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Real Price and Wage Rigidities in a Model with Matching Frictions
Kuester, Keith - Society for Economic Dynamics - SED - 2006
I reconcile macro- and micro-evidence on price-setting in a search and matching framework. Negotiation of wages …
Persistent link: https://www.econbiz.de/10005051218
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Measuring unemployment composition over the cycle
Barbarino, Alessandro; Pavan, Ronni - Society for Economic Dynamics - SED - 2006
This paper proposes a strategy to measure, in a unified setting, how the job finding probability and the job separation probability conditional on observable and unobservable individual characteristics varies over the business cycle. Recent papers by Shimer and Hall point out how new...
Persistent link: https://www.econbiz.de/10005069220
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Payroll Taxes, Social Insurance and Business Cycles
Burda, Michael C; Weder, Mark - C.E.P.R. Discussion Papers - 2010
frictions and unemployment insurance, when the latter is only imperfectly related to search effort. A balanced social insurance … volatility and persistence of vacancies and unemployment. …
Persistent link: https://www.econbiz.de/10008611008
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Structural and Cyclical Forces in the Labor Market During the Great Recession: Cross-Country Evidence
Sala, Luca; Söderström, Ulf; Trigari, Antonella - C.E.P.R. Discussion Papers - 2012
We use an estimated monetary business cycle model with search and matching frictions in the labor market and nominal … movements in GDP, unemployment, vacancies, and wages in the period from 2007 until 2011. We show that contractionary financial … factors and reduced efficiency in labor market matching were largely responsible for the experience in the U.S. Financial …
Persistent link: https://www.econbiz.de/10011083316
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The Output Gap, the Labor Wedge, and the Dynamic Behavior of Hours
Sala, Luca; Söderström, Ulf; Trigari, Antonella - C.E.P.R. Discussion Papers - 2010
We use a standard quantitative business cycle model with nominal price and wage rigidities to estimate two measures of economic inefficiency in recent U.S. data: the output gap---the gap between the actual and efficient levels of output---and the labor wedge---the wedge between households'...
Persistent link: https://www.econbiz.de/10008642884
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Exploitability as a Specification Test of the Phillips Curve
Minford, Patrick; Peel, David - C.E.P.R. Discussion Papers - 2002
Nominal price and wage rigidity renders monetary policy effective over output. However, this effectiveness extends, under widely used overlapping-wage and Calvo-contract Phillips Curves, to planned monetary policy (‘exploitability’) and not merely to policy surprises. We argue that within...
Persistent link: https://www.econbiz.de/10005662276
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Inflation Dynamics with Search Frictions: A Structural Econometric Analysis
Krause, Michael; López-Salido, J David; Lubik, Thomas - C.E.P.R. Discussion Papers - 2008
the role of real marginal cost components implied by search frictions in the labour market. We construct a measure of real … the full New Keynesian model with search frictions helps us disentangle which shocks are driving the economy to generate …
Persistent link: https://www.econbiz.de/10005792530
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Unemployment in an estimated new Keynesian model
Galí, Jordi; Smets, Frank; Wouters, Rafael - Department of Economics and Business, Universitat … - 2011
We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (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 lack of...
Persistent link: https://www.econbiz.de/10008926996
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Unemployment in an Estimated New Keynesian Model
Galí, Jordi; Smets, Frank; Wouters, Rafael - C.E.P.R. Discussion Papers - 2011
We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (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 lack of...
Persistent link: https://www.econbiz.de/10009024487
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Organizational capital and employment fluctuations
Rens, Thijs van - Department of Economics and Business, Universitat … - 2004
margin of labor adjustment, in combination with adjustment costs along the extensive margin (search frictions, firing costs …
Persistent link: https://www.econbiz.de/10005707967