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Restrepo-Echavarria, Paulina; Cheremukhin, Anton A.; … - Federal Reserve Bank of St. Louis - 2013

resides in between the random matching and the directed search outcomes. The equilibrium that emerges from this middle ground …We present a theory of targeted search, where people with a finite information processing capacity search for a match … is inefficient relative to the constrained Pareto allocation. Our theory encompasses the outcomes of the random matching …

Persistent link: https://www.econbiz.de/10010951612

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

A State-Level Analysis of the Great Moderation

Owyang, Michael T.; Piger, Jeremy; Wall, Howard J. - Society for Computational Economics - SCE; Federal … - 2006

A number of studies have documented a reduction in aggregate macroeconomic volatility beginning in the early 1980s. Using an empirical model of business cycles, we extend this line of research to state-level employment data, find significant heterogeneity in the timing and magnitude of the...

Persistent link: https://www.econbiz.de/10005342964

The Macroeconomic Effects of Non-Zero Trend Inflation

Amano, Robert; Ambler, Steve; Rebei, Nooman - Bank of Canada - 2006

The authors study the macroeconomic effects of non-zero trend inflation in a simple dynamic stochastic general-equilibrium model with sticky prices. They show that trend inflation leads to a substantial reduction in the stochastic means of output, consumption, and employment. It also leads to an...

Persistent link: https://www.econbiz.de/10005673258

Salaire réel, chocs technologiques et fluctuations économiques

Tremblay, Dominique - Bank of Canada - 2002

The author presents empirical evidence that he has obtained from an analysis of the response of different economic variables, including the real wage rate, to a technology shock. He replicates Galí’s (1999) bivariate model and compares dynamic impulse responses and conditional correlations...

Persistent link: https://www.econbiz.de/10005673345

Labor Market Participation, Unemployment and Monetary Policy

Campolmi, Alessia; Gnocchi, Stefano - Bank of Canada - 2014

We incorporate a participation decision in a standard New Keynesian model with matching frictions and show that …

Persistent link: https://www.econbiz.de/10010762042

Technology Shocks, Labour Mobility and Aggregate Fluctuations

Hauser, Daniela - Bank of Canada - 2014

We provide evidence regarding the dynamic behaviour of net labour flows across U.S. states in response to a positive technology shock. Technology shocks are identified as disturbances that increase relative state productivity in the long run for 226 state pairs, encompassing 80 per cent of...

Persistent link: https://www.econbiz.de/10010762050

Intertemporal Substitution in Macroeconomics: Evidence from a Two-Dimensional Labour Supply Model with Money

Dib, Ali; Phaneuf, Louis - Bank of Canada - 2005

The hypothesis of intertemporal substitution in labour supply has a history of empirical failure when confronted with aggregate time-series data. The authors show that a two-dimensional labour supply model, adapted to an environment with money as originally proposed by Lucas and Rapping (1969)...

Persistent link: https://www.econbiz.de/10005162401

Dynamic Employment and Hours Effects of Government Spending Shocks

Yuan, M.; Li, W. - Bank of Canada - 1999

equilibrium model with a matching mechanism between vacancies and unemployed workers. The model is estimated for the United States …

Persistent link: https://www.econbiz.de/10005536853

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