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Evaluating the Performance of the Search and Matching Model
Yashiv, Eran - C.E.P.R. Discussion Papers - 2005
specifications of the data on many dimensions, though not on all. This includes capturing the high persistence and high volatility of … most of the key variables, the negative co-variation of unemployment and vacancies, and the behaviour of the worker job … finding rate. A key role in this fit is played by the convexity of hiring costs and the stochastic properties of the …
Persistent link: https://www.econbiz.de/10005124215
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Factor adjustment costs: A structural investigation
Mumtaz, Haroon; Zanetti, Francesco - In: Journal of Economic Dynamics and Control 51 (2015) C, pp. 341-355
This paper assesses various capital and labor adjustment costs functions estimating a general equilibrium framework with Bayesian methods using US aggregate data. The estimation finds that the adjustment costs are convex in both capital and labor and allowing for their joint interaction is...
Persistent link: https://www.econbiz.de/10011190675
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Sclerosis and large volatilities: Two sides of the same coin
Gartner, Hermann; Merkl, Christian; Rothe, Thomas - In: Economics Letters 117 (2012) 1, pp. 106-109
large volatilities are two sides of the same coin. Both may be driven by large hiring costs and low quit rates. …
Persistent link: https://www.econbiz.de/10010580537
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Self-employment and business cycle persistence: Does the composition of employment matter for economic recoveries?
Finkelstein Shapiro, Alan - In: Journal of Economic Dynamics and Control 46 (2014) C, pp. 200-218
Self-employment comprises an important share of employment in many countries, and tends to expand during downturns through higher inflows from unemployment. Furthermore, countries with higher self-employment shares exhibit lower cyclical output persistence. I build a business cycle model with...
Persistent link: https://www.econbiz.de/10010906771
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Factor Demand Linkages, Technology Shocks, and the Business Cycle
Holly, Sean; Petrella, Ivan - In: The Review of Economics and Statistics 94 (2012) 4, pp. 948-963
This paper argues that factor demand linkages can be important for the transmission of both sectoral and aggregate shocks. We show this using a panel of highly disaggregated manufacturing sectors together with sectoral structural VARs. When sectoral interactions are explicitly accounted for, a...
Persistent link: https://www.econbiz.de/10011009947
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Labor Market Cycles, Unemployment Insurance Eligibility, and Moral Hazard
Faig, Miquel; Zhang, Min - In: Review of Economic Dynamics 15 (2012) 1, pp. 41-56
If entitlement to UI benefits must be earned with employment, generous UI is an additional benefit to working, so, by itself, it promotes job creation. If individuals are risk neutral, then there is a UI contribution scheme that eliminates any effect of UI on employment decisions. As with...
Persistent link: https://www.econbiz.de/10009293001
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Inefficient employment decisions, entry costs, and the cost of fluctuations
Den Haan, Wouter; Sedlacek, Petr - C.E.P.R. Discussion Papers - 2009
Fluctuations in firms' revenues reduce firms' viability and are costly from a social welfare point of view even when agents are risk neutral if (i) the decision to continue operating a firm is not efficient at the margin so that fluctuations shorten firms' life expectancy (because they increase...
Persistent link: https://www.econbiz.de/10008528536
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Delivering Endogenous Inertia in Prices and Output
Johri, Alok - In: Review of Economic Dynamics 12 (2009) 4, pp. 736-754
This paper presents a DGE model in which aggregate price level inertia is generated endogenously by the optimizing behaviour of price-setting firms. All the usual sources of inertia are absent here ie., all firms are simultaneously free to change their price once every period and face no...
Persistent link: https://www.econbiz.de/10004985615
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Trend Breaks, Long-Run Restrictions and the Contractionary Effects of Technology Improvements
Fernald, John - C.E.P.R. Discussion Papers - 2006
Structural vector-autoregressions with long-run restrictions are extraordinarily sensitive to low-frequency correlations. This paper explores this sensitivity analytically and via simulations, focusing on the contentious issue of whether hours worked rise or fall when technology improves. Recent...
Persistent link: https://www.econbiz.de/10005067465
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Fair Wages in a New Keynesian Model of the Business Cycle
Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2002
We build a New Keynesian model of the business cycle with sticky prices and real wage rigidities motivated by efficiency wages of the gift exchange variety. Compared to a standard sticky price model, our Fair Wage model provides an explanation for structural employment and generates more...
Persistent link: https://www.econbiz.de/10005067494