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Labor turnover costs, workers' heterogeneity, and optimal monetary policy
Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2009
We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to a right to manage bargaining where the firms' counterpart is given by currently employed workers. Our model captures well the salient features of European labor...
Persistent link: https://www.econbiz.de/10003879356
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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
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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
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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
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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
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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
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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
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Trade and informality in the presence of labor market frictions and regulations
Carneiro, Rafael Dix; Goldberg, Pinelopi K.; Meghir, Costas - 2021
We build an equilibrium model of a small open economy with labor market frictions and imperfectly enforced regulations. Heterogeneous firms sort into the formal or informal sector. We estimate the model using data from Brazil, and use counterfactual simulations to understand how trade affects...
Persistent link: https://www.econbiz.de/10012419315
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Fiscal policy, sovereign default, and bailouts
Jüßen, Falko; Schabert, Andreas - 2013
This paper examines fiscal policy without commitment and the effects of conditional bailout loans. The government relies on distortionary taxation and decides between full debt repayment and costly default. It tends to overborrow due to myopia, which induces default to be a relevant policy...
Persistent link: https://www.econbiz.de/10010225902
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Optimal fiscal devaluation
Langot, François; Patureau, Lise; Sopraseuth, Thepthida - 2012
We study fiscal devaluation in a small-open economy with labor market search frictions. Our analysis shows the key role of both dimensions in shaping the optimal tax scheme. By reducing labor market distortions, the tax reform is welfare-improving. Yet, as it makes imports more expensive, fiscal...
Persistent link: https://www.econbiz.de/10009548862