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Search and Matching in Macroeconomics
Yashiv, Eran - C.E.P.R. Discussion Papers - 2006
This paper surveys the use of search and matching models in macroeconomics. It outlines the standard model, discusses its extensions, presents alternative formulations, considers the empirical evidence, and studies applications to macroeconomic questions such as business cycles, growth, and...
Persistent link: https://www.econbiz.de/10005792066
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Imperfect Competition and Macroeconomics: A Survey
Dixon, Huw David; Rankin, Neil - C.E.P.R. Discussion Papers - 1992
This survey outlines the general lessons of the recent literature on imperfectly competitive macroeconomies for the theory of monetary and fiscal policy. A general framework is presented which encompasses most of the existing literature. Although money is of itself neutral in these models, the...
Persistent link: https://www.econbiz.de/10005661642
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Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates
Adam, Klaus; Billi, Roberto M - C.E.P.R. Discussion Papers - 2003
optimal policy is to reduce the real rate by generating inflation expectations. This is achieved by committing to increase …’, i.e., average output and inflation turn out to be higher than their target values. Calibrating the model to the US … economy we find that the quantitative importance of the average effects on output and inflation are negligible. Moreover, the …
Persistent link: https://www.econbiz.de/10005661553
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Reference Dependence and Labor-Market Fluctuations
Eliaz, Kfir; Spiegler, Ran - C.E.P.R. Discussion Papers - 2012
We incorporate reference-dependent preferences into a search-and-matching model of the labor market, in which firms have all the bargaining power and productivity follows an AR(1) process. Motivated by Akerlof (1982) and Bewley (1999), we assume that existing workers are willing to exert unobserved,
Persistent link: https://www.econbiz.de/10011083374
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Changes in Consumption Behaviour: Italy in the Early 1990s
Grant, Charles; Miniaci, Raffaele; Weber, Guglielmo - C.E.P.R. Discussion Papers - 1998
This paper investigates the causes of the Italian consumption bust of the early 1990s by estimating deviations from 'normal' consumption using household level data for 1985-94. The data set used is a particularly rich, but as yet unexplored, source recently released by ISTAT. It contains...
Persistent link: https://www.econbiz.de/10005791410
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Heterogeneity in Wage Setting Behavior in a New-Keynesian Model
Eijffinger, Sylvester C W; Grajales, Anderson; Uras, … - C.E.P.R. Discussion Papers - 2015
heterogeneity in wage rigidity, such as the persistence in price and the wage inflation, which a standard New Keynesian model with …
Persistent link: https://www.econbiz.de/10011249376
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Optimal Monetary Policy with Endogenous Entry and Product Variety
Bilbiie, Florin Ovidiu; Fujiwara, Ippei; Ghironi, Fabio - C.E.P.R. Discussion Papers - 2011
the absence of entry. Specifically, a long-run positive (negative) rate of inflation is optimal when the benefit of … by the desired markup. Plausible preference specifications and parameter values justify a long-run inflation rate of two …
Persistent link: https://www.econbiz.de/10009293666
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Asset Market Participation, Monetary Policy Rules and the Great Inflation
Bilbiie, Florin Ovidiu; Straub, Roland - C.E.P.R. Discussion Papers - 2011
the Great Inflation and the Great Moderation. …
Persistent link: https://www.econbiz.de/10009293982
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US Post-war Monetary Policy: What Caused the Great Moderation?
Minford, Patrick; Ou, Zhirong - C.E.P.R. Discussion Papers - 2010
. Smaller Fed policy errors accounted for the fall in inflation volatility. Smaller supply shocks accounted for the fall in …
Persistent link: https://www.econbiz.de/10008692309
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Limitations on the Effectiveness of Forward Guidance at the Zero Lower Bound
Levin, Andrew; López-Salido, J David; Nelson, Edward; … - C.E.P.R. Discussion Papers - 2009
The recent literature on monetary policy in the presence of a zero lower bound on interest rates has shown that forward guidance regarding the path of interest rates can be very effective in preserving macroeconomic stability in the face of a contractionary demand shock; moreover, that...
Persistent link: https://www.econbiz.de/10008509467