846405
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