Introducing financial frictions and unemployment into a small open economy model
نویسندگان
چکیده
منابع مشابه
financial frictions and labor market fluctuations (case study iran's economy as a small open economy)
the financial crisis of 2007 showed that the impact of financial markets on macroeconomic developments is deep. the labor market was affected by financial variables. this paper extends the new keynesian model of a stochastic dynamic general equilibrium (dsge) for the iran economy in three context of an open economy, consider a financial frictions and frictions labor market, the impact of financ...
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We estimate small open economy models with involuntary unemployment using Australian data from 1993 to 2007, focusing on hiring costs and real wage rigidity. We find a strong preference for models with hiring costs, which account for 0.97% of GDP. The data favour models with real over nominal wage rigidity. Impulse responses to technology shocks reveal no productivityemployment puzzle for the p...
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Bank of Canada working papers are theoretical or empirical works-in-progress on subjects in economics and finance. The views expressed in this paper are those of the authors. No responsibility for them should be attributed to the Bank of Canada or to the Banco de Portugal.
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We develop and calibrate a two-sector, search-matching model of the labor market augmented to incorporate a housing market and a frictional goods market. The labor market is divided into a construction sector and a non-housing sector, and there is perfect mobility of unemployed workers across sectors. In the frictional goods market households, who lack commitment, nance random consumption oppo...
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ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 2011
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2011.09.005