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Labour market skills, endogenous productivity and business cycles
Abbritti, Mirko; Consolo, Agostino - 2022
This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that are relevant for monetary policy. The model matches remarkably well the short and long run dynamics of skilled and unskilled workers. Skill mismatch and skill-specific labour...
Persistent link: https://www.econbiz.de/10012880717
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Switching-track after the Great Recession
Vinci, Francesca; Licandro, Omar - 2021
followed the Great Recession, as well as the V-shaped recoveries that followed the oil shock recessions. …
Persistent link: https://www.econbiz.de/10012627907
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Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation
De Walque, Gregory; Pierrard, Olivier; Sneessens, Henri R. - 2009
We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...
Persistent link: https://www.econbiz.de/10003831761
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The role of labor markets for euro area monetary policy
Christoffel, Kai; Küster, Keith; Linzert, Tobias - 2009
degree of wage rigidity makes monetary policy more effective, i.e. a monetary policy shock transmits faster onto inflation …
Persistent link: https://www.econbiz.de/10003832582
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Optimal monetary policy rules with labor market frictions
Faia, Ester (contributor) - 2006
This paper studies optimal monetary policy rules in a framework with sticky prices, matching frictions and real wage rigidities. Optimal monetary policy is given by a constrained Ramsey plan in which the monetary authority maximizes the agents’ welfare subject to the competitive economy...
Persistent link: https://www.econbiz.de/10003396811
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Optimal interest-rate rules
Giannoni, Marc Paolo; Woodford, Michael - 2002
Persistent link: https://www.econbiz.de/10001731309
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Equilibrium unemployment, job flows and inflation dynamics
Trigari, Antonella - 2004
general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price … worker, job creation and job destruction conditional on a shock to monetary policy. Moreover, allowing for variation of the … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of …
Persistent link: https://www.econbiz.de/10009636527
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Understanding Inflation : Implications for Monetary Policy
Cecchetti, Stephen G. - 2000
rigidities impede policymakers' ability to control inflation. And third, we describe how alternative shock/rigidity combinations …
Persistent link: https://www.econbiz.de/10012471294
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Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, Lawrence J. - 2001
an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts of average …
Persistent link: https://www.econbiz.de/10012470317
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Credit risk transfers and the macroeconomy
Faia, Ester - 2010
The recent financial crisis has highlighted the limits of the "originate to distribute" model of banking, but its nexus with the macroeconomy and monetary policy remains unexplored. I build a DSGE model with banks (along the lines of Holmström and Tirole [28] and Parlour and Plantin [39]) and...
Persistent link: https://www.econbiz.de/10008688526