Kiel Working Papers, Kiel Institute for World Economics
No 1453:
Quadratic Labor Adjustment Costs and the New-Keynesian Model
Wolfgang Lechthaler and Dennis Snower
Abstract: We build quadratic labor adjustment costs into an
otherwise standard New-Keynesian model of the business cycle and show that
this is sufficient to increase both, output and inflation persistence
Keywords: Monetary Persistence, Labor Adjustment Costs; (follow links to similar papers)
JEL-Codes: E24,; E32,; E52,; J23; (follow links to similar papers)
7 pages, October 2008
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