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Fujita, Shigeru; Ramey, Garey - EconWPA - 2005

the matching model with sunk costs, vacancies react sluggishly to shocks, leading to highly realistic dynamics. … both the vacancy- unemployment ratio and employment. We show that the standard version of the Mortensen-Pissarides matching … model fails to replicate this dynamic pattern due to the rapid responses of vacancies. We extend the model by introducing a …

Persistent link: https://www.econbiz.de/10005561342

Technology Shocks and UK Business Cycles

Khan, Hashmat; Tsoukalas, John - EconWPA - 2005

After a neutral technology shock, hours worked decline in a persistent manner in the UK. This response is robust to a variety of considerations in the recent literature: measures of labour input, level versus differenced hours in the VAR, small and large VARS, long- versus medium- run...

Persistent link: https://www.econbiz.de/10005126294

Do labour taxes (and their composition) affect wages in the short and in the long run?

Arpaia, Alfonso; Carone, Giuseppe - EconWPA - 2004

Measures aimed at reducing the tax burden on labour have been advocated to alleviate the EU unemployment problem. Most of the analyses document a relationship between the unemployment rate and the tax burden on labour. Hence, it is not possible to discern whether the effect on unemployment...

Persistent link: https://www.econbiz.de/10005412493

Job Flows, Worker Flows and Churning

Burgess, Simon; Lane, Julia; Stevens, David - EconWPA - 1996

We utilize a large establishment-level panel dataset to explore the links between gross job flows and gross worker flows. Our findings have relevance for models of job creation and job destruction, and labour reallocation. We find churning flows (the difference between worker and job flows at...

Persistent link: https://www.econbiz.de/10005125739

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

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

Heterogeneity and Aggregation in the Labor Market: Implications for Aggregate Preference Shifts

Chang, Yongsung; Kim, Sun-Bin - EconWPA - 2004

The cyclical behavior of hours worked, wages, and consumption does not conform with the prediction of the representative agent with standard preferences. The residual in the intra-temporal first-order condition for commodity consumption and leisure is often viewed as a failure of labor-market...

Persistent link: https://www.econbiz.de/10005076681

Keynesian Dynamics and the Wage Price Spiral. A Baseline Disequilibrium Approach

Asada, Toichiro; Chen, Pu; Chiarella, Carl; Flaschel, Peter - EconWPA - 2004

We reformulate and extend the standard AS-AD growth model of the Neoclassical Synthesis (Stage I) with its traditional microfoundations. The model still has an LM curve in the place of a Taylor interest rate rule, exhibits sticky wages as well as sticky prices, myopic perfect foresight of...

Persistent link: https://www.econbiz.de/10005076720

On the Employment Effect of Technology: Evidence from US Manufacturing for 1958-1996

Chang, Yongsung; Hong, Jay H. - EconWPA - 2003

Recently, Gali and others find that technological progress may be contractionary: a favorable technology shock reduces hours worked in the short run. We ask whether this observation is robust in disaggregate data. According to our VAR analysis of 458 four-digit U.S. manufacturing industries for...

Persistent link: https://www.econbiz.de/10005076740

Staggered prices and trend inflation: some nuisances

Ascari, Guido - EconWPA - 2004

Most of the papers in the sticky-price literature are based on a log- linearization around the zero inflation steady state, a simplifying but counterfactual assumption. This paper shows that when trend inflation is considered, both the long-run and the short-run properties of DGE models based on...

Persistent link: https://www.econbiz.de/10005076806

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