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Full-Text Articles in Social and Behavioral Sciences
An Estimated Open-Economy Dsge Model With Search-And-Matching Frictions: The Case Of Hungary, Istvan Konya, Zoltán Jakab
An Estimated Open-Economy Dsge Model With Search-And-Matching Frictions: The Case Of Hungary, Istvan Konya, Zoltán Jakab
Istvan Konya
This paper builds and estimates a mediumscale, small open economy DSGE model augmented with search-and-matching frictions in the labor market, and different wage setting behavior in new and existing jobs. The model is estimated using Hungarian data between 2001-2008. We find that: (i) the inclusion of matching frictions significantly improves the model’s empirical fit; (ii) the extent of new hires wage rigidity is quantitatively important for keymacro variables; (iii) labor market shocks do not play an important role in inflation dynamics, but the structure of the labor market influences the monetary transmission mechanism.
Credit And Debt In Economic Theory: Which Way Forward?, Thorvald Grung Moe
Credit And Debt In Economic Theory: Which Way Forward?, Thorvald Grung Moe
Thorvald Grung Moe
Background paper for INET workshop on Debt and finance in economics in Waterloo, Toronto nov. 2012