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Kiel Institute for World Economics Kiel Working Papers, Kiel Institute for World Economics

No 1608:
Staggered Wages, Sticky Prices, and Labor Market Dynamics in Matching Models

Janett Neugebauer and Dennis Wesselbaum

Abstract: This paper investigates the role of staggered wages and sticky prices in explaining stylized labor market facts. We build on a partial equilibrium search and matching model and expand the model to a general equilibrium model with sticky prices and/or staggered wages. We show that the core model creates too much volatility in response to a technology shock. The sticky price model outperforms the staggered wage model in terms of matching volatilities, while the combination of both rigidities matches the data reasonably well

Keywords: Search and Matching, Staggered Wages, Sticky Prices; (follow links to similar papers)

JEL-Codes: E24,; E32,; J64; (follow links to similar papers)

12 pages, March 2010

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