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Evaluating microfoundations for aggregate price regidities: evidence from matched firm-level data on product prices and unit labor cost
Carlsson, Mikael; Nordström Skans, Oskar - 2009
strongly to predictable marginal cost changes, as expected from the Mankiw and Reis (2002) Sticky Information Model. We �nd …
Persistent link: https://www.econbiz.de/10011605129
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Counterfeiting and inflation
Monnet, Cyril - 2005
matching model with no commitment and no enforcement. An intrinsically worthless but perfectly durable object called a ‘note …
Persistent link: https://www.econbiz.de/10011604558
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Optimal sticky prices under rational inattention
Maćkowiak, Bartosz; Wiederholt, Mirko - 2009
information flow. When idiosyncratic conditions are more variable or more important than aggregate conditions, firms pay more …
Persistent link: https://www.econbiz.de/10011605055
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Employment stickiness in small manufacturing firms
Vermeulen, Philip - 2006
Small firms often do not change their number of employees from year to year. This paper investigates the role of adjustment costs and indivisibility of labor in the employment stickiness of manufacturing firms with less than 75 employees. When small firms have to adjust employment in units of at...
Persistent link: https://www.econbiz.de/10011604686
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Can adjustment costs explain the variability and counter-cyclicality of the labour share at the firm and aggregate level?
Vermeulen, Philip - 2007
This paper shows that adjustment costs modelled as firing costs of moderate size go a long way in explaining the variability and counter-cyclicality of the labour share at the firm and aggregate level. Firing costs cause firms to hire less in recessions and hire less in booms causing wage costs...
Persistent link: https://www.econbiz.de/10011604818
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The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics
Christoffel, Kai; Linzert, Tobias - 2005
In this paper we incorporate a labor market with matching frictions and wage rigidities into the New Keynesian business …
Persistent link: https://www.econbiz.de/10011604602
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Productivity and job flows: heterogeneity of new hires and continuing jobs in the business cycle
Kilponen, Juha; Vanhala, Juuso - 2009
This paper focuses on tenure driven productivity dynamics of a firm-worker match as a potential explanation of "unemployment volatility puzzle". We let new matches and continuing jobs differ by their productivity levels and by their sensitivity to aggregate productivity shocks. As a result, new...
Persistent link: https://www.econbiz.de/10011605126
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Sequential optimization, front-loaded information, and U.S. consumption
Willman, Alpo - 2007
In an overlapping generations maximization framework with consumers, whose information on uncertain future income …
Persistent link: https://www.econbiz.de/10011604811
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Money talks
Hoerova, Marie; Monnet, Cyril; Temzelides, Ted - 2009
We study credible information transmission by a benevolent Central Bank. We consider two possibilities: direct … revelation through an announcement, versus indirect information transmission through monetary policy. These two ways of … transmitting information have very different consequences. Since the objectives of the Central Bank and those of individual …
Persistent link: https://www.econbiz.de/10011605137
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Technology shocks and robust sign restrictions in a euro area SVAR
Peersman, Gert; Straub, Roland - 2004
This paper provides evidence for the impact of technology, labor supply, monetary policy and aggregate spending shocks on hours worked in the Euro area. The evidence is based on a vector autoregression identi?ed using sign restrictions that are consistent with both sticky price and real business...
Persistent link: https://www.econbiz.de/10011604419