Premium
La dérobade dans un modèle monétaire de cycle d'affaires .
Author(s) -
Alexopoulos Michelle
Publication year - 2006
Publication title -
canadian journal of economics/revue canadienne d'économique
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.773
H-Index - 69
eISSN - 1540-5982
pISSN - 0008-4085
DOI - 10.1111/j.1540-5982.2006.00365.x
Subject(s) - economics , business cycle , unemployment , monetary policy , shock (circulatory) , rigidity (electromagnetism) , wage , involuntary unemployment , monetary economics , macroeconomics , keynesian economics , labour economics , medicine , structural engineering , engineering
Abstract This paper investigates whether a limited participation model with imperfectly observed effort can reproduce the economy's responses to a monetary policy shock without appealing to high labour supply elasticities or high markups. The results demonstrate that the presence of imperfectly observed effort, in combination with the limited participation assumption, allows the model to account for the presence of involuntary unemployment, nominal wage rigidity, and the observed responses to monetary policy shocks.