Report
Labour market frictions, monetary policy and durable goods
| العنوان: | Labour market frictions, monetary policy and durable goods |
|---|---|
| المؤلفون: | Di Pace, Federico Nicolas, Hertweck, Matthias |
| المساهمون: | University of St Andrews. School of Economics and Finance |
| بيانات النشر: | University of Konstanz |
| سنة النشر: | 2013 |
| المجموعة: | University of St Andrews: Digital Research Repository |
| مصطلحات موضوعية: | Durable production, Labour market frictions, Sectoral comovement, Monetary policy, HD Industries. Land use. Labor, HJ Public Finance, SDG 15 - Life on Land, HD, HJ |
| الوصف: | The standard two-sector monetary business cycle model suffers from an important deficiency. Since durable good prices are more flexible than non-durable good prices, optimising households build up the stock of durable goods at low cost after a monetary contraction. Consequently, sectoral outputs move in opposite directions. This paper finds that labour market frictions help to understand the so-called sectoral “comovement puzzle”. Our benchmark model with staggered Right-to-Manage wage bargaining closely matches the empirical elasticities of output, employment and hours per worker across sectors. The model with Nash bargaining, in contrast, predicts that firms adjust employment exclusively along the extensive margin. ; Postprint |
| نوع الوثيقة: | report |
| وصف الملف: | application/pdf |
| اللغة: | English |
| Relation: | Department of Economics Working Paper Series; Di Pace , F N & Hertweck , M 2012 ' Labour market frictions, monetary policy and durable goods ' Department of Economics Working Paper Series , no. 2012-09 , University of Konstanz .; PURE: 63653420; PURE UUID: 6f8069c6-ef24-469a-93cd-1bd109e4ba5e; http://hdl.handle.net/10023/4100; http://ideas.repec.org/p/knz/dpteco/1209.html |
| الاتاحة: | http://hdl.handle.net/10023/4100 http://ideas.repec.org/p/knz/dpteco/1209.html |
| رقم الانضمام: | edsbas.66B9A122 |
| قاعدة البيانات: | BASE |
| الوصف غير متاح. |