Incorporating nominal rigidities of prices and wages is one way to analyze possible real effects of monetary policy and likewise accounting for actual economic situations, namely the observable short-term stickiness of prices and wages. Empirical studies evidence this theoretical concept resulting in the development of New Keynesian economics. In this paper I use that framework to examine the impact of a technology and a monetary policy shock on variables such as output, output gap, labor or the real wage. Impulse response functions determined from the general equilibrium of the model then show various effects. With merely sticky prices I achieve the standard results of decreasing output gap and labor in response to a technology shock. In comparison, adding sticky wages to the system causes a positive initial reaction of output gap and labor, but yields a significantly lower increase in the real wage. A monetary policy shock causes negative deviations from steady state of output, output gap and labor regardless of the assumed rigidity. However, the response of the real wage alters in the distinct specifications. I observe a negative response under a sticky prices regime, an increase assuming merely sticky wages and finally, almost no deviation from steady state if prices and wages are simultaneously subject to nominal rigidities.