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Worker identity, employment fluctuations and stabilization policy

Snower, Dennis J.; Lechthaler, Wolfgang - 2013

This paper provides a model of "social hysteresis" whereby long, deep recessions demotivate workers and thereby lead them to change their work ethic. In switching from a pro-work to an anti-work identity, their incentives to seek and retain work fall and consequently their employment chances...

Persistent link: https://www.econbiz.de/10009752694

Labour market reallocation effects of COVID-19 policies in Spain : a tale of two recessions

Díaz, Antonia; Dolado, Juan J.; Jáñez, Álvaro; … - 2023

. We show that ERTEs stabilize unemployment rates by allowing workers to remain with their employers in highly affected …

Persistent link: https://www.econbiz.de/10014250592

The German labor market during the Great Recession : shocks and institutions

Gehrke, Britta; Lechthaler, Wolfgang; Merkl, Christian - 2018

institutions (short-time work, government spending rules) and shocks (aggregate, labor market, and policy shocks) and to perform …

Persistent link: https://www.econbiz.de/10011916540

Does short-time work save jobs? : a business cycle analysis

Balleer, Almut; Gehrke, Britta; Lechthaler, Wolfgang; … - 2013

counteract a steep increase in unemployment. We show that short-time work can actually save jobs. However, there is an important …

Persistent link: https://www.econbiz.de/10009763124

Zero-hours contracts in a frictional labor market

Dolado, Juan J.; Lalé, Etienne; Turon, Hélène - 2021

We propose a model to evaluate the U.K.'s zero-hours contract (ZHC) - a contract that exempts employers from the requirement to provide any minimum working hours, and allows employees to decline any workload. We find quantitatively that ZHCs improve welfare by enabling firms with more volatile...

Persistent link: https://www.econbiz.de/10012803713

Optimal fiscal policy with labor selection

Chugh, Sanjay K.; Lechthaler, Wolfgang; Merkl, Christian - 2018

This paper characterizes long-run and short-run optimal fiscal policy in the labor selection framework. In a calibrated non-Ramsey decentralized equilibrium, labor market volatility is inefficient. Keeping fixed the structural parameters, the Ramsey government achieves efficient labor market...

Persistent link: https://www.econbiz.de/10011872840

Labor turnover costs, workers' heterogeneity, and optimal monetary policy

Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2009

We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to a right to manage bargaining where the firms' counterpart is given by currently employed workers. Our model captures well the salient features of European labor...

Persistent link: https://www.econbiz.de/10003879356

Monetary persistence and the labor market : a new perspective

Lechthaler, Wolfgang (contributor); … - 2008

It is common knowledge that the standard New Keynesian model is not able to generate a persistent response in output to temporary monetary shocks. We show that this shortcoming can be remedied in a simple and intuitively appealing way through the introduction of labor turnover costs (such as...

Persistent link: https://www.econbiz.de/10003719627

Two-tier labor markets in the Great Recession : France vs. Spain

Bentolila, Samuel; Cahuc, Pierre; Dolado, Juan J.; Le … - 2010

labor market institutions are similar and their unemployment rates just before the crisis were both around 8%. Yet, in …This paper analyzes the strikingly different response of unemployment to the Great Recession in France and Spain. Their … France, unemployment rate has increased by 2 percentage points, whereas in Spain it has shot up to 19% by the end of 2009. We …

Persistent link: https://www.econbiz.de/10009312950

Dual employment protection legislation : a framework for analysis

Dolado, Juan J. (contributor); Jansen, Marcel (contributor); … - 2005

EPL varying among workers of different skills on the level and composition of unemployment, job flows, productivity and …

Persistent link: https://www.econbiz.de/10002731277