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008			131122s2006 gw_||||| |||| 00| 0 eng d
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040			_aarcduce _carcduce
082	0		_221 _a332.46
100	1		_95357 _aChristoffel, Kai
245	1	4	_aThe role of real wage rigidity and labor market frictions for unemployment and inflation dynamics / _cKai Christoffel, Tobias Linzert.
260			_aFrankfurt am Main : _bDeutsche Bundesbank, _c2006
300			_a47 p.
490	1		_aDiscussion paper. Series 1: economic studies ; _vno. 11/2006
504			_aBibliografía: p. 27-31.
520	3		_aIn this paper we incorporate a labor market with matching frictions and wage rigidities into the New Keynesian business cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions affect the transmission process of monetary policy. The model allows real wage rigidities to interact with adjustments in employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to an interest rate innovation depends on the degree of wage rigidity. Generally, more rigid wages translate into more persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation depends also on labor market fundamentals such as bargaining power and the flows in and out of employment.
650		4	_aPOLITICA MONETARIA _9378
650		4	_aMERCADO DE TRABAJO _9640
650		4	_aINFLACION _9282
650		4	_95359 _aRIGIDEZ SALARIAL
653		4	_aPROGRESO ECONOMICO
700	1		_95358 _aLinzert, Tobias
830		0	_94690 _aDiscussion paper (Deutsche Bundesbank). _pSeries 1: economic studies ; _vno. 11/2006
856	4		_uhttp://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2006/2006_03_14_dkp_11.pdf?__blob=publicationFile
942			_2ddc _cDOCU _jF 332.46 C 20935
945			_aBEA _c2013-11-27
999			_c23802 _d23802