The (Ir)Relevance of Real Wage Rigidity in the New Keynesian Model with Search Frictions
The (Ir)Relevance of Real Wage Rigidity in the New Keynesian Model with Search Frictions
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DOI：
10.2139/ssrn.556937
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发表时间：
2007-04
期刊：
影响因子：
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通讯作者：
M. Krause;T. Lubik
中科院分区：
文献类型：
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作者：
M. Krause;T. Lubik
我们探讨了新凯恩斯主义商业周期模型中劳动力市场的搜索和匹配摩擦的真实的工资动态的作用。创造就业和破坏就业都是内生的。我们表明，该模型产生反事实的通货膨胀和劳动力市场动态。特别是，它没有产生贝弗里奇曲线：空缺和失业是正相关的。引入真实的工资刚性会导致劳动力市场流动的负相关性，并使劳动力市场流动的幅度向更真实的值增加。然而，通货膨胀动态只受到真实的工资刚性的微弱影响。这是因为劳动力市场摩擦的存在，这种摩擦产生了长期的雇佣关系。通过菲利普斯曲线与通货膨胀动态相关的真实的边际成本的度量包含不一定随真实的工资移动的动态成分。
We explore the role of real wage dynamics in a New Keynesian business cycle model with search and matching frictions in the labor market. Both job creation and destruction are endogenous. We show that the model generates counterfactual inflation and labor market dynamics. In particular, it fails to generate a Beveridge curve: vacancies and unemployment are positively correlated. Introducing real wage rigidity leads to a negative correlation, and increases the magnitude of labor market flows to more realistic values. However, inflation dynamics are only weakly affected by real wage rigidity. This is because of the presence of labor market frictions, which generate long-run employment relationships. The measure of real marginal cost that is relevant for inflation dynamics via the Phillips curve contains a dynamic component that does not necessarily move with real wages.