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Incentives in competitive search equilibrium

Moen, Espen R.; Rosen, Asa - London School of Economics (LSE) - 2007

analyze the effect of changes in the macro economic variables on the wage contract and the unemployment rate. We find that … private information may increase the responsiveness of the unemployment rate to changes in productivity. The incentive power … of the wage contracts is positively related to high productivity, low unemployment benefits and high search frictions. …

Persistent link: https://www.econbiz.de/10010745548

Greek fiscal crisis and repercussions for the property market

Vlamis, Prodromos - London School of Economics (LSE) - 2013

The aim of the paper is to present a review of the fiscal imbalances and debt crisis in Greece and identify the possible links with the recent developments in the Greek property market. We follow a non-technical approach to discuss a number of factors that have contributed to the fiscal crisis...

Persistent link: https://www.econbiz.de/10011071100

Capital structure, investment, and fire sales

Gale, Douglas; Gottardi, Piero - London School of Economics (LSE) - 2014

We study a dynamic general equilibrium model in which firms choose their investment level and their capital structure, trading off the tax advantages of debt against the risk of costly default. The costs of bankruptcy are endogenously determined, as bankrupt firms are forced to liquidate their...

Persistent link: https://www.econbiz.de/10011170093

Inflation premium and oil price volatility

Castillo, Paul; Montoro, Carlos; Tuesta, Vicente - London School of Economics (LSE) - 2007

This paper provides a fully micro-founded New Keynesian framework to study the interaction between oil price volatility, pricing behavior of firms and monetary policy. We show that when oil has low substitutability, firms find it optimal to charge higher relative prices as a premium in...

Persistent link: https://www.econbiz.de/10010745827

A procedure for combining zero and sign restrictions in a VAR-identification scheme

Haberis, Alex; Sokol, Andrej - London School of Economics (LSE) - 2014

In this paper we describe a procedure for implementing zero restrictions within the context of a sign restrictions identification scheme for VARs. The procedure introduces an additional step into the algorithm outlined in Fry and Pagan (2011) and Rubio-Ramirez et al (2006) for implementing sign...

Persistent link: https://www.econbiz.de/10011126041

Inventories and the role of goods-market frictions for business cycles

Den Haan, Wouter J. - London School of Economics (LSE) - 2013

Changes in the stock of inventories are important for �fluctuations in aggregate output. However, the possibility that firms do not sell all produced goods and inventory accumulation are typically ignored in business cycle models. This paper captures this with a goods-market friction. Using US...

Persistent link: https://www.econbiz.de/10011126466

New-keynesian or RBC transmission? The effects of fiscal shocks in labour markets

Pappa, Evi - London School of Economics (LSE) - 2005

We study the mechanics of transmission of fiscal shocks to labour markets. We characterize a set of robust implications following government consumption, investment and employment shocks in a RBC and a New- Keynesian model and use part of them to identify shocks in the data. In line with the...

Persistent link: https://www.econbiz.de/10010928790

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

Nominal wage rigidity and the rate of inflation

Nickell, Stephen; Quintini, Glenda - London School of Economics (LSE) - 2001

Using the accurate and extensive data available in the UK New Earnings Survey, this paper investigates the extent to which nominal wages are downwardly rigid and whether such rigidity interferes with necessary real wage adjustments when inflation is low. Despite the substantial numbers of...

Persistent link: https://www.econbiz.de/10010746590

On the design of hierarchies: coordination versus specialization

Hart, Oliver; Moore, John - London School of Economics (LSE) - 1999

analyze the optimal chain of command given that different agents have different tasks: some agents are engaged in coordination …

Persistent link: https://www.econbiz.de/10010744898

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