Christoffel, Kai; Costain, James; De Walque, Gregory - 2009
, hence, monetary policy.
This paper analyses and compares existing labour market modeling approaches within
the New Keynesian … model the labour market more explicitly within the New Keynesian business cycle
model, most often opting for including … sluggish response of in�ation to shocks. In terms of the
New Keynesian framework, labour market frictions will alter either …