English, Article, Journal or magazine article edition: Unemployment, Job Flows and Hours in a New Keynesian Model Richard Holt

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Bookmark: http://trove.nla.gov.au/version/34488
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Unemployment, Job Flows and Hours in a New Keynesian Model
Author
  • Richard Holt
Physical Description
  • preprint
Notes
  • New Keynesian models attempt to account for economic fluctuations under nominal rigidities without modelling unemployment. They struggle to generate observed output and inflation persistence. To address these issues, recent research embeds labour search with matching frictions in a New Keynesian framework. Models with labour market search, matching and endogenous job destruction, feature unemployment, but generate an upward sloping Beveridge curve and overly volatile gross job flows. By introducing a second margin, hours, in the adjustment of labour input I obtain a negative unemployment-vacancy correlation and plausible gross job flow volatilities without affecting the desirable persistence properties of the model. I show that these results are affected by real wage rigidity, endogenous job destruction and capital adjustment costs
  • Beveridge Curve, Hours, Gross Job Flows, Inflation
  • RePEc:mmf:mmfc06:138
Language
  • English
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