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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

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

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

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

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

Mitigating the Procyclicality of Basel II

Repullo, Rafael; Saurina, Jesús; Trucharte, Carlos - C.E.P.R. Discussion Papers - 2009

This paper compares alternative procedures to mitigate the procyclicality of the new risk-sensitive bank capital regulation (Basel II). We estimate a model of the probabilities of default (PDs) of Spanish firms during the period 1987-2008, and use the estimated PDs to compute the corresponding...

Persistent link: https://www.econbiz.de/10004973964

Do institutional changes affect business cycles? Evidence from Europe

Canova, Fabio; Ciccarelli, Matteo; Ortega, Eva - Department of Economics and Business, Universitat … - 2009

We study the effects that the Maastricht treaty, the creation of the ECB, and the Euro changeover had on the dynamics of European business cycles using a panel VAR and data from ten European countries - seven from the Euro area and three outside of it. There are changes in the features of...

Persistent link: https://www.econbiz.de/10004980304

Safety Traps

Benhima, Kenza; Massenot, Baptiste - C.E.P.R. Discussion Papers - 2013

Fear of risk provides a rationale for protracted economic downturns. We develop a real business cycle model where investors with decreasing relative risk aversion choose between a risky and a safe technology that exhibit decreasing returns. Because of a feedback effect from the interest rate to...

Persistent link: https://www.econbiz.de/10011083753

Do Institutions and Culture Matter for Business Cycles?

Altug, Sumru G.; Canova, Fabio - C.E.P.R. Discussion Papers - 2013

We examine the relationship between macroeconomic, institutional, and cultural indicators and cyclical fluctuations for European, Middle Eastern and North African Mediterranean countries. Mediterranean cycles are different from EU cycles: the duration of expansions is shorter; the amplitude and...

Persistent link: https://www.econbiz.de/10011084013

Do institutions and culture matter for business cycles?

Altug, Sumru; Canova, Fabio - Department of Economics and Business, Universitat … - 2012

We examine the relationship between institutions, culture and cyclical fluctuations for a sample of 45 European, Middle Eastern and North African countries. Better governance is associated with shorter and less severe contractions and milder expansions. Certain cultural traits, such as lack of...

Persistent link: https://www.econbiz.de/10010849590