المستودع الأكاديمي جامعة المدينة

Identifying the role of labor markets for monetary policy in an estimated DSGE model

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dc.creator Christoffel, Kai Philipp
dc.creator Küster, Keith
dc.creator Linzert, Tobias
dc.date 2006
dc.date.accessioned 2013-10-16T07:06:03Z
dc.date.available 2013-10-16T07:06:03Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19645
dc.identifier ppn:514273747
dc.identifier RePEc:zbw:bubdp1:4356
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19645
dc.description We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we structurally model matching frictions and rigid wages in line with an optimizing rationale in a New Keynesian closed economy DSGE model. We estimate the model using Bayesian techniques for German data from the late 1970s to present. Given the pre-euro heterogeneity in wage bargaining we take this as the first-best approximation at hand for modelling monetary policy in the presence of labor market frictions in the current European regime. In our framework, we find that labor market structure is of prime importance for the evolution of the business cycle, and for monetary policy in particular. Yet shocks originating in the labor market itself may contain only limited information for the conduct of stabilization policy.
dc.language eng
dc.relation Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2006,17
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject J64
dc.subject E32
dc.subject C11
dc.subject E52
dc.subject ddc:330
dc.subject Labor market
dc.subject wage rigidity
dc.subject bargaining
dc.subject Bayesian estimation
dc.subject Geldpolitik
dc.subject Arbeitsmarktflexibilisierung
dc.subject Lohnrigidität
dc.subject Konjunktur
dc.subject Inflationsrate
dc.subject Allgemeines Gleichgewicht
dc.subject Dynamisches Modell
dc.subject Schätzung
dc.subject Theorie
dc.subject Deutschland
dc.title Identifying the role of labor markets for monetary policy in an estimated DSGE model
dc.type doc-type:workingPaper


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