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Hyperbolic Discounting and Positive Optimal Inflation
Graham, Liam; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2011
The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al. (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...
Persistent link: https://www.econbiz.de/10009643503
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The European Phillips Curve: Does the NAIRU Exist?
Karanassou, Marika; Sala, Hector; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2003
model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results …
Persistent link: https://www.econbiz.de/10005667015
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The Return of the Long-Run Phillips Curve
Graham, Liam; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2003
inflation and a permanent reduction in the level of unemployment. In short, we derive a microfounded long-run downward …
Persistent link: https://www.econbiz.de/10005791529
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Monetary Policy Under Uncertainty in an Estimated Model with Labour Market Frictions
Sala, Luca; Söderström, Ulf; Trigari, Antonella - C.E.P.R. Discussion Papers - 2008
staggered nominal wage bargaining. We find that the estimated natural rate of unemployment is consistent with the NBER … description of the U.S. business cycle, and that the inflation/unemployment trade-off facing monetary policymakers is … unemployment gaps are more efficient than rules responding to output or unemployment growth rates, also in the presence of …
Persistent link: https://www.econbiz.de/10005792050
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The Macroeconomics of Labour and Credit Market Imperfections
Wasmer, Etienne; Weil, Philippe - C.E.P.R. Discussion Papers - 2002
Labour market frictions are not the only possible source of high unemployment. Credit market imperfections, driven by … determination of equilibrium unemployment in the presence of credit market frictions both with exogenous and endogenous wages. We …
Persistent link: https://www.econbiz.de/10005792453
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Will EMU Increase Eurosclerosis?
Bentolila, Samuel; Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2000
those that affect the long-run unemployment rate. …
Persistent link: https://www.econbiz.de/10005124134
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Back to Keynes?
van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005
. Furthermore, they fail to allow for quantity rationing and to model unemployment as a catastrophic event. The macroeconomics based …
Persistent link: https://www.econbiz.de/10005504355
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Unemployment and Inflation in Ireland: 1926-2012
Gerlach, Stefan; Lydon, Reamonn; Stuart, Rebecca - C.E.P.R. Discussion Papers - 2015
We study the determination of Irish inflation between 1926 and 2012. The difference between unemployment and the NAIRU …
Persistent link: https://www.econbiz.de/10011272719
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Firm Leverage and Unemployment during the Great Recession
Giroud, Xavier; Mueller, Holger M - C.E.P.R. Discussion Papers - 2015
We argue that firms’ balance sheets were instrumental in the propagation of shocks during the Great Recession. Using establishment-level data, we show that firms that tightened their debt capacity in the run-up (“high-leverage firms”) exhibit a significantly larger decline in employment in...
Persistent link: https://www.econbiz.de/10011252614
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What Explains the German Labor Market Miracle in the Great Recession?
Burda, Michael C; Hunt, Jennifer - C.E.P.R. Discussion Papers - 2011
Germany experienced an even deeper fall in GDP in the Great Recession than the United States, with little employment loss. Employers’ reticence to hire in the preceding expansion, associated in part with a lack of confidence it would last, contributed to an employment shortfall equivalent to...
Persistent link: https://www.econbiz.de/10009246610