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"text": "To calibrate the model with labour market frictions, we use the following strategy. First, we use identical parameters as in the model without labour market frictions (discussed above) wherever possible, in order to keep the two model versions harmonised to the greatest extent possible so that they are comparable. We can do this only for those parameters that are common to both models, such as the Frisch elasticity of labour supply and the frequency of resetting prices (see Table 5 for nominal price rigidities that are common across models) and wages. Second, for parameters that are specific to the model with search frictions, we use the values based either on the literature or empirical estimates. The calibration parameters are reported in Table 7 and we discuss both groups of parameters below in more detail.",
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"text": "In the first group of parameters that we can harmonise across both models are wage rigidities and Frisch labour supply elasticities. The Frisch labour supply elasticity is set to 0.5 as is typical in the literature (its inverse,[p13.11.3]). Even though the model with labour market frictions can distinguish between wage rigidities of new hires and wage rigidities of existing workers (measured by the probabilities that they start working at existing average wage), we set both to equal value (and to the value equal to that in the model with the standard labour market), so that[p13.11.4]. These values are based on the estimates in De Walque et al. (2009).",
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