文章基本信息

标题：Firm-Specific Labor and Firm-Specific Capital: Implications for the Euro-Data New Phillips Curve
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作者：Julien Matheron
期刊名称：International Journal of Central Banking
印刷版ISSN：1815-4654
出版年度：2006
卷号：2006
期号：04
出版社：IJCB Publications Fulfillment
摘要：Standard GMM estimates of the New Phillips curve on euro-area data yield degrees of nominal rigidity that are not in accordance with recent microeconomic evidence. This paper studies whether similar conclusions are reached in a richer model where price setters face firm-specific capital and/or firm-specific labor. We find that combining these elements or considering firm-specific labor alone leads to statistically significant and economically reasonable estimates of the degree of nominal rigidity. In contrast, ignoring firm-specific labor yields estimates that are not supported by microeconomic evidence.