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The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty - Evidence from the US and the Euro Area
Altavilla, Carlo - 2013
surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian …
Persistent link: https://www.econbiz.de/10012753184
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The Effect of Shocks to Labour Market Flows on Unemployment and Participation Rates
Dixon, Robert John - 2014
interact and affect the evolution of unemployment rates and participation rates, the two main indicators of labour market … performance. Our analysis has two special features. First, apart from the two labour market states – employment and unemployment … that a shock to the net flow from unemployment to employment drive the unemployment rate and the participation rate in …
Persistent link: https://www.econbiz.de/10013051614
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Business Cycle Asymmetries and the Labor Market
Kohlbrecher, Britta - 2016
density function with higher density and thereby generate large, asymmetric job-finding rate and unemployment reactions. Our …
Persistent link: https://www.econbiz.de/10012994696
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Unemployment and Endogenous Reallocation Over the Business Cycle
Carrillo-Tudela, Carlos - 2013
We build an analytically and computationally tractable stochastic equilibrium model of unemployment in heterogeneous … countercyclical unemployment, and is simultaneously consistent with procyclical reallocation, countercyclical separations and a … negatively-sloped Beveridge curve. Moreover, the model exhibits unemployment duration dependence, which (when calibrated to long …
Persistent link: https://www.econbiz.de/10013087720
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Worker Identity, Employment Fluctuations and Stabilization Policy
Lechthaler, Wolfgang; Snower, Dennis J. - 2021
This paper provides a model of “social hysteresis,” whereby long, deep recessions demotivate workers and thereby lead them to change their work ethic. In switching from a pro-work to an anti-work identity, their incentives to seek and retain work fall and consequently their employment...
Persistent link: https://www.econbiz.de/10013315765
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Uncertainty-Driven Business Cycles : Assessing the Markup Channel
Born, Benjamin - 2017
A growing recent literature relies on a precautionary pricing motive embedded in representative agent DSGE models with sticky prices and wages to generate negative output effects of uncertainty shocks. We assess whether this theoretical model channel is consistent with the data. Building a New...
Persistent link: https://www.econbiz.de/10012962916
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On the Modeling of the Income Distribution Business Cycle Dynamics
Heer, Burkhard - 2007
Empirically, the income share is procyclical for the low-income groups and acyclical for the top 5%. We find that business cycle models should consider overlapping generations and elastic labor supply in order to replicate this finding
Persistent link: https://www.econbiz.de/10012777297
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Central Bank Policy Rates : Are They Cointegrated?
Caporale, Guglielmo Maria - 2017
This paper analyses the stochastic properties of and the bilateral linkages between the central bank policy rates of the US, the Eurozone, Australia, Canada, Japan and the UK using fractional integration and cointegration techniques respectively. The univariate analysis suggests a high degree of...
Persistent link: https://www.econbiz.de/10012958879
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Estimating Dynamic Equilibrium Models Using Mixed Frequency Macro and Financial Data
Christensen, Bent Jesper - 2014
We provide a framework for inference in dynamic equilibrium models including financial market data at daily frequency, along with macro series at standard lower frequency. Our formulation of the macro-finance model in continuous-time conveniently accounts for the difference in observation...
Persistent link: https://www.econbiz.de/10013044593
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The Price Puzzle Revisited : Can the Cost Channel Explain a Rise in Inflation after a Monetary Policy Shock?
Henzel, Steffen - 2013
This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate it for the euro area by adopting a minimum distance approach. Our findings suggest that - under certain parameter restrictions which are not rejected by the data - the cost...
Persistent link: https://www.econbiz.de/10012753889