G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4899
DP4899 Demand Reduction and Pre-emptive Bidding in Multi-Unit License Auctions
Theo Offerman; Jacob K. Goeree; Randolph Sloof
发表日期2005-02-23
出版年2005
语种英语
摘要Most dynamic stochastic general equilibrium models (DSGE) of the macroeconomy assume that labour is traded in a spot market. Two exceptions (Andolfatto [3], Merz [11]) combine the two-sided search model of Mortenson and Pissarides, [14], [13], [15] with a one-sector real business cycle model. These hybrid models are successful, in some dimensions, but they cannot account for observed volatility in unemployment and vacancies. Following a suggestion by Hall, [4] [5], building on work by Shimer [18], this Paper shows that a relatively standard DSGE model with sticky wages can account for these facts. Using a second-order approximation to the policy function I simulate moments of an artificial economy with and without sticky wages. I compute the welfare costs of the sticky wage equilibrium and find them to be small.
主题International Macroeconomics
URLhttps://cepr.org/publications/dp4899
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/533803
推荐引用方式
GB/T 7714
Theo Offerman,Jacob K. Goeree,Randolph Sloof. DP4899 Demand Reduction and Pre-emptive Bidding in Multi-Unit License Auctions. 2005.
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