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Monetary persistence and the labor market: A new perspective

Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2010

sluggish. Job creation and job destruction are negatively correlated. And the volatility of unemployment is much larger than in …

Persistent link: https://www.econbiz.de/10010278017

Monetary Persistence and the Labor Market : A New Perspective

Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2021

sluggish. Job creation and job destruction are negatively correlated. And the volatility of unemployment is much larger than in …

Persistent link: https://www.econbiz.de/10013316264

Unemployment in the European Union: Institutions, prices, and growth

Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2004

This paper presents a reappraisal of unemployment movements in the European Union. Our analysis is based on the chain … reaction theory of unemployment, which focuses on (a) the interaction among labor market adjustment processes, (b) the … growth drivers. Estimating a system of labor market equations for a panel of EU countries, we derive the dynamic unemployment …

Persistent link: https://www.econbiz.de/10010276423

Hyperbolic discounting and positive optimal inflation

Graham, Liam; Snower, Dennis J. - 2011

The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...

Persistent link: https://www.econbiz.de/10010278022

Worker Identity, Employment Fluctuations and Stabilization Policy

Lechthaler, Wolfgang; Snower, Dennis J. - 2021

This paper provides a model of “social hysteresis,” whereby long, deep recessions demotivate workers and thereby lead them to change their work ethic. In switching from a pro-work to an anti-work identity, their incentives to seek and retain work fall and consequently their employment...

Persistent link: https://www.econbiz.de/10013315765