Similar Search Results

Biased Expectations and Labor Market Outcomes: Evidence from German Survey Data and Implications for the East-West Wage Gap

Balleer, Almut; Duernecker, Georg; Forstner, Susanne; … - 2023

income in East Germany. The bias difference in labor market expectations explains part of the East-West German wage gap. …

Persistent link: https://www.econbiz.de/10014290246

Biased Expectations and Labor Market Outcomes : Evidence from German Survey Data and Implications for the East-West Wage Gap

Balleer, Almut; Duernecker, Georg; Forstner, Susanne; … - 2023

income in East Germany. The bias difference in labor market expectations explains part of the East-West German wage gap …

Persistent link: https://www.econbiz.de/10014358858

Does Short-Time Work Save Jobs? A Business Cycle Analysis

Balleer, Almut; Gehrke, Britta; Lechthaler, Wolfgang; … - 2014

In the Great Recession most OECD countries used short-time work (publicly subsidized working time reductions) to counteract a steep increase in unemployment. We show that short-time work can actually save jobs. However, there is an important distinction to be made: While the rule-based component...

Persistent link: https://www.econbiz.de/10010333423

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

Uncertainty and Monetary Policy During the Great Recession

Pellegrino, Giovanni; Castelnuovo, Efrem; Caggiano, Giovanni - 2021

We employ a nonlinear VAR framework and a state-of-the-art identification strategy to document the large response of real activity to a financial uncertainty shock during and in the aftermath of the great recession. We replicate this evidence with an estimated DSGE framework featuring a concept...

Persistent link: https://www.econbiz.de/10013235107

Why Does Risk Matter More in Recessions than in Expansions?

Andreasen, Martin M.; Caggiano, Giovanni; Pellegrino, … - 2021

This paper uses a nonlinear vector autoregression and a non-recursive identification strategy to show that an equal-sized uncertainty shock generates a larger contraction in real activity when growth is low (as in recessions) than when growth is high (as in expansions). An estimated New...

Persistent link: https://www.econbiz.de/10013324269

Wage Bargaining and Labor Market Policy with Biased Expectations

Balleer, Almut; Duernecker, Georg; Forstner, Susanne; … - 2023

of biased expectations for wage bargaining, vacancy creation, worker flows and labor market policies. Importantly, we … relationship between workers' job separation expectations and wages. Instead, a wage setting process with less frequent wage … the difference between firms' and workers' biases matters for the bargained wage but not the size of biases. …

Persistent link: https://www.econbiz.de/10014290251

Wage Bargaining and Labor Market Policy with Biased Expectations

Balleer, Almut; Duernecker, Georg; Forstner, Susanne; … - 2023

of biased expectations for wage bargaining, vacancy creation, worker flows and labor market policies. Importantly, we … relationship between workers’ job separation expectations and wages. Instead, a wage setting process with less frequent wage … the difference between firms’ and workers’ biases matters for the bargained wage but not the size of biases …

Persistent link: https://www.econbiz.de/10014358405

Economic Policy Uncertainty Spillovers in Booms and Busts

Caggiano, Giovanni; Castelnuovo, Efrem; Figueres, Juan … - 2018

We estimate a nonlinear VAR to quantify the impact of economic policy uncertainty shocks originating in the US on the Canadian unemployment rate in booms and busts. We find strong evidence in favor of asymmetric spillover effects. Unemployment in Canada is shown to react to uncertainty shocks in...

Persistent link: https://www.econbiz.de/10011872143

Economic Policy Uncertainty and Unemployment in the United States: A Nonlinear Approach

Caggiano, Giovanni; Castelnuovo, Efrem; Figueres, Juan … - 2018

We model U.S. post-WWII monthly data with a Smooth Transition VAR model and study the effects of an unanticipated increase in economic policy uncertainty on unemployment in recessions and expansions. We find the response of unemployment to be statistically and economically larger in recessions....

Persistent link: https://www.econbiz.de/10011887365