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The cyclical price of labor when wages are smoothed

Kudlyak, Marianna - Federal Reserve Bank of Richmond - 2010

the time of hiring and the impact of labor market conditions at the time of hiring on future wages. The price of labor and … based on the behavior of individual wages and turnover. I find that a one percentage point increase in unemployment … individual wages and also noticeably higher than the cyclicality of the wages of newly hired workers. I conclude that the price …

Persistent link: https://www.econbiz.de/10008764357

The role of real wages, productivity, and fiscal policy in Germany's Great Depression, 1928-37

Fisher, Jonas D. M.; Hornstein, Andreas - Federal Reserve Bank of Richmond - 2001

-37. In this time period, real wages were countercyclical, and productivity and fiscal policy was procyclical. We use the … neoclassical growth model to investigate how much these factors contribute to the depression. We find that real wages, which were …

Persistent link: https://www.econbiz.de/10004993888

On the employment effect of technology : evidence from U.S. manufacturing for 1958-1996

Chang, Yongsung; Hong, Jay H. - Federal Reserve Bank of Richmond - 2003

Recently, Galí and others have found that technological progress may be contractionary: a favorable technology shock reduces hours worked in the short run. We ask whether this observation is robust in disaggregate data. According to our VAR analysis of 458 four-digit U.S. manufacturing...

Persistent link: https://www.econbiz.de/10004993903

Wage growth and the inflation process: an empirical note

Mehra, Yash P. - Federal Reserve Bank of Richmond - 1989

A central proposition in the Phillips curve view of the inflation process is that prices are marked up over productivity-adjusted labor costs. If that is true, then long-run movements in prices and labor costs must be correlated. If long-run movements in a time series are modeled as a stochastic...

Persistent link: https://www.econbiz.de/10004993909

A quantitative theory of the gender gap in wages

Erosa, Andres; Fuster, Luisa; Restuccia, Diego - Federal Reserve Bank of Richmond - 2005

Using panel data from the National Longitudinal Survey of Youth (NLSY), we document that gender differences in wages … labor supply and wages over the life cycle. In our model, fertility lowers the lifetime intensity of market activity … fertility accounts for most of the gender differences in labor supply and wages during the life cycle documented in the NLSY …

Persistent link: https://www.econbiz.de/10004993982

Selection and monetary non-neutrality in time-dependent pricing models

Carvalho, Carlos; Schwartzman, Felipe - Federal Reserve Bank of Richmond - 2012

Given the frequency of price changes, the real effects of a monetary shock are smaller if adjusting firms are disproportionately likely to be ones with prices set before the shock. This selection effect is important in a large class of sticky-price models with time-dependent price adjustment. We...

Persistent link: https://www.econbiz.de/10010598263

Discretionary monetary policy in the Calvo model

Zandweghe, Willem Van; Wolman, Alexander - Federal Reserve Bank of Richmond - 2011

We study discretionary equilibrium in the Calvo pricing model for a monetary authority that chooses the money supply. The steady-state inflation rate is above 8 percent for a baseline calibration, but it varies substantially with alternative structural parameter values. If the initial condition...

Persistent link: https://www.econbiz.de/10009321093

ECB monetary policy in the recession: a New Keynesian (old monetarist) critique

Hetzel, Robert L. - Federal Reserve Bank of Richmond - 2013

Use of the New Keynesian model to identify shocks points to contractionary monetary policy as the cause of the Great Recession in the Eurozone.

Persistent link: https://www.econbiz.de/10010685222

Optimized Taylor Rules for Disinflation When Agents are Learning

Cogley, Timothy; Matthes, Christian; Sbordone, Argia M. - Federal Reserve Bank of Richmond - 2014

Highly volatile transition dynamics can emerge when a central bank disinflates while operating without full transparency. In our model, a central bank commits to a Taylor rule whose form is known but whose coefficient are not. Private agents learn about policy parameters via Bayesian updating....

Persistent link: https://www.econbiz.de/10010758362

Sorting by skill over the course of job search

Kudlyak, Marianna; Lkhagvasuren, Damba; Sysuyev, Roman - Federal Reserve Bank of Richmond - 2012

We use novel high-frequency panel data on individuals' job applications from an online job posting engine to study (1) whether at the beginning of search job seekers with different levels of education (skill) apply to different jobs, and (2) how search behavior changes as search continues....

Persistent link: https://www.econbiz.de/10010723108