期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2010
出版社：European Central Bank
摘要：This paper investigates the importance of labor market institutions for in- ation and unemployment dynamics. Using the New Keynesian framework we argue that labor market institutions should be divided into those insti- tutions that cause Unemployment Rigidities (UR) and those that cause Real Wage Rigidities (RWR). The two types of institutions have opposite e¤ects and their interaction is crucial for the dynamics of ination and unemploy- ment. We estimate a panel VAR with deterministically varying coe¢ cients and nd that there is a profound di¤erence in the responses of unemployment and ination to shocks under di¤erent constellations of the labor market.
关键词：Labor Market Search; Real Wage Rigidity; Unemployment; Business;Cycle; Monetary Policy
