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Jobs and Unemployment in Macroeconomic Theory: A Turbulence Laboratory
Ljungqvist, Lars; Sargent, Thomas J - C.E.P.R. Discussion Papers - 2005
who suffer involuntary layoffs. Matching and search-island models have labour market frictions and incomplete markets. The …
Persistent link: https://www.econbiz.de/10005123618
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Revisiting the Case for a Populist Central Banker
Lippi, Francesco - C.E.P.R. Discussion Papers - 1999
It has been argued that the inflationary bias of discretionary monetary policy can be eliminated, and welfare maximized, by the appointment of a central banker who does not care at all about inflation (a 'populist central banker'). We show that this result hinges crucially on the assumption that...
Persistent link: https://www.econbiz.de/10005662413
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A Contribution to Unemployment Dynamics
Karanassou, Marika; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1995
This paper views movements in unemployment as the result of the interaction between: (a) lags in labour market decisions; and (b) labour market shocks with temporary and permanent components. Two features of unemployment dynamics are examined: (i) `unemployment persistence', arising when...
Persistent link: https://www.econbiz.de/10005791454
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Rhineland Exit?
Bovenberg, A Lans; Teulings, Coen N - C.E.P.R. Discussion Papers - 2008
We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle about the ultimate goal of the company....
Persistent link: https://www.econbiz.de/10005791558
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Credit within the Firm
Guiso, Luigi; Pistaferri, Luigi; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2010
We exploit time variation in the degree of development of local credit markets and matched employer-employee data to assess the role of the firm as an internal credit market. In less developed local credit markets firms can offer a flatter wage-tenure profile than firms in more developed credit...
Persistent link: https://www.econbiz.de/10008468516
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How Labour Market Flexibility Affects Unemployment: Long-Term Implications of the Chain Reaction Theory
Karanassou, Marika; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1998
This paper evaluates two theories of unemployment: the natural rate theory (whereby unemployment is depicted as … fluctuating around a reasonably stable natural rate) and the chain reaction theory (which views movements in unemployment as the … variables, the lagged responses are never able to work themselves out entirely. In this respect, the chain reaction theory …
Persistent link: https://www.econbiz.de/10005504680
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A Quarterly Model of the Labour Market in Interwar Britain
Hatton, Timothy J. - C.E.P.R. Discussion Papers - 1987
The paper analyses the determinants of interwar unemployment using a previously unexploited quarterly data set for 1924-39. Individual equations for insured employment, insured unemployment and the nominal wage rate are estimated and tested. The results indicate that the real wage was an...
Persistent link: https://www.econbiz.de/10005656339
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Does Extending Unemployment Benefits Improve Job Quality?
Nekoei, Arash; Weber, Andrea - C.E.P.R. Discussion Papers - 2015
Contrary to standard search model predictions, prior studies failed to estimate a positive effect of unemployment insurance (UI) on reemployment wages. This paper estimates a positive UI wage effect exploiting an age-based regression discontinuity in Austrian administrative data. A search model...
Persistent link: https://www.econbiz.de/10011272710
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The Fall in Consumption from Being Unemployed in Spain and Portugal
Castillo, Sonsoles; Dolado, Juan J.; Jimeno, Juan F - C.E.P.R. Discussion Papers - 1998
In Portugal real wage flexibility, at the macroeconomic level, is noticeably higher, while unemployment duration is lower, when compared to Spain. This suggests that the hardship of being unemployed is higher in Portugal. Unemployment benefits and family insurance, which are the main buffer...
Persistent link: https://www.econbiz.de/10005662198
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Good Jobs versus Bad Jobs: Theory and Some Evidence
Acemoglu, Daron - C.E.P.R. Discussion Papers - 1997
This paper offers a model of the interaction between composition of jobs and labour market regulation. Ex-post rent-sharing due to search frictions implies that ‘good’ jobs which have higher creation costs must pay higher wages. This wage differential distorts the composition of jobs, and in...
Persistent link: https://www.econbiz.de/10005662323