Narrow search
Showing 1 - 10 of 96
Cover Image
Stabilization versus insurance: welfare effects of procyclical taxation under incomplete markets
Costain, James S.; Reiter, Michael - Barcelona Graduate School of Economics (Barcelona GSE) - 2004
We construct and calibrate a general equilibrium business cycle model with unemployment and precautionary saving. We compute the cost of business cycles and locate the optimum in a set of simple cyclical fiscal policies. Our economy exhibits productivity shocks, giving firms an incentive to hire...
Persistent link: https://www.econbiz.de/10010547417
Cover Image
Product Market Deregulation and the U.S. Employment Miracle
Ebell, Monique; Haefke, Christian - Barcelona Graduate School of Economics (Barcelona GSE) - 2002
theoretical contribution is combining a job matching model with monopolistic competition in the goods market and individual wage …
Persistent link: https://www.econbiz.de/10010547114
Cover Image
The Vanishing Procyclicality of Labor Productivity
Galí, Jordi; Rens, Thijs van - Barcelona Graduate School of Economics (Barcelona GSE) - 2014
We document three changes in postwar US macroeconomic dynamics: (i) the procyclicality of labor productivity vanished, (ii) the relative volatility of employment rose, and (iii) the relative (and absolute) volatility of the real wage rose. We propose an explanation for all three changes that is...
Persistent link: https://www.econbiz.de/10010737376
Cover Image
Labor Market Heterogeneity and the Aggregate Matching Function
Barnichon, Regis; Figura, Andrew - Barcelona Graduate School of Economics (Barcelona GSE) - 2013
The matching function - a key building block in models of labor market frictions - implies that the job finding rate … depends only on labor market tightness. We estimate such a matching function and …find that the relation, although remarkably … by the standard matching function, but that a generalized matching function that explicitly takes into account worker …
Persistent link: https://www.econbiz.de/10010851472
Cover Image
Business Cycles, Unemployment Insurance and the Calibration of Matching Models
Costain, James; Reiter, Michael - Barcelona Graduate School of Economics (Barcelona GSE) - 2005
This paper points out an empirical puzzle that arises when an RBC economy with a job matching function is used to model … response of unemployment to labor market policies, but it cannot do both. Variable search and separation, finite UI benefit …
Persistent link: https://www.econbiz.de/10010851487
Cover Image
The Return of the Wage Phillips Curve
Galí, Jordi - Barcelona Graduate School of Economics (Barcelona GSE) - 2010
The standard New Keynesian model with staggered wage setting is shown to imply a simple dynamic relation between wage inflation and unemployment. Under some assumptions, that relation takes a form similar to that found in empirical wage equationsstarting from Phillips(1958) original workand may...
Persistent link: https://www.econbiz.de/10010547258
Cover Image
Endogenous Labor Market Participation and the Business Cycle
Reiter, Michael; Haefke, Christian - Barcelona Graduate School of Economics (Barcelona GSE) - 2006
simple, tractable job market matching model, show analytically how variations in the participation rate are driven by the …
Persistent link: https://www.econbiz.de/10010547343
Cover Image
Skill-Biased Technological Change and the Business Cycle
Balleer, Almut; Rens, Thijs van - Barcelona Graduate School of Economics (Barcelona GSE) - 2011
Over the past two decades, technological progress in the United States has been biased towards skilled labor. What does this imply for business cycles? We construct a quarterly skill premium from the CPS and use it to identify skill-biased technology shocks in a VAR with long-run restrictions....
Persistent link: https://www.econbiz.de/10010547348
Cover Image
How Important is the Intensive Margin of Labor Adjustment?
Rens, Thijs van - Barcelona Graduate School of Economics (Barcelona GSE) - 2011
Using new quarterly data for hours worked in OECD countries, Ohanian and Raffo (2011) argue that in many OECD countries, particularly in Europe, hours per worker are quantitatively important as an intensive margin of labor adjustment, possibly because labor market frictions are higher than in...
Persistent link: https://www.econbiz.de/10010547432
Cover Image
Unemployment in an Estimated New Keynesian Model
Galí, Jordi; Smets, Frank; Wouters, Rafael - Barcelona Graduate School of Economics (Barcelona GSE) - 2011
We develop a reformulated version of the Smets-Wouters (2007) framework that embeds the theory of unemployment proposed in Gal (2011a,b). We estimate the resulting model using postwar U.S. data, while treating the unemployment rate as an additional observable variable. Our approach overcomes the...
Persistent link: https://www.econbiz.de/10010547531