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Global macro-financial cycles and spillovers

Ha, Jongrim; Kose, M. Ayhan; Otrok, Christopher M.; … - 2020

We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...

Persistent link: https://www.econbiz.de/10012178610

Counteracting unemployment in crises : non-linear effects of short-time work policy

Gehrke, Britta; Hochmuth, Brigitte - 2018

Short-time work is a labor market policy that subsidizes working time reductions among firms in financial difficulty to prevent layoffs. Many OECD countries have used this policy in the Great Recession. This paper shows that the effects of short-time work are strongly time dependent and...

Persistent link: https://www.econbiz.de/10011845664

The cyclicality of labor market flows : a multiple-shock approach

Hairault, Jean-Olivier; Zhutova, Anastasia - 2014

In this paper, we aim to provide a comprehensive view of the unemployment dynamics generated by different structural shocks. We show that the relative contribution of the job finding and separation rates to the unemployment dynamics depends on a type of structural shocks. Identified using a sign...

Persistent link: https://www.econbiz.de/10010417964

Uncertainty shocks and unemployment dynamics

Kandoussi, Malak; Langot, François - 2020

Recent events suggest that uncertainty changes play a major role in U.S. labor market fluctuations. This study analyzes the impact of uncertainty shocks on unemployment dynamics. Using a vector autoregression approach, we show that uncertainty shocks measured by stock market volatility have a...

Persistent link: https://www.econbiz.de/10012243477

On the exposure of the BRIC countries to global economic shocks

Belke, Ansgar; Dreger, Christian; Dubova, Irina - 2017

The financial crisis led to a deep recession in many industrial countries. While large emerging countries recovered relatively quickly from the financial crisis, their performance deteriorated in the recent years, despite the modest recovery in advanced economies. The higher divergence of...

Persistent link: https://www.econbiz.de/10011631497

Evolving wage cyclicality in Latin America

Gambetti, Luca; Messina, Julián - 2017

Examines the evolution of the cyclicality of real wages and employment in four Latin American economies: Brazil, Chile, Colombia and Mexico, during the period 1980-2010. Wages are highly pro-cyclical during the 1980s and early 1990s, a period characterized by high inflation. As inflation...

Persistent link: https://www.econbiz.de/10011636567

Aggregation in large dynamic panels

Pesaran, M. Hashem; Chudik, Alexander - 2011

concludes with an empirical application to consumer price inflation in Germany, France and Italy, and re-examines the extent to …

Persistent link: https://www.econbiz.de/10009130496

Real wage cyclicality in Italy

Peng, Fei (contributor); Siebert, William S. (contributor) - 2006

This paper analyzes the cyclical behaviour of male real wages in Italy using the European Community Household Panel …. Stayers are the large majority. We find stayers in Northern Italy to have high cyclicality of real wages, higher in fact than … the North of Italy operate much more competitively than in the Centre and South. …

Persistent link: https://www.econbiz.de/10003502647

Local agglomeration, entrepreneurship and the Great Recession : evidence from Italian industrial districts

Brunello, Giorgio; Langella, Monica - 2014

We ask whether local agglomeration affects how recessions impact on entrepreneurship by comparing the probability of being an entrepreneur before and after the Great 2008 Recession in local labour markets where industrial districts are present and in comparable areas. Using Italian Labour Force...

Persistent link: https://www.econbiz.de/10010386017

How does financial globalization affect risk sharing? : Patterns and channels

Kose, M. Ayhan (contributor); Prasad, Eswar S. (contributor) - 2007

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. In this paper, we provide a comprehensive empirical evaluation of the patterns of risk sharing among different groups of countries and examine how international...

Persistent link: https://www.econbiz.de/10003586563

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