Showing 1 - 10 of 65
macroeconomic volatilities. In our subsequent empirical estimations, we find that higher labor turnover costs have a statistically … theory. While labor market institutions have a large effect on output volatility, they do not seem to have much of an effect … and inflation volatility ; labor turnover costs ; unemployment benefits ; unemployment ; eurozone …
Persistent link: https://www.econbiz.de/10003961662
's labor turnover costs (e.g. costs of hiring, training, and firing). In this context, labor turnover costs not only influence … the bargaining process itself. This approach leads to a new theory of wage determination. …
Persistent link: https://www.econbiz.de/10011412236
Persistent link: https://www.econbiz.de/10001808412
We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are … zero and the optimal volatility of inflation is an increasing function of firing costs. The optimal rule should react to … employment alongside inflation. -- Optimal monetary policy ; hiring and firing costs ; labor market frictions ; policy trade-off …
Persistent link: https://www.econbiz.de/10003879356
This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are complementary in generating monetary persistence. We do so by proposing the new measure of "quantitative inertia," after discussing...
Persistent link: https://www.econbiz.de/10003557342
introduction of labor turnover costs (such as hiring and firing costs). Assuming that it is costly to hire and fire workers implies … and firing costs …
Persistent link: https://www.econbiz.de/10003719627
macroeconomic volatilities. In our subsequent empirical estimations, we find that higher labor turnover costs have a statistically … theory. While labor market institutions have a large effect on output volatility, they do not seem to have much of an effect …
Persistent link: https://www.econbiz.de/10013143682
"The conventional wisdom that inflation and unemployment are unrelated in the long-run implies that these phenomena can be analysed by separate branches of economics. The macro literature tries to explain inflation dynamics and estimates the NAIRU. The labour macro literature tries to explain...
Persistent link: https://www.econbiz.de/10003359297
This paper presents a theory explaining the labor market matching process through microeconomic incentives. There are … heterogeneous variations in the characteristics of workers and jobs, and firms face adjustment costs in responding to these … empirical regularities that the conventional matching model cannot. -- Matching ; incentives ; adjustment costs ; unemployment …
Persistent link: https://www.econbiz.de/10003832116
This paper shows that the German labor market is more volatile than the US labor market. Specifically, the volatility of the cyclical component of several labor market variables (e.g., the job-finding rate, labor market tightness, and job vacancies) divided by the volatility of labor...
Persistent link: https://www.econbiz.de/10003896476