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Trend growth, unemployment and optimal monetary policy

Lechthaler, Wolfgang; Tesfaselassie, Mewael F. - 2015

and matching unemployment. We show that trend growth in itself does not generate a trade-off for the monetary authority …

Persistent link: https://www.econbiz.de/10011300631

Optimal monetary policy in response to shifts in the beveridge curve

Mileva, Mariya - 2013

unemployment. The optimal policy response to the efficient labor market shock changes when real wages are sticky but remains …

Persistent link: https://www.econbiz.de/10009721790

The inflation-output tradeoff : which type of labor market rigidity is to be blamed?

Merkl, Christian - 2009

real wage rigidities. -- Monetary policy ; real wage rigidity ; labor turnover costs ; unemployment ; tradeoff …

Persistent link: https://www.econbiz.de/10003826554

Macroeconomic volatilities and the labor market : first results from the euro experiment

Merkl, Christian; Schmitz, Tom - 2009

. We use a New Keynesian model with unemployment to predict the effects of different labor market institutions on …This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone …, but stands in stark contrast to the search and matching model. While labor market institutions have a large effect on …

Persistent link: https://www.econbiz.de/10003827228

Keynesian and monetarist views on the German unemployment problem : theory and evidence

Gottschalk, Jan - 2002

Persistently high unemployment rates in Germany have led to a long-running controversy on the causes of the … unemployment problem. This paper aims to review the contribution of Keynesian and monetarist theories to this controversy and … explores empirically their implications for the explanation of high unemployment in Germany using a structural vector …

Persistent link: https://www.econbiz.de/10011474695

A frictionless model of job flows and the Beveridge Curve

Reicher, Christopher Phillip - 2010

The Diamond-Mortensen-Pissarides search and matching model is the workhorse of labor macro, but it has difficulty in simultaneously matching the cyclical behavior of job loss and vacancies when taken to the data. By completely ignoring frictions in job creation and focusing instead on firm-level...

Persistent link: https://www.econbiz.de/10003983005

Quadratic labor adjustment costs and the New-Keynesian model

Lechthaler, Wolfgang (contributor); … - 2008

We build quadratic labor adjustment costs into an otherwise standard New-Keynesian model of the business cycle and show that this is sufficient to increase both, output and inflation persistence. -- Monetary persistence ; labor adjustment costs

Persistent link: https://www.econbiz.de/10003757577

Labor turnover costs, workers' heterogeneity and optimal monetary policy

Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2009

We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to a right to manage bargaining where the firms' counterpart is given by currently employed workers. Our model captures well the salient features of European labor...

Persistent link: https://www.econbiz.de/10003864487

They are even larger! : More (on) puzzling labor market volatilities

Gartner, Hermann; Merkl, Christian; Rothe, Thomas - 2009

German labor market volatilities by a longer expected job duration. -- Labor Market Volatilities ; Unemployment ; Worker …

Persistent link: https://www.econbiz.de/10003825019

On the introduction of firing costs

Ahrens, Steffen; Wesselbaum, Dennis - 2009

This paper provides a survey of the recent literature about firing costs and discusses the transmission channels of firing costs in a partial equilibrium context. In addition, we expand our analysis two types of firing costs in a New Keynesian model with purely endogenous separations. We further...

Persistent link: https://www.econbiz.de/10003884839