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Equilibrium Unemployment and Investment Under Product and Labour Market Imperfections

Kauppi, Heikki; Koskela, Erkki; Stenbacka, Rune - 2008

for equilibrium unemployment in an economy with product and labour market imperfections. We show that intensified product … market competition will reduce equilibrium unemployment, whereas the effect of increased capital intensity is more complex …. Higher capital intensity will decrease the equilibrium unemployment when the elasticity of substitution between capital and …

Persistent link: https://www.econbiz.de/10014072524

Shifts in Euro Area Beveridge Curves and Their Determinants

Bonthuis, Boele - 2015

This paper analyses euro area Beveridge curves at the euro area aggregate and country level over the past 25 years. Using an autoregressive distributed lag model we find a significant outward shift in the euro area Beveridge curve since the onset of the crisis, but considerable heterogeneity...

Persistent link: https://www.econbiz.de/10013028846

The Phillips Curve at 60 : Time for Time and Frequency

Aguiar‐Conraria, Luís - 2019

We estimate the U.S. New Keynesian Phillips Curve in the time-frequency domain with continuous wavelet tools, to provide an integrated answer to the three most controversial issues on the Phillips Curve. (1) Has the short-run tradeoff been stable? (2) What has been the role of expectations?...

Persistent link: https://www.econbiz.de/10012866761

Stagnant Wages, Sectoral Misallocation and Slowing Productivity Growth

Schmöller, Michaela - 2019

I propose a two-sector endogenous growth model with heterogeneous sectoral productivity and sector-specific, nonlinear hiring costs to analyse the link between sectoral resource allocation, low productivity growth and stagnant real wages. My results suggest that an upward shift in the labor...

Persistent link: https://www.econbiz.de/10012870989

Endogenous Market Structures and Labour Market Dynamics

Colciago, Andrea; Rossi, Lorenza - 2013

in addressing the unemployment- volatility puzzle. Consistently with US evidence, new firms create a large fraction of …

Persistent link: https://www.econbiz.de/10014181452

Labour Taxation and Shock Propagation in a New Keynesian Model with Search Frictions

Vanhala, Juuso - 2007

This paper studies the implications of labour taxation in determining the sensitivity of an economy to macroeconomic shocks. We construct a New Keynesian business cycle model with matching frictions of the labour market, where sluggish employment adjustment implies a key role for labour markets...

Persistent link: https://www.econbiz.de/10014223792

Quantity Rationing of Credit

Waters, George - 2012

Quantity rationing of credit, when firms are denied loans, has greater potential to explain macroeconomic fluctuations than borrowing costs. This paper develops a DSGE model with both types of financial frictions. A deterioration in credit market confidence leads to a temporary change in the...

Persistent link: https://www.econbiz.de/10013112130

Lower for Longer Under Endogenous Technology Growth

Elfsbacka Schmöller, Michaela; Spitzer, Martin - 2022

This paper studies monetary policy strategies under endogenous technology dynamics and low r∗. Endogenous growth strengthens the gains from make-up strategies relative to inflation targeting, especially if policy space is reduced. This result is due to the long-run non-neutrality of money and...

Persistent link: https://www.econbiz.de/10013294813

Endogenous Technology, Scarring and Fiscal Policy

Elfsbacka Schmöller, Michaela - 2023

This paper studies fiscal policy in a New Keynesian DSGE model with endogenous technology growth in which scarring can occur endogenously through hysteresis effects in TFP. Both demand- and supply-driven recessions can weaken investment in R&D and technology adoption, thus depressing the...

Persistent link: https://www.econbiz.de/10014261830

Endogenous TFP, Business Cycle Persistence and the Productivity Slowdown

Schmöller, Michaela; Spitzer, Martin - 2021

This paper analyses the procyclicality of euro area total factor productivity and its role in business cycle amplification by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. Total factor productivity evolves endogenously as a consequence of costly...

Persistent link: https://www.econbiz.de/10013228852