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Stabilization versus insurance: welfare effects of procyclical taxation under incomplete markets
Costain, James S.; Reiter, Michael - Barcelona Graduate School of Economics (Barcelona GSE) - 2004
We construct and calibrate a general equilibrium business cycle model with unemployment and precautionary saving. We compute the cost of business cycles and locate the optimum in a set of simple cyclical fiscal policies. Our economy exhibits productivity shocks, giving firms an incentive to hire...
Persistent link: https://www.econbiz.de/10010547417
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Product Market Deregulation and the U.S. Employment Miracle
Ebell, Monique; Haefke, Christian - Barcelona Graduate School of Economics (Barcelona GSE) - 2002
theoretical contribution is combining a job matching model with monopolistic competition in the goods market and individual wage …
Persistent link: https://www.econbiz.de/10010547114
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Labor Market Heterogeneity and the Aggregate Matching Function
Barnichon, Regis; Figura, Andrew - Barcelona Graduate School of Economics (Barcelona GSE) - 2013
The matching function - a key building block in models of labor market frictions - implies that the job finding rate … depends only on labor market tightness. We estimate such a matching function and …find that the relation, although remarkably … by the standard matching function, but that a generalized matching function that explicitly takes into account worker …
Persistent link: https://www.econbiz.de/10010851472
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Business Cycles, Unemployment Insurance and the Calibration of Matching Models
Costain, James; Reiter, Michael - Barcelona Graduate School of Economics (Barcelona GSE) - 2005
This paper points out an empirical puzzle that arises when an RBC economy with a job matching function is used to model … response of unemployment to labor market policies, but it cannot do both. Variable search and separation, finite UI benefit …
Persistent link: https://www.econbiz.de/10010851487
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Housework and Fiscal Expansions
Gnocchi, Stefano; Hauser, Daniela; Pappa, Evi - Bank of Canada - 2014
We build an otherwise-standard business cycle model with housework, calibrated consistently with data on time use, in order to discipline consumption-hours complementarity and relate its strength to the size of fiscal multipliers. We show that if substitutability between home and market goods is...
Persistent link: https://www.econbiz.de/10010885042
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Changing Labour Market Participation Since the Great Recession: A Regional Perspective
Cheung, Calista; Granovsky, Dmitry; Velasco, Gabriella - Bank of Canada - 2015
This paper discusses broad trends in labour force participation and part-time employment across different age groups since the Great Recession and uses provincial data to identify changes related to population aging, cyclical effects and other factors. The main population age groups examined are...
Persistent link: https://www.econbiz.de/10011253081
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The Return of the Wage Phillips Curve
Galí, Jordi - Barcelona Graduate School of Economics (Barcelona GSE) - 2010
The standard New Keynesian model with staggered wage setting is shown to imply a simple dynamic relation between wage inflation and unemployment. Under some assumptions, that relation takes a form similar to that found in empirical wage equationsstarting from Phillips(1958) original workand may...
Persistent link: https://www.econbiz.de/10010547258
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Endogenous Labor Market Participation and the Business Cycle
Reiter, Michael; Haefke, Christian - Barcelona Graduate School of Economics (Barcelona GSE) - 2006
simple, tractable job market matching model, show analytically how variations in the participation rate are driven by the …
Persistent link: https://www.econbiz.de/10010547343
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Skill-Biased Technological Change and the Business Cycle
Balleer, Almut; Rens, Thijs van - Barcelona Graduate School of Economics (Barcelona GSE) - 2011
Over the past two decades, technological progress in the United States has been biased towards skilled labor. What does this imply for business cycles? We construct a quarterly skill premium from the CPS and use it to identify skill-biased technology shocks in a VAR with long-run restrictions....
Persistent link: https://www.econbiz.de/10010547348
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How Important is the Intensive Margin of Labor Adjustment?
Rens, Thijs van - Barcelona Graduate School of Economics (Barcelona GSE) - 2011
Using new quarterly data for hours worked in OECD countries, Ohanian and Raffo (2011) argue that in many OECD countries, particularly in Europe, hours per worker are quantitatively important as an intensive margin of labor adjustment, possibly because labor market frictions are higher than in...
Persistent link: https://www.econbiz.de/10010547432