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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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Downward nominal wage rigidity meets the zero lower bound
Amano, Robert A.; Gnocchi, Stefano - 2017
We add downward nominal wage rigidity to a standard New Keynesian model with sticky prices and wages, where the zero … lower bound on nominal interest rates is allowed to bind. We find that wage rigidity not only reduces the frequency of zero … the presence of wage rigidity may have overemphasized the need for increasing the inflation target to offset the costs …
Persistent link: https://www.econbiz.de/10011637421
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Labor market shocks and monetary policy
Birinci, Serdar; Karahan, Fatih; Mercan, Yusuf; See, Kurt - 2023 - Last updated: October 5, 2023
We develop a heterogeneous-agent New Keynesian model featuring a frictional labor market with on-the-job search to quantitatively study the positive and normative implications of employer-to-employer (EE) transitions for inflation. We find that EE dynamics played an important role in shaping the...
Persistent link: https://www.econbiz.de/10014456659
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Housework and fiscal expansions
Gnocchi, Stefano; Hauser, Daniela; Pappa, Euē - 2014
We build an otherwise-standard business cycle model with housework, calibrated consistently with data on time use, in order to discipline consumption-hours complementarity and relate its strength to the size of fiscal multipliers. We show that if substitutability between home and market goods is...
Persistent link: https://www.econbiz.de/10010386697
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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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How should unemployment insurance vary over the business cycle?
Birinci, Serdar; See, Kurt - 2020 - Last updated: November 6, 2020
We study optimal unemployment insurance (UI) policy over the business cycle, using a heterogeneous agent job-search model with aggregate risk and incomplete markets. We validate the model-implied micro and macro labor market elasticities to changes in the generosity of UI benefits against...
Persistent link: https://www.econbiz.de/10012311610
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Uncovering the differences among displaced workers : evidence from Canadian job separation records
Birinci, Serdar; Park, Youngmin; Pugh, Thomas; See, Kurt - 2023 - Last updated: October 27, 2023
We revisit the measurement of the sources and consequences of job displacement using Canadian job separation records. To circumvent administrative data limitations, conventional approaches address selection by identifying displacement effects through mass-layoff separations, which are...
Persistent link: https://www.econbiz.de/10014456716
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Short-Time Work Subsidies in a Matching Model
Meier, Volker - 2019
labor demand. Tightening eligibility to short-time work benefits tends to reduce the wage while the impact on unemployment …
Persistent link: https://www.econbiz.de/10012892292
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An Efficiency-Wage Model with Habit Concerns About Wages
Goerke, Laszlo - 2020
We analyse the implications of habit formation relating to wages in a multi-period efficiency-wage model. If employees …. Greater intensity does not necessarily have the same consequences, because wage adjustments counteract the initial level … impact. The firm's response additionally depends on the wage-dependency of dismissal costs since such costs make an …
Persistent link: https://www.econbiz.de/10012828115
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Downward nominal wage rigidity in Canada : evidence against a "greasing effect"
Wagner, Joel - 2017
The existence of downward nominal wage rigidity (DNWR) has often been used to justify a positive inflation target. It …-examine these issues in a model that accounts for precautionary motives in wage-setting behaviour. We confirm that DNWR generates a …
Persistent link: https://www.econbiz.de/10011697087