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The effects of monetary policy on unemployment dynamics under model uncertainty : evidence from the US and the euro area ( by Carlo Altavilla and Matteo Ciccarelli

Altavilla, Carlo; Ciccarelli, Matteo - 2009

surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian … policy ; model uncertainty ; Bayesian model averaging ; unemployment gap ; Taylor rule …

Persistent link: https://www.econbiz.de/10003963762

Labour market skills, endogenous productivity and business cycles

Abbritti, Mirko; Consolo, Agostino - 2022

This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that … unskilled workers. Skill mismatch and skill-specific labour market institutions have three main effects on business cycles and … skilled workers increases the natural rate of unemployment and reduces total factor productivity with long- run effects on the …

Persistent link: https://www.econbiz.de/10012880717

Explaining deviations from Okun's law

Foroni, Claudia; Furlanetto, Francesco - 2022

with a SVAR model by inspecting how unemployment responds to the state of the economy. We show that deviations from Okun …

Persistent link: https://www.econbiz.de/10013332832

What are the main obstacles to hiringafter recessions in Europe?

Savšek, Simon - 2018

This paper assesses the relative importance of perceived obstacles to hiring workers on a permanent basis faced by EU firms and studies how they depend on firm's characteristics. Findings suggest that the main obstacles to hiring in Europe are high uncertainty, shortage of skilled labour, high...

Persistent link: https://www.econbiz.de/10011856489

An area-wide real-time database for the euro area

Giannone, Domenico; Henry, Jérôme; Lalik, Magdalena - 2010

This paper describes how we constructed a real-time database for the euro area covering more than 200 series regularly published in the European Central Bank Monthly Bulletin, as made available ahead of publication to the Governing Council members before their first meeting of the month. We...

Persistent link: https://www.econbiz.de/10003969570

Labor market institutions and the business cycle : unemployment rigidities vs. real wage rigidities

Abbritti, Mirko; Weber, Sebastian - 2010

This paper investigates the importance of labor market institutions for inflation and unemployment dynamics. Using the … Unemployment Rigidities (UR) and those that cause Real Wage Rigidities (RWR). The two types of institutions have opposite effects … New Keynesian framework we argue that labor market institutions should be divided into those institutions that cause …

Persistent link: https://www.econbiz.de/10003972885

Time variation in U.S. wage dynamics

Hofmann, Boris; Peersman, Gert; Straub, Roland - 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/10003993976

The changing link between labor cost and price inflation in the United States

Bobeica, Elena; Ciccarelli, Matteo; Vansteenkiste, Isabel - 2021

The link between US labor cost and price inflation has weakened notably over the past three decades. In this paper we document this decline and analyse potential contributing factors. We consider four important trends that have shaped the US economy of late: (i) improved anchoring of inflation...

Persistent link: https://www.econbiz.de/10012603076

Cyclical and structural variation in resource allocation : evidence for Europe

Bartelsman, Eric J.; López-García, Paloma; … - 2018

institutions. Productivity-enhancing reallocation generally rises in downturns but, similar to findings for the US, it did not pick …

Persistent link: https://www.econbiz.de/10011937320

Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area

Schmöller, Michaela; 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/10012212852