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Endogenous wage indexation and aggregate shocks
Carrillo, Julio A.; Peersman, Gert; Wauters, Joris - 2013
Wage indexation practices have changed. Evidence on the U.S. for instance suggests that wages were heavily indexed to … indexation parameters in wage setting, which might not be structural in the sense of Lucas (1976). This paper presents a New …-Keynesian model in which workers, by maximizing their welfare, set their wage indexation rule in response to aggregate shocks and …
Persistent link: https://www.econbiz.de/10010206006
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Informality, labor regulation, and the business cycle
Leyva, Gustavo; Urrutia, Carlos - 2018
We analyze the joint impact of employment protection and informality on macroeconomic volatility and the propagation of shocks in emerging economies. For this, we propose a small open economy business cycle model with frictional labor markets, labor regulation, and an informal sector, modeled as...
Persistent link: https://www.econbiz.de/10012165940
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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
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Money, sticky wages, and the great depression
Bordo, Michael D.; Erceg, Christopher J.; Evans, Charles - 1997
Persistent link: https://www.econbiz.de/10000630959
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Nominal wage stickiness and aggregate supply in the great depression
Bernanke, Ben; Carey, Kevin M. - 1996
Persistent link: https://www.econbiz.de/10000563981
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The aggregate implications of regional business cycles
Beraja, Martin; Hurst, Erik; Ospina, Juan - 2016
Persistent link: https://www.econbiz.de/10011436348
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The making of a great contraction with a liquidity trap and a jobless recovery
Schmitt-Grohé, Stephanie; Uribe, Martín - 2012
Persistent link: https://www.econbiz.de/10009679649
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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
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Shocks, Frictions, and Inequality in US Business Cycles
Bayer, Christian - 2020
How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and...
Persistent link: https://www.econbiz.de/10012841741
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Uncertainty and Monetary Policy in Good and Bad Times : A Replication of the VAR Investigation by Bloom (2009)
Caggiano, Giovanni - 2020
This paper revisits the well-known VAR evidence on the real effects of uncertainty shocks by Bloom (Econometrica 2009(3): 623-685. doi: 10.3982/ECTA6248). We replicate the results in a narrow sense using Eviews. In a wide sense, we extend his study by working with a smooth transition-VAR...
Persistent link: https://www.econbiz.de/10012824829