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Search frictions, real rigidities, and inflation dynamics

Thomas, Carlos - ;

The literature on New Keynesian models with search frictions in the labor market commonly assumes that price setters are not actually subject to such frictions. Here, I propose a model where firms are subject both to infrequent price adjustment and search frictions. This interaction gives rise to real price rigidities, which have the effect of slowing down the adjustment of the price level to shocks. This has a number of consequences for equilibrium dynamics. First, inflation becomes less volatile and more persistent. More importantly, the model's empirical performance improves along its labor market dimensions, such as the size of unemployment fluctuations and the relative volatility of the two margins of labor. [PUBLICATION ABSTRACT].Printed journal


Ketersediaan

Call NumberLocationAvailable
JMCB4306PSB lt.dasar - Pascasarjana1
Penerbit: The Ohio State University
Edisi-
SubjekInflation
Keynesian theory
Labor economics
Price levels
studies
ISBN/ISSN222879
Klasifikasi-
Deskripsi Fisik-
Info Detail Spesifik-
Other Version/RelatedTidak tersedia versi lain
Lampiran BerkasTidak Ada Data

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