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Sorting Models of Labor Mobility, Turnover, and Unemployment
Viscusi, W. Kip - 1979
direction and convexity of the age-unemployment relationship and the impact of experience on turnover and wages. Actions taken … when unemployed have an important impact on equilibrium turnover rates, unemployment rates, and the work history of the … pool of unemployed. The sorting model is used to analyze racial differences in youth unemployment and major empirical …
Persistent link: https://www.econbiz.de/10012478777
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A Three State Model of Worker Flows in General Equilibrium
Krusell, Per - 2009
We develop a simple model featuring search frictions and a nondegenerate labor supply decision along the extensive margin. The model is a standard version of the neoclassical growth model with indivisible labor with idiosyncratic shocks and frictions characterized by employment loss and...
Persistent link: https://www.econbiz.de/10012463398
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Implicit Contracts, Labor Mobility and Unemployment
Arnott, Richard J. - 1987
information establishes that any consistent explanation for worksharing, layoffs, severance pay, quits and unemployment must focus …
Persistent link: https://www.econbiz.de/10012476752
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Labor Mobility Within Currency Unions
Farhi, Emmanuel - 2014
We study the effects of labor mobility within a currency union suffering from nominal rigidities. When the demand shortfall in depressed region is mostly internal, migration may not help regional macroeconomic adjustment. When external demand is also at the root of the problem, migration out of...
Persistent link: https://www.econbiz.de/10012458559
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Monetary Policy in the Open Economy Revisited : Price Setting and Exchange Rate Flexibility
Devereux, Michael B. - 2000
This paper develops a welfare-based model of monetary policy in an open economy. We focus on the extent to which monetary policy should be employed in maintaining the exchange rate. The traditional approach maintains that exchange rate flexibility is desirable in the presence of real...
Persistent link: https://www.econbiz.de/10012471102
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Understanding Inflation : Implications for Monetary Policy
Cecchetti, Stephen G. - 2000
This paper discusses how optimal monetary policy is affected by differences in the combination of shocks an economy experiences and the rigidities it exhibits. Without both nominal rigidities and economic shocks, monetary policy would be irrelevant. Recognizing this, policymakers increasingly...
Persistent link: https://www.econbiz.de/10012471294
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New Directions for Stochastic Open Economy Models
Obstfeld, Maurice - 1999
The paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows one to analyze the effects of the monetary regime on welfare, expected output, and the expected terms of trade....
Persistent link: https://www.econbiz.de/10012471471
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Sticky Prices, Coordination and Collusion
Driscoll, John C. - 1999
New Keynesian models of price setting under monopolistic competition involve two kinds of inefficiency: the price level is too high because firms ignore an aggregate demand externality, and when there are costs of changing prices, price stickiness may be an equilibrium response to changes in...
Persistent link: https://www.econbiz.de/10012471622
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Price Inertia and Inflation : Evidence and Theoretical Rationale
Nadiri, M. Ishaq - 1986
of unemployment. The ability of governments to achieve stable prices is probably endogenous in the system and may depend …
Persistent link: https://www.econbiz.de/10012477048
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Price Contracts, Output, and Monetary Disturbances
Stockman, Alan C. - 1986
Persistent link: https://www.econbiz.de/10012477112