Similar Search Results

Productivity, aggregate demand and unemployment fluctuations

Barnichon, Regis - London School of Economics (LSE) - 2007

This paper presents new empirical evidence on the cyclical behavior of US unemployment that poses a challenge to standard search and matching models. The correlation between cyclical unemployment and the cyclical component of labor productivity switched sign at the beginning of the Great...

Persistent link: https://www.econbiz.de/10010884545

Overcoming the zero bound on nominal interest rates with negative interest on currency : Gesell's solution

Buiter, Willem H. - London School of Economics (LSE) - 2003

An economy is in a liquidity trap when monetary policy cannot influence either real or nominal variables of interest. A necessary condition for this is that the short nominal interest rate is constrained by its lower bound, typically zero. The paper considers two small analytical models, one...

Persistent link: https://www.econbiz.de/10010745321

The timing of monetary policy shocks

Olivei, Giovanni; Tenreyro, Silvana - London School of Economics (LSE) - 2006

A vast empirical literature has documented delayed and persistent effects of monetary policy shocks on output. We show that this finding results from the aggregation of output impulse responses that differ sharply depending on the timing of the shock: when the monetary policy shock takes place...

Persistent link: https://www.econbiz.de/10010746450

Wage setting patterns and monetary policy: international evidence

Olivei, Giovanni; Tenreyro, Silvana - London School of Economics (LSE) - 2008

Systematic differences in the timing of wage setting decisions among industrialized countries provide an ideal framework to study the importance of wage rigidity in the transmission of monetary policy. The Japanese Shunto presents the most well-known case of bunching in wage setting decisions:...

Persistent link: https://www.econbiz.de/10010746577

The transmission of monetary policy operations through redistributions and durable purchases

Sterk, Vincent; Tenreyro, Silvana - London School of Economics (LSE) - 2013

A large literature has documented statistically significant effects of monetary policy on economic activity. The central explanation for how monetary policy transmits to the real economy relies critically on nominal rigidities, which form the basis of the New Keynesian (NK) framework. This paper...

Persistent link: https://www.econbiz.de/10011126046

James Tobin : an appreciation of his contribution to economics

Buiter, Willem H. - London School of Economics (LSE) - 2003

-variance portfolio demand and asset pricing theory, especially the Portfolio Separation Theorem; pitfalls in financial model building …

Persistent link: https://www.econbiz.de/10011071326

Synchronization in wage setting and the effects of monetary policy

Olivei, Giovanni; Tenreyro, Silvana - London School of Economics (LSE) - 2007

Systematic differences in the timing of wage setting decisions among industrialized countries provide an ideal framework to study the importance of wage rigidity in the transmission of monetary policy. The Japanese Shunto, for example, presents a clear case of bunching in wage setting decisions:...

Persistent link: https://www.econbiz.de/10011071407

Do financial crises erode potential output? evidence from OECD inflation responses

Bijapur, Mohan - London School of Economics (LSE) - 2012

This paper presents evidence from a panel investigation of OECD countries that inflationary pressures tend to be stronger during recovery from financial crises compared to recovery from non-crisis economic downturns, indicating impairment in productive potential.

Persistent link: https://www.econbiz.de/10011126125

Are credit crunches supply or demand shocks?

Bijapur, Mohan - London School of Economics (LSE) - 2013

inflation to rise in the short term. Our results also suggest that the effects on aggregate supply have grown stronger in recent …

Persistent link: https://www.econbiz.de/10011126591

Search frictions, real rigidities and inflation dynamics

Thomas, Carlos - London School of Economics (LSE) - 2007

The standard New Keynesian model suffers from the so-called .macro-micro pricing conflict: in order to match the … dynamics of inflation implied by macroeconomic data, the model needs to assume an average duration of price contracts which is … perfectly competitive labor market can help resolve the pricing conflict. I do so by assuming search frictions in the labor …

Persistent link: https://www.econbiz.de/10010745233

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