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Labour Market Institutions and Unemployment- An International Comparison
Flaig, Gebhard - 2011
This paper deals with the effects of labour market institutions on unemployment in a panel of 19 OECD countries for the period 1960 to 2003 In contrast to many other studies, we use long time series and analyze cyclically adjusted trend values of the unemployment rate. Our novel contribution is...
Persistent link: https://www.econbiz.de/10013120904
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Monetary Persistence and the Labor Market : A New Perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2021
In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business...
Persistent link: https://www.econbiz.de/10013316264
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Macroeconomic Uncertainty and the Impact of Oil Shocks
Van Robays, Ine - 2014
This paper evaluates whether macroeconomic uncertainty changes the impact of oil shocks on the oil price. Using a structural threshold VAR model, we endogenously identify different regimes of uncertainty in which we estimate the effects of oil demand and supply shocks. The results show that...
Persistent link: https://www.econbiz.de/10013065379
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Structural Interpretation of Vecor Autoregressions with Incomplete Identification : Revisiting the Role of Oil Supply and Demand Shocks
Baumeister, Christiane - 2018
Traditional approaches to structural vector autoregressions can be viewed as special cases of Bayesian inference arising from very strong prior beliefs. These methods can be generalized with a less restrictive formulation that incorporates uncertainty about the identifying assumptions...
Persistent link: https://www.econbiz.de/10012926556
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Is the Discretionary Income Effect of Oil Price Shocks a Hoax?
Baumeister, Christiane - 2017
The transmission of oil price shocks has been a question of central interest in macroeconomics since the 1970s. There has been renewed interest in this question after the large and persistent fall in the real price of oil in 2014-16. In the context of this debate, Ramey (2017) makes the striking...
Persistent link: https://www.econbiz.de/10012960111
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Country-Specific Oil Supply Shocks and the Global Economy : A Counterfactual Analysis
Mohaddes, Kamiar - 2015
the shock. In particular, we find that adverse shocks to Iranian oil output are neutralized in terms of their effects on … contrast, a negative shock to oil supply in Saudi Arabia leads to an immediate and permanent increase in oil prices, given that … supply shock has significant adverse effects for the global economy with real GDP falling in both advanced and emerging …
Persistent link: https://www.econbiz.de/10013021694
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Structural Interpretation of Vector Autoregressions with Incomplete Information : Revisiting the Role of Oil Supply and Demand Shocks: Comment
Kilian, Lutz; Zhou, Xiaoqing - 2021
evidence and economic theory, the substantive results of earlier oil market studies are reaffirmed. We also refute BH’s claim …
Persistent link: https://www.econbiz.de/10013315410
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Oil Rents Shocks and Inequality in Iran
Farzanegan, Mohammad Reza; Krieger, Tim - 2021
and statistically significant response of income inequality to oil rent booms within 4 years of the shock. In addition …
Persistent link: https://www.econbiz.de/10013315433
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Forty Years of Oil Price Fluctuations : Why the Price of Oil May Still Surprise Us
Baumeister, Christiane - 2016
It has been forty years since the oil crisis of 1973/74. This crisis has been one of the defining economic events of the 1970s and has shaped how many economists think about oil price shocks. In recent years, a large literature on the economic determinants of oil price fluctuations has emerged....
Persistent link: https://www.econbiz.de/10012998728
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The Propagation of Regional Shocks in Housing Markets : Evidence from Oil Price Shocks in Canada
Kilian, Lutz - 2018
Shocks to the demand for housing that originate in one region may seem important only for that regional housing market. We provide evidence that such shocks can also affect housing markets in other regions. Our analysis focuses on the response of Canadian housing markets to oil price shocks. We...
Persistent link: https://www.econbiz.de/10012916565