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Hofmann, Boris; Straub, Roland; Peersman, Gert - 2010

This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates as well as real and nominal wages. The results indicate considerable time variation in U.S. wage dynamics that can be linked to the monetary policy regime. Before and after the...

Persistent link: https://www.econbiz.de/10011605276

Inflation Dynamics with Labour Market Matching : Assessing Alternative Specifications

Christoffel, Kai Philipp; Costain, James S.; de Walque, … - 2010

This paper reviews recent approaches to modeling the labour market and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behaviour. In a search and matching environment, we consider the following modeling setups: right-to-manage...

Persistent link: https://www.econbiz.de/10014208182

When Does Lumpy Factor Adjustment Matter for Aggregate Dynamics

Fahr, Stephan - 2009

We analyze the dynamic effects of lumpy factor adjustments at the firm level onto the aggregate economy. We find that distinguishing between capital and labour as lumpy factors within the production function result in very different dynamics for aggregate output, investment and labour in an...

Persistent link: https://www.econbiz.de/10012765164

Exploring Okun's Law Asymmetry : An Endogenous Threshold Lstr Approach

Christopoulos, Dimitris - 2020

-related variables accounts for changes (rises) in the Okun's parameter in the US in recent decades. Accordingly, the unemployment gap is …

Persistent link: https://www.econbiz.de/10012844617

Labor Share and Growth in the Long Run

Charpe, Matthieu - 2019

This paper establishes some stylized facts of the long run relationship between growth and labor shares using historical data for the United States (1898-2010), the United Kingdom (1856-2010), and France (1896-2010). Performing individual country time-frequency analysis, we demonstrate the...

Persistent link: https://www.econbiz.de/10012889951

Expectation-Driven Cycles : Time-Varying Effects

D'Agostino, Antonello - 2015

the unemployment rate to measure expectations of future developments in economic activity. We find that the effect of … expectation shocks on the realized unemployment rate have been particularly large during the most recent recession. Unanticipated … changes in expectations contributed to the gradual increase in the persistence of the unemployment rate and to the decline in …

Persistent link: https://www.econbiz.de/10013025015

Ramsey Monetary Policy With Labour Market Frictions

Faia, Ester - 2007

unemployment/inflation trade-off. In response to productivity shocks optimal policy is pro-cyclical when the worker's bargaining …

Persistent link: https://www.econbiz.de/10012778042

Optimal Simple Monetary Policy Rules and Non-Atomistic Wage Setters in a New-Keynesian Framework

Gnocchi, Stefano - 2006

The purpose of the paper is to design optimal monetary policy rules in a New-Keynesian model featuring the presence of non-atomistic unions. It is shown that concentrated labor markets call for more aggressive inflation stabilization. This is because the central bank is able to induce wage...

Persistent link: https://www.econbiz.de/10012779237

Endogenous TFP, Business Cycle Persistence and the Productivity Slowdown in the Euro Area

Spitzer, Martin - 2020

This paper analyses the endogeneity of euro area total factor productivity and its role in business cycle amplification by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. In this framework, total factor productivity evolves endogenously as a...

Persistent link: https://www.econbiz.de/10012834776

Lower for Longer Under Endogenous Technology Growth

Elfsbacka Schmöller, Michaela; Spitzer, Martin - 2022

This paper studies monetary policy strategies under endogenous technology dynamics and low r*. Endogenous growth strengthens the gains from make-up strategies relative to inflation targeting, especially if policy space is reduced. This result is due to the long-run non-neutrality of money and...

Persistent link: https://www.econbiz.de/10014078328