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来源类型Working Paper
规范类型报告
DOI10.3386/w12584
来源IDWorking Paper 12584
Shooting the Auctioneer
Roger E. A. Farmer; Andrew Hollenhorst
发表日期2006-10-13
出版年2006
语种英语
摘要Most dynamic stochastic general equilibrium models of the macroeconomy assume that labor is traded in a spot market. Two exceptions by David Andolfatto and Monika Merz combine a two-sided search model 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 suggestions by Robert Hall and Robert Shimer, 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 we simulate moments of an artificial economy with and without sticky wages and we document the dependence of unemployment and vacancy volatility on two key parameters; the disutility of effort and the degree of wage stickiness. We compute the welfare costs of the sticky wage equilibrium and find them to be small.
主题Macroeconomics ; Business Cycles ; Labor Economics ; Unemployment and Immigration
URLhttps://www.nber.org/papers/w12584
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/570245
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Roger E. A. Farmer,Andrew Hollenhorst. Shooting the Auctioneer. 2006.
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