Nominal Wage Rigidities in a New Keynesian Model with Frictional Unemployment

Bodart, Vincent;De Walque, Gregory;Pierrard, Olivier;Sneessens, Henri;Wouters, Raf
(2006) , 37 pages

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Authors
  • Bodart, VincentUCLouvain
    Author
  • De Walque, GregoryBanque Nationale de Belgique
    Author
  • Pierrard, OlivierUCLouvain
    Author
  • Sneessens, HenriUCLouvain
    Author
  • Wouters, RafBanque Nationale de Belgique
    Author
Abstract
In this paper, we propose a search and matching model with nominal stickiness à la Calvo in the wage bargaining. We analyze the properties of the model, first, in the context of a typical real business cycle model driven by stochastic productivity shocks and second, in a fully specified monetary DSGE model with various real and nominal rigidities and multiple shocks. The model generates realistic statistics for the important labor market variables.
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Bodart, V., De Walque, G., Pierrard, O., Sneessens, H., & Wouters, R. (2006). Nominal Wage Rigidities in a New Keynesian Model with Frictional Unemployment (IZA Discussion papers 2528). https://hdl.handle.net/2078.5/32869