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Persistence and nominal inertia in a generalized Taylor economy: How longer contracts dominate shorter contracts

Dixon, Huw; Kara, Engin - 2007

We develop the Generalized Taylor Economy (GTE) in which there are many sectors with overlapping contracts of di§erent lengths. In economies with the same average contract length, monetary shocks will be more persistent when longer contracts are present. Using the Bils-Klenow distribution of...

Persistent link: https://www.econbiz.de/10010322772

Real business cycles with a human capital investment sector and endogenous growth: Persistence, volatility and labor puzzles

Dang, Jing; Gillman, Max; Kejak, Michal - 2011

A positive joint two-sector productivity shock causes Rybczynski (1955) and Stolper and Samuelson (1941) effects that release leisure time and initially raises the relative price of human capital investment so as to favor it over goods production. This enables a basic RBC model, modified by...

Persistent link: https://www.econbiz.de/10010288869

The Poor, the Rich and the Enforcer: Institutional Choice and Growth

Koeppl, Thor; Monnet, Cyril; Quintin, Erwan - 2007

We study economies where improving the quality of institutions - modeled as improving contract enforcement - requires …

Persistent link: https://www.econbiz.de/10011940764

Housing liquidity, mobility, and the labour market

Head, Allen; Lloyd-Ellis, Huw - 2009

The relationships among geographical mobility, unemployment and the value of owner-occupied housing are studied in an … equilibrium, unemployment rates for home-owners are higher than for otherwise identical renters. Unemployment and home … more mobile than owners, the impact of home-ownership on aggregate unemployment is quantitatively small. …

Persistent link: https://www.econbiz.de/10010290316