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On-the-job Search and Cyclical Unemployment: Crowding Out vs. Vacancy Effects

Martin, Daniel; Pierrard, Olivier - Central Bank of Luxembourg - 2011

cyclical volatility of unemployment and vacancies. The increased search of employed workers during expansions has two effects …We incorporate on-the-job search (OTJS) into a real business cycle model in order to study whether OTJS increases the … on the unemployed: it induces firms to openmore vacancies, but employedworkers also crowd out unemployed workers in the …

Persistent link: https://www.econbiz.de/10009324230

Aging and Pensions in General Equilibrium: Labor Market Imperfections Matter

Croix, David de la; Pierrard, Olivier; Sneessens, Henri R. - Central Bank of Luxembourg - 2011

, because lower capital costs stimulate labor demand and induce firms to advertize more vacancies. These effects may be …

Persistent link: https://www.econbiz.de/10009283379

LOLA 1.0: Luxembourg overLapping generation model for policy analysis

Pierrard, Olivier; Sneessens, Henri R. - Central Bank of Luxembourg - 2009

We build on the DSGE literature to propose an overlapping generation model for Luxembourg. By way of illustration, the model is then used to study the consequences of the ageing of the population and the potential effects of alternative macroeconomic policies.

Persistent link: https://www.econbiz.de/10009276981

Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation

Walque, Gregory de; Pierrard, Olivier; Sneessens, Henri; … - Central Bank of Luxembourg - 2008

We build a model with frictional unemployment and staggered wage bargaining and we assume that hours worked are negotiated every period. We analyze the role of workers? bargaining power in the hours negotiation on unemployment volatility and inflation persistence. The closer to zero is this...

Persistent link: https://www.econbiz.de/10009276972

La sensibilité de l'activité bancaire aux chocs macroéconomiques : une analyse en panel sur des données de banques luxembourgeoises

Rouabah, Abdelaziz - Central Bank of Luxembourg - 2006

Cette étude examine la problématique de la sensibilité des soldes intermédiaires du compte de perte et profits des banques luxembourgeoises aux chocs monétaires, financiers et macro-économiques. L'analyse est conduite sur des données en panel et à fréquence trimestrielle couvrant la...

Persistent link: https://www.econbiz.de/10009276985

Un modèle « PAC » d'analyse et de prévision des dépense des ménages américains

Gosselin, Marc-André; Lalonde, René - Bank of Canada - 2003

Traditional structural models cannot distinguish whether changes in activity are a function of altered expectations today or lagged responses to past plans. Polynomial-adjustment-cost (PAC) models remove this ambiguity by explicitly separating observed dynamic behaviour into movements that have...

Persistent link: https://www.econbiz.de/10005808324

Une approche éclectique d'estimation du PIB potentiel pour le Royaume-Uni

St-Arnaud, Charles - Bank of Canada - 2004

The author describes results obtained by using a new methodology to estimate potential output for the United Kingdom. The estimation method, which follows Rennison (2003) and Gosselin and Lalonde (2002), shows that combining the use of a Hodrick-Prescott filter and a structural vector...

Persistent link: https://www.econbiz.de/10005536879