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Incorporating Labour Market Frictions into an Optimising-Based Monetary Policy Model
Moyen, Stephane - 2010
This paper examines the effects of introducing a non Walrasian labour market into the "New Neoclassical Synthesis'' framework. A dynamic stochastic general equilibrium model is formulated, solved, and calibrated in order to evaluate its ability to replicate the main features of the Euro area...
Persistent link: https://www.econbiz.de/10013135025
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Technology Shock and Employment : Do We Really Need DSGE Models with a Fall in Hours?
Dupaigne, Martial - 2010
The recent empirical literature that uses Structural Vector Autoregressions (SVAR) has shown that productivity shocks identified using long--run restrictions lead to a persistent and significant decline in hours worked. This evidence calls into question standard RBC models in which a positive...
Persistent link: https://www.econbiz.de/10013136229
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Financial Shocks and the Cyclical Behavior of Skilled and Unskilled Unemployment
Lopez, Jose Ignacio - 2014
We study the effect of financial shocks in labor market dynamics. We build a model with two types of labor, two types of capital and both search and financial frictions. We find that financial shocks, modeled as exogenous disturbances to the borrowing constraint of firms, can generate realistic...
Persistent link: https://www.econbiz.de/10013050545
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Heterogeneity, Unemployment Benefits and Voluntary Labor Force Participation
Devulder, Antoine - 2014
In this paper, I propose a new Keynesian DSGE model with labor market search and matching frictions which replicates the low volatility and the moderate procyclicality of the labor force participation rate, that are observed in the United States at business cycle frequency. That being so,it can...
Persistent link: https://www.econbiz.de/10013052216
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The Shimer Puzzle(s) in a New Keynesian Framework
Pizzo, Alessandra - 2014
In this paper I shed light on the issues of the (low) volatilities of labor market variables implied by the search and matching model and the (high) values of the correlations between these variables and labor productivity. On the one hand, Shimer (2005) claims that “Not only there is little...
Persistent link: https://www.econbiz.de/10013046394
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The Long Landing Scenario : Rebalancing from Overinvestment and Excessive Credit Growth. Implications for Potential Growth in China
Albert, Marie; Jude, Cristina; Rebillard, Cyril - 2015
After three decades of rapid growth, the Chinese economy has been slowing; at the same time, concerns about the sustainability of its growth model are mounting, calling for urgent rebalancing. This paper provides an assessment of how, and to what extent, the rebalancing process may impact...
Persistent link: https://www.econbiz.de/10014132774
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Land Collateral and Labor Market Dynamics in France
Kaas, Leo - 2015
The value of land in the balance sheet of French firms correlates positively with their hiring and investment flows. To explore the relationship between these variables, we develop a macroeconomic model with firms that are subject to both credit and labor market frictions. The value of...
Persistent link: https://www.econbiz.de/10013031144
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Credible Wage Bargaining and the Joint Dynamics of Unemployment and Inflation
Clerc, Pierrick - 2015
Empirically, unemployment is highly volatile while inflation displays inertia, even though marginal cost is pro-cyclical. It was argued that real wage rigidities would no longer help replicate these facts, once firms determine employment and hours per worker. In this paper, real wage stickiness...
Persistent link: https://www.econbiz.de/10013016813
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Fiscal Consolidation Under Imperfect Credibility
Lemoine, Matthieu - 2016
This paper examines the effects of expenditure-based fiscal consolidation when credibility as to whether the cuts will … be long-lasting is imperfect. We contrast the impact limited credibility has when the consolidating country has the means … case of an independent monetary policy, the adverse impact of limited credibility is relatively small, and consolidation …
Persistent link: https://www.econbiz.de/10012990707
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Euro Area Market Reactions to the Monetary Developments Press Release
Coffinet, Jerome - 2010
Using intra-day data, we assess the impact of the press release on euro area monetary data on the different segments of the euro area yield curve. For this purpose, we estimate a relation between the "news" or "surprise" in the released data for annual M3 growth and the move in the interest...
Persistent link: https://www.econbiz.de/10013137334