作者：Krause, Michael U.; Lopez-Salido, David; Lubik, Thomas A.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Deutsche Bundesbank; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：The New Keynesian Phillips curve explains inflation dynamics as being driven by current and expected future real marginal costs. In competitive labor markets, the labor share can serve as a proxy for the latter. In this paper, we study the role of real marginal cost components implied by search frictions in the labor market. We construct a measure of real marginal costs by using newly available labor market data on worker finding rates. Over the business cycle, the measure is highly correlated...
作者：Casares, Miguel
作者单位：Universidad Publica de Navarra
摘要：The implications of search frictions on the inflation dynamics are shown here for the case with wage adjustments typically belonging to the New Keynesian model, not to the Mortensen-Pissarides framework. In that model variant, I identify the role of search frictions by an additional term entering the slope coefficient of the inflation equation. After a numerical exercise, I find results that are in line with those obtained by Krause et al. [2008. Inflation dynamics with search frictions: a str...
