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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
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State dependence in labor market fluctuations
Pizzinelli, Carlo; Theodoridis, Konstantinos; Zanetti, … - 2020
), we establish that the unemployment rate, the job separation rate, and the job finding rate exhibit a larger response to … of the state dependence in the unemployment rate, 76 percent for the separation rate and 36 percent for the job finding …
Persistent link: https://www.econbiz.de/10012875997
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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