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Unemployment in an estimated new Keynesian model
Galí, Jordi; Smets, Frank; Wouters, Rafael
Universitat Pompeu Fabra. Departament d'Economia i Empresa
We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (2011a,b). Weestimate the resulting model using postwar U.S. data, while treatingthe unemployment rate as an additional observable variable. Our approach overcomes the lack of identification of wage markup and laborsupply shocks highlighted by Chari, Kehoe and McGrattan (2008) intheir criticism of New Keynesian models, and allows us to estimate a"correct" measure of the output gap. In addition, the estimated modelcan be used to analyze the sources of unemployment fluctuations.
Macroeconomics and International Economics
nominal rigidities
unemployment fluctuations
phillips curve
wage markups shocks
output gap
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