CORDIS Project
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This project investigates the New Keynesian model's shortcomings in analyzing unemployment and wage dynamics in monetary policy. It aims to enhance the model by incorporating real wage rigidities and examining structural changes in the labor market that influence wage-setting and productivity patterns.
The New Keynesian (NK) model has emerged in recent years as the workhorse for monetary policy analysis.
The first part of the proposed project is motivated by two shortcomings of that framework: (i) the lack of an explicit analysis of unemployment and its potential role in the design of policy, (ii) the limited empirical support for the model s wage-setting block.
One of the objectives of the proposed project is the assessment of the empirical relevance of the specification of the wage-setting…
Centre de Recerca en Economia Internacional (CREI)
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