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Measuring the NAIRU: a complementary approach
De la Serve, M-E.; Lemoine, M. - Banque de France - 2011
assumption improves the fit of the inflation equation. Third, this assumption is necessary for getting an important reduction of …
Persistent link: https://www.econbiz.de/10009293540
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Incorporating Labour Market Frictions into an Optimising-Based Monetary Policy Model
Moyen, S.; Sahuc, J-G. - Banque de France - 2004
This paper examines the effects of introducing a non Walrasian labour market into the "New Neoclassical Synthesis'' framework. A dynamic stochastic general equilibrium model is formulated, solved, and calibrated in order to evaluate its ability to replicate the main features of the Euro area...
Persistent link: https://www.econbiz.de/10005056540
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Heterogeneity, Unemployment Benefits and Voluntary Labor Force Participation.
Devulder, A. - Banque de France - 2014
In this paper, I propose a new Keynesian DSGE model with labor market search and matching frictions which replicates the low volatility and the moderate procyclicality of the labor force participation rate, that are observed in the United States at business cycle frequency. That being so,it can...
Persistent link: https://www.econbiz.de/10010816009
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The Shimer puzzle(s) in a New Keynesian framework.
Pizzo, A. - Banque de France - 2014
In this paper I shed light on the issues of the (low) volatilities of labor market variables implied by the search and matching model and the (high) values of the correlations between these variables and labor productivity. On the one hand, Shimer (2005) claims that “Not only there is little...
Persistent link: https://www.econbiz.de/10010933106
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Financial Shocks and the Cyclical Behavior of Skilled and Unskilled Unemployment.
Lopez, J.I.; Moppett, V. Olivella - Banque de France - 2014
We study the effect of financial shocks in labor market dynamics. We build a model with two types of labor, two types of capital and both search and financial frictions. We find that financial shocks, modeled as exogenous disturbances to the borrowing constraint of firms, can generate realistic...
Persistent link: https://www.econbiz.de/10010815961
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Technology Shock and Employment: Do We Really Need DSGE Models with a Fall in Hours?
Dupaigne, M.; Fève, P.; Matheron, J. - Banque de France - 2005
The recent empirical literature that uses Structural Vector Autoregressions (SVAR) has shown that productivity shocks identified using long--run restrictions lead to a persistent and significant decline in hours worked. This evidence calls into question standard RBC models in which a positive...
Persistent link: https://www.econbiz.de/10005056535
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Land Collateral and Labor Market Dynamics in France.
Kaas, L.; Pintus, P. A.; Ray, S. - Banque de France - 2014
The value of land in the balance sheet of French firms correlates positively with their hiring and investment flows. To explore the relationship between these variables, we develop a macroeconomic model with firms that are subject to both credit and labor market frictions. The value of...
Persistent link: https://www.econbiz.de/10011106000
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Monetary Policy Inertia or Persistent Shocks?
Carrillo, J.; Fève, P.; Matheron, J. - Banque de France - 2006
In this paper, we propose a simple econometric framework to disentangle the respective roles of monetary policy inertia and persistent shocks in interest rate rules. The procedure exploits the cross-equation restrictions provided by a DSGE model which is confronted to a monetary SVAR. We show...
Persistent link: https://www.econbiz.de/10005082518
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Une estimation de la cible implicite d’inflation dans la zone euro
Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2009
unemployment rate has increased and economic activity has been sluggish. Changes in the implicit inflation target, viewed as low … frequency movements of inflation, might possibly explain these developments. To highlight this issue, the present study … estimates the dynamics of the implicit inflation target in the euro zone over the period 1970Q1-2004Q4. Based on a small …
Persistent link: https://www.econbiz.de/10008477171
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Chocs d’Offre et Optimalité de la Politique Monétaire dans la Zone Euro
Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2008
responses of output, inflation, labor share and the nominal interest rate to a supply shock as identified through a structural …
Persistent link: https://www.econbiz.de/10008528507