Title of article :
Unemploymentasexcesssupplyoflabor:Implicationsforwageand
price inflation
Author/Authors :
Miguel Casares، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2010
Abstract :
The introductionofbothmarket-clearingwagesandnominalrigiditiesonwagesetting
can beusedtorationalizeunemploymentasexcesssupplyoflaborintheNew
Keynesianmodel.Asaresult,wageinflationdynamicsareforward-lookinganddepend
negativelyontherateofunemployment.Moreover,bothpriceinflationandwage
inflationevolveasindicatedbyequationsequivalenttothoseobtainedin Erceg etal.
(2000), thoughwithdifferentslopecoefficients.Inanequal-volatilitycomparison,the
modelwithunemploymentconveyslesspricestickinessandmorewagestickiness
Keywords :
Market-clearing wagesSticky wagesUnemployment
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
