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Consumption and real exchange rates with incomplete markets and non-traded goods
Benigno, Gianluca; Theonissen, Christoph - London School of Economics (LSE) - 2006
This paper addresses the consumption-real exchange rate anomaly. International real business cycle models based on complete financial markets predict a unitary correlation between the real exchange rate and the ratio of home to foreign consumption when subjected to supply side shocks. In the...
Persistent link: https://www.econbiz.de/10010928603
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Reserve accumulation, growth and financial crises
Benigno, Gianluca; Fornaro, Luca - London School of Economics (LSE) - 2012
We present a model that reproduces two salient facts characterizing the international monetary system: i) Faster growing countries are associated with lower net capital inflows and ii) Countries that grow faster accumulate more international reserves and receive more net private inflows. We...
Persistent link: https://www.econbiz.de/10010744942
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Exchange rate regimes and monetary policies in emerging markets: a showdown for few theoretical misconceptions
Malovic, Marko - London School of Economics (LSE) - 2007
Persistent link: https://www.econbiz.de/10010745394
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Unemployment clusters across European regions and countries
Overman, Henry G.; Puga, Diego - London School of Economics (LSE) - 1999
European regions have experienced a polarisation of their unemployment rates between 1986 and 1996, as regions with …
Persistent link: https://www.econbiz.de/10010884644
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A test between unemployment theories using matching data
Coles, Melvyn; Petrongolo, Barbara - London School of Economics (LSE) - 2003
This paper tests whether aggregate matching is consistent with unemployment being mainly due to search frictions or due … with reference to the design of optimal unemployment insurance programs. …
Persistent link: https://www.econbiz.de/10010928750
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Creative destruction with on-the-job search
Michau, Jean-Baptiste - London School of Economics (LSE) - 2007
allowing on-the-job search. We obtain that the elasticity of unemployment with respect to growth shrinks from 1.63 to 0 … search process than the unemployed. Thus, we show that, rather than contributing to unemployment, creative destruction …
Persistent link: https://www.econbiz.de/10010744813
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The Beveridge curve
Yashiv, Eran - London School of Economics (LSE) - 2007
underlying theory is the search and matching model, with workers and firms engaging in costly search leading to random matching …. The Beveridge curve depicts the steady state of the model, whereby inflows into unemployment are equal to the outflows …
Persistent link: https://www.econbiz.de/10010744873
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Unemployment dynamics with international capital mobility
Azariadis, Costas; Pissarides, Christopher - London School of Economics (LSE) - 2007
We study the response of domestic unemployment rates to shocks in total factor productivity for economies with high … by developed nations in the last twenty years, substantially amplify the impact on the domestic unemployment rate of …
Persistent link: https://www.econbiz.de/10010744954
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A theory of countercyclical government multiplier
Michaillat, Pascal - London School of Economics (LSE) - 2012
I develop a New Keynesian model in which a type of government multiplier doubles when unemployment rises from 5 percent … unemployment is high, the increase in tightness and resulting crowding-out are small. …
Persistent link: https://www.econbiz.de/10010745284
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Resurrecting the participation margin
Ebell, Monique - London School of Economics (LSE) - 2008
procyclical unemployment and a positively-sloped Beveridge curve. This paper presents a calibrated model which does indeed … generate countercyclical unemployment and a negatively-sloped Beveridge curve despite the presence of a participation margin. …
Persistent link: https://www.econbiz.de/10010745347