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Evaluating the Performance of the Search and Matching Model
Yashiv, Eran - C.E.P.R. Discussion Papers - 2005
specifications of the data on many dimensions, though not on all. This includes capturing the high persistence and high volatility of … most of the key variables, the negative co-variation of unemployment and vacancies, and the behaviour of the worker job … finding rate. A key role in this fit is played by the convexity of hiring costs and the stochastic properties of the …
Persistent link: https://www.econbiz.de/10005124215
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Payroll Taxes, Social Insurance and Business Cycles
Burda, Michael C; Weder, Mark - C.E.P.R. Discussion Papers - 2010
volatility and persistence of vacancies and unemployment. …
Persistent link: https://www.econbiz.de/10008611008
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The Output Gap, the Labor Wedge, and the Dynamic Behavior of Hours
Sala, Luca; Söderström, Ulf; Trigari, Antonella - C.E.P.R. Discussion Papers - 2010
We use a standard quantitative business cycle model with nominal price and wage rigidities to estimate two measures of economic inefficiency in recent U.S. data: the output gap---the gap between the actual and efficient levels of output---and the labor wedge---the wedge between households'...
Persistent link: https://www.econbiz.de/10008642884
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The Joint Behavior of Hiring and Investment
Yashiv, Eran - C.E.P.R. Discussion Papers - 2011
This paper explores the dynamic behavior of investment and hiring within a unified framework, stressing their mutual … results, the fit is achieved without implying high adjustment costs. The interaction of hiring and investment costs is … significant and is negatively signed, implying complementarity between investment and hiring. There is a substantial role for …
Persistent link: https://www.econbiz.de/10008854549
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Structural and Cyclical Forces in the Labor Market During the Great Recession: Cross-Country Evidence
Sala, Luca; Söderström, Ulf; Trigari, Antonella - C.E.P.R. Discussion Papers - 2012
movements in GDP, unemployment, vacancies, and wages in the period from 2007 until 2011. We show that contractionary financial …
Persistent link: https://www.econbiz.de/10011083316
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Search and Matching in Macroeconomics
Yashiv, Eran - C.E.P.R. Discussion Papers - 2006
This paper surveys the use of search and matching models in macroeconomics. It outlines the standard model, discusses its extensions, presents alternative formulations, considers the empirical evidence, and studies applications to macroeconomic questions such as business cycles, growth, and...
Persistent link: https://www.econbiz.de/10005792066
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Inefficient employment decisions, entry costs, and the cost of fluctuations
Den Haan, Wouter; Sedlacek, Petr - C.E.P.R. Discussion Papers - 2009
Fluctuations in firms' revenues reduce firms' viability and are costly from a social welfare point of view even when agents are risk neutral if (i) the decision to continue operating a firm is not efficient at the margin so that fluctuations shorten firms' life expectancy (because they increase...
Persistent link: https://www.econbiz.de/10008528536
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Trend Breaks, Long-Run Restrictions and the Contractionary Effects of Technology Improvements
Fernald, John - C.E.P.R. Discussion Papers - 2006
Structural vector-autoregressions with long-run restrictions are extraordinarily sensitive to low-frequency correlations. This paper explores this sensitivity analytically and via simulations, focusing on the contentious issue of whether hours worked rise or fall when technology improves. Recent...
Persistent link: https://www.econbiz.de/10005067465
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Fair Wages in a New Keynesian Model of the Business Cycle
Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2002
We build a New Keynesian model of the business cycle with sticky prices and real wage rigidities motivated by efficiency wages of the gift exchange variety. Compared to a standard sticky price model, our Fair Wage model provides an explanation for structural employment and generates more...
Persistent link: https://www.econbiz.de/10005067494
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The Brevity and Violence of Contractions and Expansions
McKay, Alisdair; Reis, Ricardo - C.E.P.R. Discussion Papers - 2006
Early studies of business cycles argued that contractions in economic activity were briefer (shorter) and more violent (rapid) than expansions. This paper systematically investigates this claim and in the process discovers a robust new business cycle fact: expansions and contractions in output...
Persistent link: https://www.econbiz.de/10005114328