UNEMPLOYMENT AND BUSINESS CYCLES

• 成果类型: Article
• 署名作者: Christiano, Lawrence J.; Eichenbaum, Martin S.; Trabandt, Mathias
• 署名单位: Northwestern University; Free University of Berlin
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA11776
• 发表日期: 2016
• 页码: 1523-1569
• 关键词: equilibrium unemployment; cyclical behavior; keynesian model; monetary-policy; nominal rigidities; technology shocks; Wage stickiness; phillips-curve; VACANCIES; frictions

摘要

We develop and estimate a general equilibrium search and matching model that accounts for key business cycle properties of macroeconomic aggregates, including labor market variables. In sharp contrast to leading New Keynesian models, we do not impose wage inertia. Instead we derive wage inertia from our specification of how firms and workers negotiate wages. Our model outperforms a variant of the standard New Keynesian Calvo sticky wage model. According to our estimated model, there is a critical interaction between the degree of price stickiness, monetary policy, and the duration of an increase in unemployment benefits.