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The Measurement of Persistence and Hysteresis in Aggregate Unemployment.

Mikhail, Ossama; Eberwein, Curtis J.; Handa, Jagdish - EconWPA - 2003

unemployment persistence. …

Persistent link: https://www.econbiz.de/10005126077

New Trade Theory Takes Over Monetary Theory

Gani, M - EconWPA - 2004

Prevailing trade theory is a neglected stepchild of economics. Micro rejects the sole reason for trade’s occurrence. It declares zero profit in equilibrium. Monetary theory and macroeconomics dismiss concerns of trade financing. They assert that money has nothing to do with traded output, but...

Persistent link: https://www.econbiz.de/10005408069

Exit Lucas, Reenter Keynes

Gani, Mohammad - EconWPA - 2004

Keynes (1936) said that shortage of money caused by hoarding or failure to invest led to unemployment, but Lucas (1972 …) said that money does not affect unemployment. The tables have now turned. Gani (2003) produced a model of indirect trade in … which money is necessary as a means of payment. Involuntary unemployment occurs under indirect exchange, just when the …

Persistent link: https://www.econbiz.de/10005561133

Sticky prices, fair wages, and the co-movements of unemployment and labor productivity growth

Tripier, Fabien - EconWPA - 2005

This paper studies the co-movements of unemployment and labor productivity growth for the U.S. economy. Measures of co …

Persistent link: https://www.econbiz.de/10005126134

Sticky Price Models and Durable Goods

Barsky, Robert; House, Christopher L.; Kimball, Miles - EconWPA - 2005

This paper shows that there are striking implications that stem from including durable goods in otherwise conventional sticky price models. The behavior of these models depends heavily on whether durable goods are present and whether these goods have sticky prices. If long-lived durables have...

Persistent link: https://www.econbiz.de/10005076801

Keynesian Dynamics and the Wage Price Spiral. A Baseline Disequilibrium Approach

Asada, Toichiro; Chen, Pu; Chiarella, Carl; Flaschel, Peter - EconWPA - 2004

We reformulate and extend the standard AS-AD growth model of the Neoclassical Synthesis (Stage I) with its traditional microfoundations. The model still has an LM curve in the place of a Taylor interest rate rule, exhibits sticky wages as well as sticky prices, myopic perfect foresight of...

Persistent link: https://www.econbiz.de/10005076720

CIRCULAR VARIABLE WORK IN PROCESS

Vildosola, Luis - EconWPA - 2002

This work is focused on identifying a circular pull production control system (PPCS) and make emphasis on the presence of a stability attribute. It is an introductory paper to an extended study of macroeconomic financial stability in a physically open but systemic closed system. Previous work...

Persistent link: https://www.econbiz.de/10005126234

OUTPUT, EMPLOYMENT AND PRICES IN AN ECONOMY WITH ADJUSTMENT COSTS

Mehrez, Gil - EconWPA - 1996

This paper investigates the dynamics of output, employment and prices in an economy with costs of adjusting labor and prices. In an economy with non convex adjustments costs, firms do not adjust labor and prices continuously to accommodate every shift in demand. Rather, firms adjust employment...

Persistent link: https://www.econbiz.de/10005412577

State Dependent Adjustment in an Economy with Seasonal Fluctuations

Mehrez, Gil - EconWPA - 1996

Much research on the dynamics of the aggregate economy concerns the adjustment policy of the microeconomic units. This paper investigates the optimal adjustment policy when there are seasonal fluctuations and fixed adjustment costs. The optimal policy in this case can be described in terms of...

Persistent link: https://www.econbiz.de/10005412603

The New Keynesian Phillips Curve: Some Counterfactual Evidence

Paez-Farrell, Juan - EconWPA - 2003

New Keynesian models of the business cycle have become the new paradigm of monetary economics, often used for policy analysis. This paper shows that this class of models fail in one crucial respect: they imply a strong negative contemporaneous correlation between inflation and output....

Persistent link: https://www.econbiz.de/10005126399

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