Showing 1 - 8 of 8
This paper takes a fresh look at the analysis of labour market dynamics and argues thatcapital accumulation plays a fundamental role in shaping unemployment movements. Thisrole has generally been examined by considering indirect transmission channels of thecapital stock effects, i.e. using...
Persistent link: https://www.econbiz.de/10005861659
A major criticism against staggered nominal contracts is that they give rise to the so called"persistency puzzle" – although they generate price inertia, they cannot account for thestylised fact of inflation persistence. It is thus commonly asserted that, in the context of thenew Phillips curve...
Persistent link: https://www.econbiz.de/10005863257
In this paper we show that vocational training is an important determinant of productivitygrowth. We construct a multi-country, multi-sectoral dataset, and quantify empirically to whatextent vocational training has contributed to increase the growth rate of labor productivity inEurope between...
Persistent link: https://www.econbiz.de/10009486999
chorus of the tragedy which plays on the world stage. The main thesis of our work is that,despite the triumphant rhetoric praising the merits of perfect competition, the global fields ofthe dysfunctional market system have mushroomed in what we call Warrant Economics forthe Free-Market...
Persistent link: https://www.econbiz.de/10009486980
It is common knowledge that the standard New Keynesian model is not able to generate a persistent response in output to temporary monetary shocks. We show that this shortcoming can be remedied in a simple and intuitively appealing way through the introduction of labor turnover costs (such as...
Persistent link: https://www.econbiz.de/10005859640
Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables...
Persistent link: https://www.econbiz.de/10005859701
This paper explores the influence of wage and price staggering on monetary persistence. Weshow that, for plausible parameter values, wage and price staggering are complementary ingenerating monetary persistence. We do so by proposing the new measure of "quantitativeinertia," after discussing...
Persistent link: https://www.econbiz.de/10005861867
This paper analyses theoretically and empirically how employment subsidies should betargeted. We contrast measures involving targeting workers with low incomes/abilities andtargeting the unemployed under the criteria of "approximate welfare efficiency" (AWE)...
Persistent link: https://www.econbiz.de/10005862794