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Debt, deficits, and destabilizing monetary policy in open economies

Schabert, Andreas; Wijnbergen, Sweder van - 2006

Persistent link: https://www.econbiz.de/10003332112

Debt, deficits, and destabilizing monetary policy in open economies

Schabert, Andreas; Wijnbergen, Sweder van - 2006 - Revised Version: May 2006

Blanchard (2005) suggested that active interest rate policy might induce unstable dynamics in highly-indebted economies. We examine this in a dynamic general equilibrium model where Calvo-type price rigidities provide a rationale for inflation stabilization. Unstable dynamics can occur when the...

Persistent link: https://www.econbiz.de/10011349206

Joined at the Hip : Monetary and Fiscal Policy in a Liquidity-Dependent World

Calvo, Guillermo; Velasco, Andrés - National Bureau of Economic Research - 2022

We study the effects of monetary and fiscal policies when both money and government bonds provide liquidity services … the supply of bonds. Those movements in government bond prices affect available liquidity, and therefore aggregate demand … interest rate on money. We conclude that in a liquidity-dependent world, fiscal and monetary policies are joined at the hip …

Persistent link: https://www.econbiz.de/10013172164

Optimal government spending and unemployment

Linnemann, Ludger; Schabert, Andreas - 2008

Persistent link: https://www.econbiz.de/10003690042

Monetary policy and inequality under labor market frictions and capital-skill complementarity

Dolado, Juan J.; Motyovszki, Gergö; Pappa, Euē - 2018

In order to improve our understanding of the channels through which monetary policy has distributional consequences, we build a New Keynesian model with incomplete asset markets, asymmetric search and matching (SAM) frictions across skilled and unskilled workers and, foremost, capital-skill...

Persistent link: https://www.econbiz.de/10011853562

Explaining youth labor market problems in Spain : crowding-out, institutions, or technology shifts?

Dolado, Juan J.; Felgueroso, Florentino; Jimeno, Juan F. - 2000

This paper examines the empirical evidence regarding the poor performance of the youth labor market in Spain over the last two decades, which entails very high unemployment for both higher and lower educated workers, symptoms of over-education, and low intensity of on-the-job training. It also...

Persistent link: https://www.econbiz.de/10011325977

Firm market power and the earnings distribution

Webber, Douglas A. - 2013

Using linked employer-employee data, I compute firm-level measures of the labor supply elasticity facing each private non-farm firm in the US. I provide the first direct evidence of the positive relationship between a firm's labor supply elasticity and the earnings of its workers. I also...

Persistent link: https://www.econbiz.de/10009730795

The European youth guarantee : labor market context, conditions and opportunities in Italy

Pastore, Francesco - 2015

This essay aims to discuss the conditions for a successful implementation of the European Youth Guarantee in Italy. In principle, the program should be able to affect the frictional and mismatch components of unemployment, if not the Keynesian and neoclassical ones, as also the experience of...

Persistent link: https://www.econbiz.de/10010498539

Labor Market Dynamics When Ideas are Harder to Find

Bilal, Adrien; Engbom, Niklas; Mongey, Simon; Violante, … - National Bureau of Economic Research - 2021

This paper evaluates the impact of slowing economic growth on labor market dynamism and misallocation. It provides a model of endogenous growth via imitation in a frictional labor market. The framework accounts for rich data on worker job-to-job transitions as well as stochastic and lifecycle...

Persistent link: https://www.econbiz.de/10012696388

A Theory of Labor Markets with Inefficient Turnover

Blanco, Andres; Drenik, Andres; Moser, Christian; … - National Bureau of Economic Research - 2024

We develop a theory of labor markets with four features: search frictions, worker productivity shocks, wage rigidity, and two-sided lack of commitment. Inefficient job separations occur in the form of endogenous quits and layoffs that are unilaterally initiated whenever a worker's...

Persistent link: https://www.econbiz.de/10014544688

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