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What Can a New Keynesian Labor Matching Model Match?

Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2009

A labor matching model with nominal rigidities can match short-run movements in labor’s share with some success. However, it cannot explain much of the behavior of employment, vacancies, and job flows in postwar US data without resorting to additional shocks beyond monetary policy and...

Persistent link: https://www.econbiz.de/10005700617

Is corporatism feasible?

Acocella, Nicola; Bartolomeo, Giovanni Di - EconWPA - 2003

In this paper we consider a standard policy game between the Government and a union. In such a framework, we first investigate the effects of corporatism on macroeconomic performance vis-à-vis different kinds of non-co-operative equilibria. Afterwards, we introduce in the literature the issue...

Persistent link: https://www.econbiz.de/10005076716

Staggered prices and trend inflation: some nuisances

Ascari, Guido - EconWPA - 2004

Most of the papers in the sticky-price literature are based on a log- linearization around the zero inflation steady state, a simplifying but counterfactual assumption. This paper shows that when trend inflation is considered, both the long-run and the short-run properties of DGE models based on...

Persistent link: https://www.econbiz.de/10005076806

Matching labor’s share in a search and matching model

Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2011

I evaluate the degree to which different wage-setting mechanisms in labor market search models can fit the aggregate facts on labor’s share. I find that staggered bargaining in nominal wages best allows the model to plausibly match the negative relationship between labor’s share and lagged...

Persistent link: https://www.econbiz.de/10009292397

Is corporatism feasible?

Acocella, Nicola; Bartolomeo, Giovanni Di - EconWPA - 2005

This paper investigates the effects of cooperation (corporatism) on macroeconomic performance by considering a rather standard policy game between the government and a monopoly union. We stress the shortcomings of the traditional way used to model cooperation in policy games (the maximization of...

Persistent link: https://www.econbiz.de/10005412619

Evaluating the performance of the search and matching model with sticky wages

Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2010

Several authors have proposed staggered wage bargaining as a way to introduce sticky wages into search and matching models while preserving individual rationality. I evaluate the quantitative implications of such an approach. I feed through a series of estimated shocks from US data into a search...

Persistent link: https://www.econbiz.de/10009021626

The Price-Price Phillips Curve in Small Open Economies and Monetary Unions: Theory and Empirics

Vaona, Andrea - Institut für Weltwirtschaft (IfW) - 2014

reactiveness of inflation to the unemployment rate. In regard to a monetary union, the national unemployment multiplier in the …

Persistent link: https://www.econbiz.de/10010886968

Changes in the Balance of Power Between the Wage and Price Setters and the Central Bank: Consequences for the Phillips Curve and the NAIRU

Kromphardt, Jürgen; Logeay, Camille - Institut für Weltwirtschaft (IfW) - 2007

In this paper we introduce and test the hypothesis that the relation between inflation and unemployment has been in … unemployment were the result of the struggle between the wage and price setters trying to influence the distribution of income to … a rising rate of unemployment. Our hypothesis was inspired by the observation that the statistical Phillips curves are …

Persistent link: https://www.econbiz.de/10005755220

Hyperbolic Discounting and the Phillips Curve

Graham, Liam; Snower, Dennis J. - Institut für Weltwirtschaft (IfW) - 2007

Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables.

Persistent link: https://www.econbiz.de/10005755254

THE WAGE-PRICE CONTROL EXPERIMENT--DID IT WORK?

Feige, Edgar L.; Pearce, Douglas K. - EconWPA - 2004

This paper analyses the consequences of the Nixon Administration’s policy of wage-price controls and finds that the controls were essentially ineffective in reducing inflation.

Persistent link: https://www.econbiz.de/10005561070