Interacting nominal and real labour market rigidities |
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| Authors: | Lukas Vogel |
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| Institution: | DG Economic and Financial Affairs, European Commission, Belgium |
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| Abstract: | The note analyses interactions between nominal wage stickiness and costly employment adjustment under rule-based and optimal monetary policy. Policy regimes affect and optimal policy lowers the welfare cost of rigidities. No quantitatively important second-best interaction between both rigidities is found. |
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| Keywords: | E24 E32 J20 J30 |
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