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Nominal Wage Rigidities in a New Keynesian Model with Frictional Unemployment

Vincent Bodart, Grégory de Walque (), Olivier Pierrard (), Henri Sneessens () and Raf Wouters ()

No 2528, IZA Discussion Papers from Institute of Labor Economics (IZA)

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: DSGE; search and matching; nominal wage rigidity; monetary policy (search for similar items in EconPapers)
JEL-codes: E31 E32 E52 J64 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-dge, nep-lab and nep-mac
Date: 2006-12
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Working Paper: Nominal wage rigidities in a new Keynesian model with frictional unemployment (2006) Downloads
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