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Debt and Incomplete Financial Markets: A Case for Nominal GDP Targeting
Sheedy, Kevin D. - C.E.P.R. Discussion Papers - 2014
Financial markets are incomplete, thus for many households borrowing is possible only by accepting a financial contract that specifies a fixed repayment. However, the future income that will repay this debt is uncertain, so risk can be inefficiently distributed. This paper argues that a monetary...
Persistent link: https://www.econbiz.de/10011084046
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Animal Spirits, Persistent Unemployment and the Belief Function
Farmer, Roger E A - C.E.P.R. Discussion Papers - 2010
which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model …
Persistent link: https://www.econbiz.de/10008692320
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Monetary Policy Under Uncertainty in an Estimated Model with Labour Market Frictions
Sala, Luca; Söderström, Ulf; Trigari, Antonella - C.E.P.R. Discussion Papers - 2008
staggered nominal wage bargaining. We find that the estimated natural rate of unemployment is consistent with the NBER … description of the U.S. business cycle, and that the inflation/unemployment trade-off facing monetary policymakers is … unemployment gaps are more efficient than rules responding to output or unemployment growth rates, also in the presence of …
Persistent link: https://www.econbiz.de/10005792050
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Will EMU Increase Eurosclerosis?
Bentolila, Samuel; Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2000
those that affect the long-run unemployment rate. …
Persistent link: https://www.econbiz.de/10005124134
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Deep Habits and the Dynamic Effects of Monetary Policy Shocks
Ravn, Morten O; Schmitt-Grohé, Stephanie; Uribe, Martín; … - C.E.P.R. Discussion Papers - 2009
This paper introduces deep habits into a sticky-price sticky-wage economy and asks whether the countercyclical markup movements induced by deep habits is helpful for accounting for the dynamic effects of monetary policy shocks. We find that this is the case: When allowing for deep habits, the...
Persistent link: https://www.econbiz.de/10005791798
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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
In this paper we estimate a New-Keynesian DSGE model with heterogeneity in price and wage setting behavior. In a recent study, Coibion and Gorodnichenko (2011) develop a DSGE model, in which firms follow four different types of price setting schemes: sticky prices, sticky information, rule of...
Persistent link: https://www.econbiz.de/10011249376
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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
We develop a reciprocity-based model of wage determination and incorporate it into a modern dynamic general equilibrium framework. We estimate the model and find that, among potential determinants of wage policy, rent-sharing (between workers and firms) and a measure of wage entitlement are...
Persistent link: https://www.econbiz.de/10005136735
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Unemployment and Consumption: Are Job Losses Less Painful near the Mediterranean?
Bentolila, Samuel; Ichino, Andrea - C.E.P.R. Discussion Papers - 2000
In this paper we analyse the relationship between unemployment and consumption. We study this relationship with panel … empirical results indicate that an increase in the duration of unemployment spells of male household heads is associated with … Mediterranean, provide a fundamental source of insurance against unemployment in southern Europe. …
Persistent link: https://www.econbiz.de/10005791504
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Firm Leverage and Unemployment during the Great Recession
Giroud, Xavier; Mueller, Holger M - C.E.P.R. Discussion Papers - 2015
We argue that firms’ balance sheets were instrumental in the propagation of shocks during the Great Recession. Using establishment-level data, we show that firms that tightened their debt capacity in the run-up (“high-leverage firms”) exhibit a significantly larger decline in employment in...
Persistent link: https://www.econbiz.de/10011252614
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What Explains the German Labor Market Miracle in the Great Recession?
Burda, Michael C; Hunt, Jennifer - C.E.P.R. Discussion Papers - 2011
Germany experienced an even deeper fall in GDP in the Great Recession than the United States, with little employment loss. Employers’ reticence to hire in the preceding expansion, associated in part with a lack of confidence it would last, contributed to an employment shortfall equivalent to...
Persistent link: https://www.econbiz.de/10009246610