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Has the EMU Reduced Wage Growth and Unemployment? Testing a Model of Trade Union Behaviour
Mikosch, Heiner; Sturm, Jan-Egbert - CESifo - 2011
(EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner’s model, monetary … national business cycles which, in turn, leads to higher unemployment risk. In order to counter-balance this effect, trade … unions lower their claims for wage mark-ups resulting in lower wage growth and lower unemployment. This paper uses …
Persistent link: https://www.econbiz.de/10009020101
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Hyperbolic Discounting and Positive Optimal Inflation
Graham, Liam; Snower, Dennis - CESifo - 2011
The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...
Persistent link: https://www.econbiz.de/10009024848
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Does Immigration Affect the Phillips Curve? Some Evidence for Spain
Bentolila, Samuel; Dolado, Juan Jose; Jimeno, Juan F. - CESifo - 2007
The Phillips curve has flattened in Spain over 1995-2006: unemployment has fallen by 15 percentage points, with roughly …’ labor supply or bargaining power differ. Estimation of the curve for Spain indicates that the fall in unemployment since …
Persistent link: https://www.econbiz.de/10005765714
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The Inflationary Impact of Wage Indexation
Heinemann, Frank - CESifo - 2003
It is an open question whether and how indexed wage contracts reduce welfare or raise average inflation. This paper analyzes the impact of indexed wage contracts on inflation and social welfare in a Barro–Gordon model with discretionary monetary policy by endogenizing social costs of...
Persistent link: https://www.econbiz.de/10005181264
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The New Keynesian Phillips Curve and the Role of Expectations: Evidence from the Ifo World Economic Survey
Henzel, Steffen; Wollmershäuser, Timo - CESifo - 2006
We provide evidence on the fit of the hybrid New Keynesian Phillips curve for selected euro zone countries, the US and the UK. Instead of imposing rational expectations and estimating the Phillips curve by the Generalized Method of Moments, we follow Roberts (1997) and Adam and Padula (2003) and...
Persistent link: https://www.econbiz.de/10005181411
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Wage Indexation and the Monetary Policy Regime
Schryder, Selien De; Peersman, Gert; Wauters, Joris - CESifo - 2014
We estimate a New Keynesian wage Phillips curve for a panel of 24 OECD countries, and allow the degree of wage indexation to past inflation to vary according to the monetary policy regime. We find that the extent of wage indexation is significantly lower in an inflation targeting regime, in...
Persistent link: https://www.econbiz.de/10011096353
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Savers, Spenders and Fiscal Policy in a Small Open Economy
Matsen, Egil; Sveen, Tommy; Torvik, Ragnar - CESifo - 2005
This paper analyzes the effects of fiscal policy in an open economy. We extend the savers-spenders theory of Mankiw …
Persistent link: https://www.econbiz.de/10005766098
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Product Market Integration and Income Taxation: Distortions and Gains from Trade
Andersen, Torben; Sörensen, Allan - CESifo - 2007
It is widely perceived that globalization is a threat to tax financed public sector activities. The argument is that public activities (public consumption and transfers) financed by income taxes may distort labour markets and cause higher wages and thus a loss of competitiveness. If the...
Persistent link: https://www.econbiz.de/10005766145
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Wide vs. Narrow Tax Bases under Optimal Investment Timing
Panteghini, Paolo - CESifo - 2004
This article compares an ACE system with a CBIT system in an open economy. Using a real-option approach we show that, if a firm can decide when to invest, a tradeoff is found. According to traditional wisdom, a high-income firm investing in an ACE system faces a heavier tax burden at each...
Persistent link: https://www.econbiz.de/10005766251
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Profits, Markups and Entry: Fiscal Policy in an Open Economy
Coto-Martínez, Javier; Dixon, Huw D. - CESifo - 2001
In this paper we develop a general model of an imperfectly competitive small open economy. There is a traded and non-traded sector, whose outputs are combined in order to produce a single final good that can be either consumed or invested. We make general assumptions about preferences and...
Persistent link: https://www.econbiz.de/10005094394