| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12584 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w12584 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570245 |
| 推荐引用方式 GB/T 7714 | Roger E. A. Farmer,Andrew Hollenhorst. Shooting the Auctioneer. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12584.pdf（234KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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