| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8401 |
| DP8401 Unemployment in an Estimated New Keynesian Model | |
| Jordi Gali; Frank Smets; Rafael Wouters | |
| 发表日期 | 2011-05-20 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (2011a,b). We estimate the resulting model using postwar U.S. data, while treating the unemployment rate as an additional observable variable. Our approach overcomes the lack of identification of wage markup and labor supply shocks highlighted by Chari, Kehoe and McGrattan (2008) in their criticism of New Keynesian models, and allows us to estimate a "correct" measure of the output gap. In addition, the estimated model can be used to analyze the sources of unemployment fluctuations. |
| 主题 | International Macroeconomics |
| 关键词 | Nominal rigidities Output gap Phillips curve Unemployment fluctuations Wage markup shocks |
| URL | https://cepr.org/publications/dp8401 |
| 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/537223 |
| 推荐引用方式 GB/T 7714 | Jordi Gali,Frank Smets,Rafael Wouters. DP8401 Unemployment in an Estimated New Keynesian Model. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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