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Levine, David K. - 2010

More advanced technologies demand higher degrees of specialization - and longer chains of production connecting raw inputs to final outputs. Longer production chains are subject to a "weakest link" effect: they are more fragile and more prone to failure. Optimal chain length is determined by the...

Persistent link: https://www.econbiz.de/10013135410

The Cyclical Behavior of Equilibrium Unemployment and Vacancies in the Us and Europe

Justiniano, Alejandro - 2012

-Saxon countries (the US and the UK), two Continental European countries (France and Germany) and two Scandinavian countries (Norway … probabilities observed in US, with mixed success in Europe. In contrast, matching shocks and job destruction shocks play a larger … role in most European countries relative to the US …

Persistent link: https://www.econbiz.de/10013114011

Animal Spirits, Financial Crises and Persistent Unemployment

Farmer, Roger E. A. - 2011

This paper develops a rational expectations model with multiple equilibrium unemployment rates where the price of capital may be unbounded above. I argue that this property is an important feature of any rational-agent explanation of a financial crisis, since for the expansion phase of the...

Persistent link: https://www.econbiz.de/10013123693

Does European Unemployment Prop Up American Wages?

Davis, Donald R. - 2011

We consider trade between a flexible wage America and a rigid real wage Europe. In a benchmark case, a move from autarky to free trade doubles the European unemployment rate, while it raises the American unskilled wage to the high European level. Entry of the unskilled South to world markets...

Persistent link: https://www.econbiz.de/10013125263

Labor Market, Financial Crises and Inflation : Jobless and Wageless Recoveries

Calvo, Guillermo A. - 2012

This paper uses a sample of 116 recession episodes in developed and emerging market economies to compare the labor-market recovery during financial crises with that of other recession episodes. It documents two new stylized facts. First, labor-market recovery from financial crises is...

Persistent link: https://www.econbiz.de/10013099123

The Market Crash and Mass Layoffs : How the Current Economic Crisis May Affect Retirement

Coile, Courtney - 2010

Recent dramatic declines in U.S. stock and housing markets have led to widespread speculation that shrinking retirement …

Persistent link: https://www.econbiz.de/10013150735

The Role of Labor Market Changes in the Slowdown of European Productivity Growth

Dew-Becker, Ian L. - 2008

between the EU and US going back to 1980. This paper is about the strong negative tradeoff between productivity and employment …, productivity growth in the EU-15 has slowed while that in the United States has accelerated. But Europe's productivity growth … employment growth across countries and time. Our primary explanatory variables to explain both the revival of EU employment …

Persistent link: https://www.econbiz.de/10012772452

Euro-Productivity and Euro-Jobs Since the 1960s : Which Institutions Really Mattered?

Allard, Gayle J. - 2010

How have labor market institutions and welfare-state transfers affected jobs and productivity in Western Europe, relative to industrialized Pacific Rim countries? Orthodox criticisms of European government institutions are right in some cases and wrong in others. Protectionist labor-market...

Persistent link: https://www.econbiz.de/10012760709

Hysteresis and the European Unemployment Problem Revisited

Galí, Jordi - 2015

The unemployment rate in the euro area appears to contain a significant nonstationary component, suggesting that some shocks have permanent effects on that variable. I explore possible sources of this nonstationarity through the lens of a New Keynesian model with unemployment, and assess their...

Persistent link: https://www.econbiz.de/10013018300

Fiscal Increasing Returns, Hysteresis, Real Wages and Unemployment

Blanchard, Olivier J.; Summers, Lawrence H. - 2021

European unemployment is widely regarded as a problem of excessive real wages. This view as it is usually expressed carries the disturbing implication that there is a sharp conflict between the interests of those currently employed and the unemployed because it suggests that increases in...

Persistent link: https://www.econbiz.de/10013218438