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Adjustment dynamics and the natural rate : an account of UK unemployment

Henry, S. G. B.; Karanassou, Marika; Snower, Dennis J. - 1999

This paper challenges what is the standard account of UK unemployment, namely that the major swings in unemployment over the past 25 years are due predominantly to movements in the underlying empirical “natural rate of unemployment” (NRU). Our analysis suggests that the British NRU has...

Persistent link: https://www.econbiz.de/10011313937

The impact of labor markets on the transmission of monetary policy in an estimated DSGE model

Christoffel, Kai (contributor); Kuester, Keith (contributor) - 2005

Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New-Keynesian closed economy...

Persistent link: https://www.econbiz.de/10003229297

Oil price shocks, monetary policy and current account imbalances within a currency union

Baas, Timo; Belke, Ansgar - 2017

trade result in an asymmetric reaction to an otherwise symmetric shock. In this context, we show that oil price shocks can …

Persistent link: https://www.econbiz.de/10011785688

Uniform and nonuniform staggering of wage contracts

Danziger, Leif - 2010

This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic...

Persistent link: https://www.econbiz.de/10003983623

Monetary persistence and the labor market : a new perspective

Lechthaler, Wolfgang (contributor); … - 2008

that the employment rate is slow to converge to its steady state value after a monetary shock. The after-effects of a shock … continue to exert an effect on the labor market even long after the shock is over. The sluggishness of the labor market … translates to the product market and thus the output effects of the monetary shock become more persistent. Under reasonable …

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

Causal effects of monetary shocks : semiparametric conditional independence tests with a multinomial propensity score

Angrist, Joshua D. (contributor); … - 2008

Macroeconomists have long been concerned with the causal effects of monetary policy. When the identification of causal effects is based on a selection-on-observables assumption, non-causality amounts to the conditional independence of outcomes and policy changes. This paper develops a...

Persistent link: https://www.econbiz.de/10003739948

Monetary persistence, imperfect competition, and staggering complementarities

Merkl, Christian (contributor); … - 2007

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

The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics

Christoffel, Kai (contributor); Linzert, Tobias (contributor) - 2005

cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …

Persistent link: https://www.econbiz.de/10003227218

Characteristics of unemployment dynamics : the chain reaction approach

Karanassou, Marika; Snower, Dennis J. - 2000

labor resources generated in the aftermath of a shock). Furthermore, we estimate the contributions of individual lagged …

Persistent link: https://www.econbiz.de/10011325992

Escaping social pressure: fixed-term contracts in multi-establishment firms

Bassanini, Andrea; Caroli, Eve; Fontaine, François; … - 2021

We develop a simple theoretical model showing that, by adding to the adjustment costs associated with permanent contracts, local social pressure against dismissals creates an incentive for CEOs to rely on fixed-term contracts, in an attempt to escape social pressure. Using linked...

Persistent link: https://www.econbiz.de/10012415958

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