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Unemployment in the Estimated New Keynesian SoePL-2012 DSGE Model

Grzegorz Grabek and Bohdan Kłos
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Grzegorz Grabek: National Bank of Poland, Economic Institute, http://www.nbp.pl

No 144, NBP Working Papers from Narodowy Bank Polski, Economic Research Department

Abstract: The paper shows some new features implemented in SoePL-2012 DSGE model, namely explicitly modeled unobserved labour supply and observed unemployment rate. Our approach to labour market in the New Keynesian DSGE model follows papers of Galí et al. (2011); Galí (2011b), see also Christiano et al. (2010b). The Galí’s idea has been implemented into medium-scale small open economy model estimated on Polish data. We analyze estimates of labour market shocks (the wage markup shock and the labour supply preference shock) and use the results to explain the evolution of unemployment in the period of 1999–2011.

Keywords: estimated DSGE model; New Keynesian wage Phillips curve; unemployment; labour market shocks (search for similar items in EconPapers)
JEL-codes: D58 E24 E31 E37 E52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge
Date: 2013
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