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Campo DC | Valor |
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dc.contributor.author | Thomas, Carlos |
dc.date.accessioned | 2019-08-10T17:52:36Z |
dc.date.available | 2019-08-10T17:52:36Z |
dc.date.issued | 2008-03-11 |
dc.identifier.issn | ISSN: 0213-2710 (en papel) |
dc.identifier.issn | ISSN: 1579-8666 (en línea) |
dc.identifier.uri | https://repositorio.bde.es/handle/123456789/6717 |
dc.description.abstract | I analyze the effect of search frictions on inflation dynamics, in a New Keynesian model where firms make both pricing and vacancy posting decisions. I find that search frictions create real rigidities in price setting. This mechanism flattens the New Keynesian Phillips curve, relative both to the standard model with a frictionless labor market and a model where pricing and vacancy posting decisions are made by different subsets of firms. This helps the model improve its empirical performance along a number of dimensions. First, inflation becomes more persistent. Second, output responses to monetary shocks become larger and more persistent. Finally, unemployment becomes more volatile |
dc.format.extent | 43 p. : fórmulas, gráf., tab. |
dc.language.iso | eng |
dc.publisher | Banco de España |
dc.relation.ispartof | Documentos de Trabajo / Banco de España, 0806 |
dc.rights | Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0) |
dc.rights | In Copyright - Non Commercial Use Permitted |
dc.rights.uri | https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES |
dc.rights.uri | http://rightsstatements.org/vocab/InC-NC/1.0/ |
dc.subject | Search and matching |
dc.subject | Real rigidities |
dc.subject | New Keynesian Phillips curve |
dc.title | Search frictions, real rigidities and inflation dynamics |
dc.type | Documento de trabajo |
dc.identifier.bdebib | 000200986 |
dc.identifier.bdepub | DTRA-200806-eng |
dc.subject.bde | Modelos de fluctuaciones y ciclos económicos |
dc.subject.bde | Mercado de trabajo |
dc.publisher.bde | Madrid : Banco de España, 2008 |
dc.subject.jel | E32 |
dc.subject.jel | J40 |