Nominal Wage Rigidities in a New Keynesian Model with Frictional Unemployment
Preprint
- 12 October 2006
- preprint
- Published by Elsevier in SSRN Electronic Journal
Abstract
In this paper, we propose a search and matching model with nominal stickiness à la Calvo in the wage bargaining. We analyze the properties of the model, first, in the context of a typical real business cycle model driven by stochastic productivity shocks and second, in a fully specified monetary DSGE model with various real and nominal rigidities and multiple shocks. The model generates realistic statistics for the important labor market variables.Keywords
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