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Monetary persistence and the labor market: A new perspective

机译:货币持久性与劳动力市场:新视角

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摘要

In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business cycle. The reactions to monetary and real shocks become much more sluggish. Job creation and job destruction are negatively correlated. And the volatility of unemployment is much larger than in the standard search and matching model.
机译:在本文中,我们提出了一种在新凯恩斯主义一般均衡模型的背景下对劳动力市场进行建模的新颖方法,该方法以雇佣和解雇成本的形式纳入了劳动力市场的摩擦。我们证明了这种模型能够复制商业周期中许多重要的程式化事实。对货币和实际冲击的反应变得迟钝得多。就业机会的创造和破坏是负相关的。而且失业率的波动性远大于标准搜索和匹配模型中的波动率。

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