Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment

We construct a utility-based model of fluctuations with nominal rigidities and unemployment. We first show that under a standard utility specification, productivity shocks have no effect on unemployment in the constrained efficient allocation. That property is also shown to hold, despite labor marke...

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Bibliographic details
Volume: 2
Main Author: Blanchard, Olivier
Gali, Jordi
Format: Journal Article
Language: English
Place of publication: NASHVILLE American Economic Association 01.04.2010
published in: American economic journal. Macroeconomics Vol. 2; no. 2; pp. 1 - 30
ORCID: 0000-0003-4950-7462
Data of publication: April 2010
ISSN: 1945-7707
EISSN: 1945-7715
Discipline: Economics
Online Access: Fulltext
Database: Web of Knowledge
Social Sciences Citation Index
Web of Science
Web of Science - Social Sciences Citation Index - 2010
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