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005			20220331220118.0
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008			131122s2006 gw_||||| |||| 00| 0 eng d
020			_a3865581579
040			_aarcduce _carcduce
082	0		_221 _a331.120151
100	1		_95357 _aChristoffel, Kai
245	1	0	_aIdentifying the role of labor markets for monetary policy in an estimated DSGE model / _cKai Christoffel, Keith Küster, Tobias Linzert.
260			_aFrankfurt am Main : _bDeutsche Bundesbank, _c2006
300			_a65 p.
490	1		_aDiscussion paper. Series 1: economic studies ; _vno. 17/2006
504			_aBibliografía: p. 41-43
520	3		_aWe focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we structurally model matching frictions and rigid wages in line with an optimizing rationale in a New Keynesian closed economy DSGE model. We estimate the model using Bayesian techniques for German data from the late 1970s to present. Given the pre-euro heterogeneity in wage bargaining we take this as the first-best approximation at hand for modelling monetary policy in the presence of labor market frictions in the current European regime. In our framework, we find that labor market structure is of prime importance for the evolution of the business cycle, and for monetary policy in particular. Yet shocks originating in the labor market itself may contain only limited information for the conduct of stabilization policy.
650		4	_aMERCADO DE TRABAJO _9640
650		4	_95359 _aRIGIDEZ SALARIAL
650		4	_aNEGOCIACION COLECTIVA _9395
650		4	_aANALISIS BAYESIANO _95402
653		4	_aMERCADO LABORAL
700	1		_95401 _aKüster, Keith
700	1		_95358 _aLinzert, Tobias
830		0	_94690 _aDiscussion paper (Deutsche Bundesbank). _pSeries 1: economic studies ; _vno. 17/2006
856	4		_uhttp://econstor.eu/bitstream/10419/19645/1/200617dkp.pdf
942			_2ddc _cLIBR _j331.120151 C 49447
945			_aBEA _c2013-12-10
999			_c23829 _d23829