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Monetary policy and unemployment
Galí, Jordi - Department of Economics and Business, Universitat … - 2009
Much recent research has focused on the development and analysis of extensions of the New Keynesian framework that model labor market frictions and unemployment explicitly. The present paper describes some of the essential ingredients and properties of those models, and their implications for...
Persistent link: https://www.econbiz.de/10008529181
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The vanishing procyclicality of labor productivity
Galí, Jordi; Rens, Thijs van - Department of Economics and Business, Universitat … - 2008
We document three changes in postwar US macroeconomic dynamics: (i) the procyclicality of labor productivity has vanished, (ii) the relative volatility of employment has risen, and (iii) the relative (and absolute) volatility of the real wage has risen. We propose an explanation for all three...
Persistent link: https://www.econbiz.de/10008548743
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Endogenous business cycles and stabilization policies
Aloi, Marta; Jacobsen, Hans Jorgen; Braga, Teresa Lloyd - Department of Economics and Business, Universitat … - 1998
The paper reports results on the effects of stylized stabilization policies on endogenously created fluctuations. A simple monetary model with intertemporally optimizing agents is considered. Fluctuations in output may occur due to fluctuations in labor supply which are again caused by volatile...
Persistent link: https://www.econbiz.de/10005772316
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Inequality over the business cycle: Estimating income risk using micro-data on consumption
Primiceri, Giorgio; Rens, Thijs van - Department of Economics and Business, Universitat … - 2002
linearized incomplete markets model, enriched to incorporate risk-sharing while maintaining tractability. Our estimates suggest … that taking risk sharing into account is important for the model fit; that the increase in inequality in the 1980s was … mainly permanent; and that inequality is driven almost entirely by idiosyncratic income risk. In addition we find no evidence …
Persistent link: https://www.econbiz.de/10005772245
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Structural unemployment
Herz, Benedikt; Rens, Thijs van - Department of Economics and Business, Universitat … - 2011
Structural unemployment is due to mismatch between available jobs and workers. We formalize this concept in a simple model of a segmented labor market with search frictions within segments. Worker mobility, job mobility and wage bargaining costs across segments generate structural unemployment....
Persistent link: https://www.econbiz.de/10009228781
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Macroprudential policy, countercyclical bank capital buffers and credit supply: Evidence from the Spanish dynamic provisioning experiments
Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - Department of Economics and Business, Universitat … - 2012
We analyze the impact of countercyclical capital buffers held by banks on the supply of credit to firms and their subsequent performance. Spain introduced dynamic provisioning unrelated to specific bank loan losses in 2000 and modified its formula parameters in 2005 and 2008. In each case,...
Persistent link: https://www.econbiz.de/10010632801
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Policy making in divided government. A pivotal actors model with party discipline
Colomer, Josep M. - Department of Economics and Business, Universitat … - 2005
This article presents a formal model of policy decision-making in an institutional framework of separation of powers in which the main actors are pivotal political parties with voting discipline. The basic model previously developed from pivotal politics theory for the analysis of the United...
Persistent link: https://www.econbiz.de/10005772022
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On optimal monetary and fiscal policy interactions in open economies
Forlati, Chiara - Department of Economics and Business, Universitat … - 2004
This paper studies monetary and fiscal policy interactions in a two country model, where taxes on firms’ sales are optimally chosen and the monetary policy is set cooperatively. It turns out that in a two country setting non-cooperative fiscal policy makers have an incentive to change taxes on...
Persistent link: https://www.econbiz.de/10005827453
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The wage effect of an indexation clause: Evidence from Spanish manufacturing firms
Jiménez-Martín, Sergi - Department of Economics and Business, Universitat … - 1993
An endogenous switching model of ex-ante wage changes under indexed and non-indexed settlements is estimated for the Spanish manufacturing sector using collective bargaining firm data for the 1984-1991 period. The likelihood of indexing the settlement is higher for nationwide unions than for...
Persistent link: https://www.econbiz.de/10005772472
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Understanding the effects of government spending on consumption
Galí, Jordi; López-Salido, J. David; Vallés, Javier - Department of Economics and Business, Universitat … - 2002
Recent evidence suggests that consumption rises in response to an increase in government spending. That finding cannot be easily reconciled with existing optimizing business cycle models. We extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers. We show how...
Persistent link: https://www.econbiz.de/10005827485