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Animal Spirits, Persistent Unemployment and the Belief Function
Farmer, Roger E A - C.E.P.R. Discussion Papers - 2010
This paper presents a theory of the monetary transmission mechanism in a monetary version of Farmer’s (2009) model in which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model; the optimizing IS curve and the policy rule. It...
Persistent link: https://www.econbiz.de/10008692320
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UK Phillips Curves and Monetary Policy
Haldane, Andrew; Quah, Danny - C.E.P.R. Discussion Papers - 1999
unemployment-inflation tradeoff might indicate not something to be exploited but instead only policy-makers' correctly …
Persistent link: https://www.econbiz.de/10005067633
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Worker Identity, Employment Fluctuations and Stabilization Policy
Lechthaler, Wolfgang; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2013
This paper provides a model of "social hysteresis," whereby long, deep recessions demotivate workers and thereby lead them to change their work ethic. In switching from a pro-work to an anti-work identity, their incentives to seek and retain work fall and consequently their employment chances...
Persistent link: https://www.econbiz.de/10011084645
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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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Monetary Institutions, Monopolistic Competition, Unionized Labour Markets And Economic Performance
Coricelli, Fabrizio; Cukierman, Alex; Dalmazzo, Alberto - C.E.P.R. Discussion Papers - 2000
perfect competition on product markets and that inflation is chosen directly by the monetary authority. Although these …, prices are set by firms and that the monetary authority affects the price level and inflation by determining the money supply … firms and that the monetary authority affects the price level and inflation indirectly through its choice of money supply …
Persistent link: https://www.econbiz.de/10005124489
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The Business Cycle Implications of Reciprocity in Labour Relations
Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2007
firms) and a measure of wage entitlement are critical to fit the dynamic responses of hours, wages and inflation to various … significant fall of inflation and nominal wage growth in response to a neutral technology shock. …
Persistent link: https://www.econbiz.de/10005136735
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Economic Performance and Stabilization Policy in a Monetary Union with Imperfect Labour and Goods Markets
Coricelli, Fabrizio; Cukierman, Alex; Dalmazzo, Alberto - C.E.P.R. Discussion Papers - 2001
markets, and central bank conservativeness. Economic performance is characterized by unemployment, inflation, real wages and …
Persistent link: https://www.econbiz.de/10005504756
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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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Exchange Rate Pass-Through to Consumer Prices in South Africa: Evidence from Micro-Data
Aron, Janine; Creamer, Kenneth; Muellbauer, John; … - C.E.P.R. Discussion Papers - 2013
A sizeable literature examines exchange rate pass-through to disaggregated import prices but very few micro-studies focus on consumer prices. This paper explores exchange rate pass-through to consumer prices in South Africa during 2002-2007, using a unique data set of highly disaggregated data...
Persistent link: https://www.econbiz.de/10011084277
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Do Monetary Handcuffs Restrain Leviathan? Fiscal Policy in Extreme Exchange Rate Regimes
Fatás, Antonio; Rose, Andrew K - C.E.P.R. Discussion Papers - 2001
This Paper is an empirical study of fiscal policy in countries with extreme monetary regimes. We study members of multilateral currency unions, dollarized countries that officially use the money of another country, and countries using currency boards. We find that belonging to an international...
Persistent link: https://www.econbiz.de/10005791738