Monetary Policy and Unemployment

  • Authors: Jordi Galí.
  • BSE Working Paper: 110906 | September 15
  • Keywords: Nominal rigidities , Labor market frictions , Wage rigidities
  • JEL codes: E32
  • Nominal rigidities
  • Labor market frictions
  • Wage rigidities
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Abstract

Much recent research has focused on the development and analysis of extensions of the New Keynesian framework that model labor market frictions and unemployment explicitly. The present paper describes some of the essential ingredients and properties of those models, and their implications for monetary policy.

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