Autore:
Riggi, Marianna
Titolo:
New Keynesian models with labor market rigidities: a critical surveyPeriodico:
Università degli Studi di Roma "La Sapienza" - Dipartimento di Economia Pubblica. Working PaperAnno:
2007 - Volume:
10 - Fascicolo:
102 - Pagina iniziale:
1 - Pagina finale:
32The labor market is receiving increasing attention in the New Keynesian literature. In this paper I critically survey this literature in order to highlight the role played by wage rigidities in the explanation of fluctuations caused by technology shocks. To this aim, I present a DSGE model with
sticky prices, nominal wage rigidities, and hiring costs. The comparison between this model and Blanchard and Gali (2006) highlights the non trivial differences which exist in the way nominal wage and real wage rigidities drive the economy’s dynamics. My conclusion is that models incorporating nominal wage rigidities and some degree of price stickiness provide a better account
of macroeconomic dynamics than models with real wage rigidities.
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SICI: 1974-2940(2007)10:102<1:NKMWLM>2.0.ZU;2-6
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