English, Article, Journal or magazine article edition: Inflation dynamics with labour market matching : assessing alternative specifications Kai Christoffel; James Costain; Gregory de Walque; ...

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Inflation dynamics with labour market matching: assessing alternative specifications.
Author
  • Kai Christoffel
  • James Costain
  • Gregory de Walque
  • Keith Kuester
  • Tobias Linzert
  • Stephen Millard
  • Olivier Pierrard
Physical Description
  • preprint
Notes
  • RePEc:fip:fedpwp:09-6
  • This paper reviews recent approaches to modeling the labour market, and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behavior. In a search and matching environment, we consider the following modeling setups: right-to-manage bargaining vs. efficient bargaining, wage stickiness in new and existing matches, interactions at the firm level between price and wage-setting, alternative forms of hiring frictions, search on-the-job and endogenous job separation. We find that most specifications imply too little real rigidity and, so, too volatile inflation. Models with wage stickiness and right-to-manage bargaining or with firm-specific labour emerge as the most promising candidates
  • RePEc:nbb:reswpp:200905-19
  • This paper reviews recent approaches to modeling the labour market and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behaviour. In a search and matching environment, we consider the following modeling setups - right-to-manage bargaining vs. efficient bargaining, wage stickiness in new and existing matches, interactions at the firm level between price and wage-setting, alternative forms of hiring frictions, search on-the-job and endogenous job separation. We find that most specifications imply too little real rigidity and, so, too volatile inflation. Models with wage stickiness and right-to-manage bargaining or with firm-specific labour emerge as the most promising candidates. JEL Classification: E31, E32, E24, J64.
  • Inflation Dynamics, Labour Market, Business Cycle, Real Rigidities.
  • RePEc:ecb:ecbwps:200901053
Language
  • English
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