Dear colleagues, The Department of Economics cordially invites you to the WU Research Seminar in Economics on Wednesday, December 3rd, with Maximilian Boeck (https://www.statistik.rw.fau.de/lehrstuhl/mitarbeiter/dr-maximilian-boeck/) presenting: " Plucking the Phillips curve". Abstract: This paper studies the implications of labor market-driven asymmetries on the business cycle. We document that monetary policy generates large real effects in slack markets but more muted responses - except for prices - in tight markets. We develop and estimate, under full information, a nonlinear search-and-matching New Keynesian model with endogenous separations and adjustments along both extensive and intensive employment margins. The model generates plucking-type dynamics, including the positive skewness of unemployment, changes in unemployment, and inflation. The model reproduces the empirical evidence that the transmission of monetary policy shocks varies with labor market tightness through state dependent shifts in the steepness of the Phillips curve - flatter in slack markets and steeper in tight ones. * Date: Wednesday, December 3rd * Time: 4.30 to 6 pm (CET) * Location: building D4, entrance A, ground floor, D4.0.039<https://campus.wu.ac.at/?q=D4.0.039> With best regards, Harald Oberhofer --- Univ.-Prof. Dr. Harald Oberhofer Department of Economics WU Vienna University of Economics and Business Phone: +43/1/31336-4984 Email: harald.oberhofer@wu.ac.at<mailto:harald.oberhofer@wu.ac.at> https://www.wu.ac.at/en/economics/people/oberhofer-h Austrian Institute of Economic Research (WIFO) Phone: +43/1/7982601-468 Email: harald.oberhofer@wifo.ac.at<mailto:harald.oberhofer@wifo.ac.at> http://www.wifo.ac.at/harald_oberhofer