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Is the Natural Rate a Reference Point?
Karanassou, Marika; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1996
This paper explores the two common concepts of the natural rate of unemployment: (i) the stable, long-run equilibrium … rate of unemployment; and (ii) the equilibrium unemployment rate at which there is no tendency for this rate to change … towards which the equilibrium unemployment rate tends with the passage of time). Specifically, it is not a reference point in …
Persistent link: https://www.econbiz.de/10005136587
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An Incentive Theory of Matching
Brown, Alessio J G; Merkl, Christian; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2009
This paper presents a theory explaining the labor market matching process through microeconomic incentives. There are heterogeneous variations in the characteristics of workers and jobs, and firms face adjustment costs in responding to these variations. Matches and separations are described...
Persistent link: https://www.econbiz.de/10005000439
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Labour Adjustment and Gradual Reform: Is Commitment Important?
Karp, Larry; Paul, Thierry - C.E.P.R. Discussion Papers - 1995
liberalization. The dying sector is protected during the transition to a free market, in order to decrease the amount of unemployment …
Persistent link: https://www.econbiz.de/10005662164
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Strategic Complementarities in Multi-Stage Games
Vives, Xavier - C.E.P.R. Discussion Papers - 2006
We provide sufficient conditions in finite-horizon multi-stage games for the value function of each player, associated to extremal Markov perfect equilibria, to display strategic complementarities and for the contemporaneous equilibrium to be increasing in the state variables.
Persistent link: https://www.econbiz.de/10005666822
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Multinational Corporations, Wages and Employment: Do Adjustment Costs Matter?
Bruno, Giovanni; Falzoni, Anna M - C.E.P.R. Discussion Papers - 2000
This paper investigates the extent to which expansion of international production by US multinationals reduces labour demand at home and at other foreign locations in the presence of labour adjustment costs. The adjustment-cost model of the firm is applied to estimate short-run and long-run...
Persistent link: https://www.econbiz.de/10005788886
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Phasing in and Phasing Out Protectionism with Costly Adjustment of Labour
Karp, Larry; Paul, Thierry - C.E.P.R. Discussion Papers - 1993
We study the dynamics of optimal trade policy in a model with costly inter-sectoral adjustment of labour, where migrants pay less than the marginal social cost of migration. If workers have rational expectations, a future tariff has an announcement effect on the current migration decision. If...
Persistent link: https://www.econbiz.de/10005791493
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Public Investment and Endogenous Growth in a Small Open Economy
Alogoskoufis, George; Kalyvitis, Sarantis C - C.E.P.R. Discussion Papers - 1996
This paper examines the effects of three alternative rules for public investment on output growth in a model with private and public capital. The rules considered are: (i) a fixed ratio of public capital to output; (ii) a fixed growth rate for public capital; and (iii) a fixed ratio of public...
Persistent link: https://www.econbiz.de/10005791732
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Labour Adjustment: Disentangling Firing and Mobility Costs
Guiso, Luigi; Pistaferri, Luigi; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2006
This paper studies the costs of adjusting employment, distinguishing between firms' firing and workers' mobility costs. We construct a simple dynamic general equilibrium model of labour demand and supply and show that only the joint response of employment and wages to firm level shocks can...
Persistent link: https://www.econbiz.de/10005792087
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Non-Linear Equilibrium Corection in US Real Money Balances, 1869-1997
Peel, David; Sarno, Lucio; Taylor, Mark P - C.E.P.R. Discussion Papers - 2002
Several theoretical models of money demand imply non-linear functional forms for the aggregate demand for money characterized by smooth adjustment towards long-run equilibrium. In this Paper, we propose a non-linear equilibrium correction model of US money demand, which is shown to be stable...
Persistent link: https://www.econbiz.de/10005792480
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Factor Adjustments after Deregulation: Panel Evidence from Colombian Plants
Eslava, Marcela; Haltiwanger Jr, John C; Kugler, Adriana D. - C.E.P.R. Discussion Papers - 2005
In this paper, we analyse employment and capital adjustments using a panel of plants from Colombia. We allow for nonlinear adjustment of employment to reflect not only adjustment costs of labour but also adjustment costs of capital, and vice-versa. Using data from the Annual Manufacturing...
Persistent link: https://www.econbiz.de/10005124008