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Higher-order income risk over the business cycle
Busch, Christopher; Ludwig, Alexander - 2020
We extend the canonical income process with persistent and transitory risk to shock distributions with left-skewness and excess kurtosis, to which we refer as higher-order risk. We estimate our extended income process by GMM for household data from the United States. We find countercyclical...
Persistent link: https://www.econbiz.de/10012215285
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Wage and Employment Cyclicalities at the Establishment Level
Merkl, Christian; Stueber, Heiko - 2021
We document substantial cross-sectional heterogeneity of German establishments’ real wage cyclicality over the business … wages. We estimate a negative connection between establishments’ wage cyclicality and their employment cyclicality, thereby …
Persistent link: https://www.econbiz.de/10013212779
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A test of the "Krugman hypothesis" for the United States, Britain, and western Germany
Puhani, Patrick A. - 2003
Persistent link: https://www.econbiz.de/10013428556
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Monetary policy rules under bounded rationality
Dobrew, Michael; Gerke, Rafael; Kienzler, Daniel; … - 2023
We study the welfare performance of various simple monetary policy rules under bounded rationality (BR) along the lines of Gabaix (2020) in a New Keynesian model with sticky wages and an effective lower bound (ELB) on interest rates. Policy strategies with a strong history dependence lose their...
Persistent link: https://www.econbiz.de/10014320809
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On the identification of relative wage rigidity dynamics : a proposal for a methodology on cross-section data and empirical evidence for Poland in transition
Puhani, Patrick A. - 2000
We present a new and simple empirical methodology to identify relative wage rigidity dynamics. The methodology is … relative wage and unemployment differentials for various labour market defining characteristics. A simultaneous increase in the … relative wage and the unemployment likelihood is defined as a relative wage rigidity dynamic for a labour market characteristic …
Persistent link: https://www.econbiz.de/10013428349
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The long-term earnings' effects of a credit market disruption
Adamopoulou, Effrosyni; De Philippis, Marta; Sette, Enrico - 2023
reallocate mostly to low capital-intensive firms, experiencing persistent wage losses. …
Persistent link: https://www.econbiz.de/10014440036
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Sectoral Okun's Law and Cross-Country Cyclical Differences
Goto, Eiji - 2020
We estimate Okun's law, the negative relationship between output and the unemployment rate, at the sector level for the US, the UK, Japan, and Switzerland to test several hypotheses that may explain why the aggregate Okun's coeffcients are different across countries. Specifically, we show that...
Persistent link: https://www.econbiz.de/10012841145
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Stochastic nominal wage contracts in a cash-in-advance model
Collard, Fabrice; Ertz, Guy - 1997
Persistent link: https://www.econbiz.de/10000967666
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The rationale for wage rigidity : survey evidence from German and US firms
Franz, Wolfgang; Pfeiffer, Friedhelm - 2002
Persistent link: https://www.econbiz.de/10013428502
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Tarifbindung und die ökonomische Rationalität von Lohnrigiditäten
Franz, Wolfgang; Pfeiffer, Friedhelm - 2000
This study provides empirical evidence for the economic rationality of wage rigidities. Theoretically wage rigidities … survey of 801 firms strong support has been found for explanations based on collective wage agreements and on efficency wages … as well. Collective wage agreements and implicit contracts are important reasons for wage rigidities for the low skilled …
Persistent link: https://www.econbiz.de/10001541220