Narrow search
Showing 1 - 10 of 94
Cover Image
Sector-specific productivity shocks in a matching model
Wesselbaum, Dennis - 2010
Shocks driving the business cycle have different effects on low-skilled and high-skilled workers. This paper studies the effects of temporary and permanent sector-specific shocks in a New Keynesian matching model. We show that temporary sector-specific shocks have reallaction and aggregate...
Persistent link: https://www.econbiz.de/10003932599
Cover Image
A theory of wage adjustment under loss aversion
Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J. - 2014
We present a new theory of wage adjustment, based on worker loss aversion. In line with prospect theory, the workers …' perceived utility losses from wage decreases are weighted more heavily than the perceived utility gains from wage increases of … equal magnitude. Wage changes are evaluated relative to an endogenous reference wage, which depends on the workers' rational …
Persistent link: https://www.econbiz.de/10010440552
Cover Image
A tale of two countries: a comparison of the aggregate effects of sectoral reallocation in the United States and Germany
Reicher, Christopher Phillip - 2011
This paper compares the aggregate effects of sectoral reallocation in the United States and Western Germany using a stochastic volatility model of sectoral employment growth. Reallocative shocks have no effect on the natural rate of unemployment in either country, and there is mild evidence that...
Persistent link: https://www.econbiz.de/10009232258
Cover Image
The aggregate effects of long run sectoral reallocation
Reicher, Christopher Phillip - 2011
In this paper, I estimate a series of long run reallocative shocks to sectoral employment using a stochastic volatility model of sectoral employment growth for the United States from 1960 through 2011. Reallocative shocks (which primarily measure construction and technology busts) have little...
Persistent link: https://www.econbiz.de/10009232259
Cover Image
What can a New Keynesian labor matching model match?
Reicher, Christopher Phillip - 2009
A labor matching model with nominal rigidities can match short-run movements in labor's share with some success. However, it cannot explain much of the behavior of employment, vacancies, and job flows in postwar US data without resorting to additional shocks beyond monetary policy and...
Persistent link: https://www.econbiz.de/10003826579
Cover Image
New evidence, old puzzles : technology shocks and labor market dynamics
Balleer, Almut - 2009
Can the standard search-and-matching labor market model replicate the business cycle fluctuations of the job finding rate and the unemployment rate? In the model, fluctuations are prominently driven by productivity shocks which are commonly interpreted as technology shocks. I estimate different...
Persistent link: https://www.econbiz.de/10003826953
Cover Image
Sector-specific productivity shocks in a matching model
Wesselbaum, Dennis - 2010
Endogenous separation matching models have the shortcoming that they are barely able to replicate the Beveridge curve (i.e. the negative correlation between unemployment and vacancies) and business cycle statistics jointly. This paper builds upon the sectoral shock literature and combines its...
Persistent link: https://www.econbiz.de/10011452403
Cover Image
Macroeconomic Shocks and Racial Labour Market Differences in the U.S
De, Kuhelika - 2020
Using 136 United States macroeconomic indicators from 1973 to 2017, and a factor augmented vector autoregression (FAVAR) framework with sign restrictions, we investigate the effects of three structural macroeconomic shocks - monetary, demand, and supply - on the labour market outcomes of black...
Persistent link: https://www.econbiz.de/10012844419
Cover Image
Expectations, monetary policy, and labor markets : lessons from the Great Depression
Reicher, Christopher Phillip - 2009
This paper estimates a series of shocks to hit the US economy during the Great Depression, using a New Keynesian model with unemployment and bargaining frictions. Shocks to long-run inflation expectations appear to account for much of the cyclical behavior of employment, while an increase in...
Persistent link: https://www.econbiz.de/10003872040
Cover Image
Distributional Effects of Macroeconomic Shocks in Real-Time : A Novel Method Applied to the COVID-19 Crisis in Germany
Bruckmeier, Kerstin; Peichl, Andreas; Popp, Martin; … - 2021
The highly dynamic nature of the COVID-19 crisis poses an unprecedented challenge to policy makers around the world to take appropriate income-stabilizing countermeasures. To properly design such policy measures, it is important to quantify their effects in real-time. However, data on the...
Persistent link: https://www.econbiz.de/10013250264