Overtime Labor, Employment Frictions, and the New Keynesian Phillips Curve
نویسندگان
چکیده
منابع مشابه
A New Keynesian Model with Overtime Labor
This paper extends the standard New Keynesian model by incorporating labor adjustment costs and overtime work. I show that labor frictions help reconcile the frequent price changes found in the microdata with the degree of sluggishness in inflation adjustment to output changes at the macro level. The introduction of labor frictions affects the dynamic behavior of economic variables (particularl...
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Phillips curves are central to discussions of inflation dynamics and monetary policy. New Keynesian Phillips curves describe how past inflation, expected future inflation, and a measure of real marginal cost or an output gap drive the current inflation rate. This paper studies the (potential) weak identification of these curves under generalized methods of moments (GMM) and traces this syndrome...
متن کاملIntroduction to the New Keynesian Phillips Curve
I n most industrialized economies inflation tends to be pro-cyclical; that is, inflation is high during times of high economic activity. When economic activity is measured by the unemployment rate this statistical relationship is known as the Phillips curve. The Phillips curve is sometimes viewed as a menu for monetary policymakers, that is, they can choose between high inflation and low unempl...
متن کاملInflation Dynamics and the New Keynesian Phillips Curve
www.philadelphiafed.org to the financial instruments that help guard savings from being eroded by inflation.1 Also, households and firms often write contracts that are stated in dollar amounts (nominal terms). A worker may, for example, sign a contract to work over the upcoming year for a fixed dollar amount. If inflation turns out to be higher than what was expected at the time the contract wa...
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* I would like to thank Lutz Weinke for calling my attention to a mistake in my previous analysis of this model, Larry Christiano for helpful discussions, and Mauro Roca for research assistance.
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ژورنال
عنوان ژورنال: Review of Economics and Statistics
سال: 2014
ISSN: 0034-6535,1530-9142
DOI: 10.1162/rest_a_00457