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Real effects of price stability with endogenous nominal indexation
Meh, Césaire Assah; Quadrini, Vincenzo; Terajima, Yaz - 2009
economies with higher price-level uncertainty are less vulnerable to a price shock of a given magnitude, that is, aggregate …
Persistent link: https://www.econbiz.de/10003852858
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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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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
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Dynamic Employment and Hours Effects of Government Spending Shocks
Yuan, M.; Li, W. - Bank of Canada - 1999
In this paper, we analyze the dynamic behaviour of employment and hours worked per worker in a stochastic general equilibrium model with a matching mechanism between vacancies and unemployed workers. The model is estimated for the United States using the Generalized Methods of Moments (GMM)...
Persistent link: https://www.econbiz.de/10005536853
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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 treating the labor force as constant leads to incorrect evaluation of alternative policies. We also show that the presence of a participation margin mitigates the Shimer critique.
Persistent link: https://www.econbiz.de/10010762042
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Technology Shocks, Labour Mobility and Aggregate Fluctuations
Hauser, Daniela - Bank of Canada - 2014
technology shock. Technology shocks are identified as disturbances that increase relative state productivity in the long run for … heterogeneous responses of both employment and net labour flows across states, conditional on a positive technology shock. We build … net labour flows across states following a technology shock. …
Persistent link: https://www.econbiz.de/10010762050
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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
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Salaire réel, chocs technologiques et fluctuations économiques
Tremblay, Dominique - Bank of Canada - 2002
variables, including the real wage rate, to a technology shock. He replicates Galí’s (1999) bivariate model and compares dynamic … real wage in response to a technology shock. Therefore, real-business-cycle models cannot be rejected based on their …
Persistent link: https://www.econbiz.de/10005673345
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A financial conditions index for the United States
Beaton, Kimberly; Lalonde, René; Luu, Corinne - 2009
The financial crisis of 200709 has highlighted the importance of developments in financial conditions for real economic activity. The authors estimate the effect of current and past shocks to financial variables on U.S. GDP growth by constructing two growthbased financial conditions indexes...
Persistent link: https://www.econbiz.de/10003933229