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Dynamic efficiency and pareto optimality in a stochastic OLG model with production and social security

Barbie, Martin; Hagedorn, Marcus; Kaul, Ashok - 2000

We analyze the interaction between risk sharing and capital accumulation in a stochastic OLG model with production. We give a complete characterization of interim Pareto optimality. Our characterization also subsumes equilibria with a PAYG social security system. In a competitive equilibrium...

Persistent link: https://www.econbiz.de/10011339089

Government deficit shocks and Okun's coefficient volatility : new insights on the austerity versus growth debate

Binh Thai Pham; Sala, Hector - 2019

This paper connects two salient economic features: (i) Fiscal shocks have asymmetric effects across business cycle phases (Gechert et al., 2019); (ii) Okun's coefficient is time varying and may be unstable. The intertwined dynamic behavior of fiscal shocks and unemployment-output trade-offs are...

Persistent link: https://www.econbiz.de/10012054782

Public wages, public employment, and business cycle volatility : evidence from U.S. metro areas

Boeing-Reicher, Claire; Caponi, Vincenzo - 2016

business cycle volatility, hinting at a stabilizing effect of public employment, while public wages correlate weakly and … positively with business cycle volatility, hinting at a destabilizing effect of public wages. To explain these relationships, we …

Persistent link: https://www.econbiz.de/10011480769

How costly are business cycle volatility and inflation? : a vox populi approach

Georgarakos, Dimitris; Kim, Kwang Hwan; Coibion, Olivier; … - 2025

countries with greater historical volatility. …

Persistent link: https://www.econbiz.de/10015196921

Why is old workers' labor market more volatile? : unemployment fluctuations over the life-cycle

Hairault, Jean-Olivier; Langot, François; Sopraseuth, … - 2014

Since the last recession, it is usually argued that older workers are less affected by the economic downturn because their unemployment rate rose less than the one of prime-age workers. This view is a myth: older workers are more sensitive to the business cycle. We document volatilities of...

Persistent link: https://www.econbiz.de/10010339640

Countercyclical recruiting rates and the value of jobs

Yashiv, Eran - 2015

productivity and the forward-looking concept of job value. The paper explains the high volatility of firm recruiting behavior, as …

Persistent link: https://www.econbiz.de/10011346601

Volatility and growth : governments are key

Jetter, Michael - 2013

paper offers a solution to this disagreement, suggesting that volatility carries a positive direct effect, but also a … volatility is then ambiguous. The paper reveals the underlying endogeneity of government size in a balanced panel of 95 countries … increase of volatility lowers growth by up to 0.57 percentage points in a democracy, but raises growth by 1.74 percentage …

Persistent link: https://www.econbiz.de/10010228789

Families in macroeconomics

Doepke, Matthias; Tertilt, Michele - 2016

Much of macroeconomics is concerned with the allocation of physical capital, human capital, and labor over time and across people. The decisions on savings, education, and labor supply that generate these variables are made within families. Yet the family (and decision-making in families) is...

Persistent link: https://www.econbiz.de/10011454407

The vanishing procyclicality of labor productivity

Galí, Jordi; Rens, Thijs van - 2010

vanished, (ii) the relative volatility of employment has risen, and (iii) the relative (and absolute) volatility of the real … observed decline in output volatility. -- labor hoarding ; labor market frictions ; wage rigidities ; effort choice …

Persistent link: https://www.econbiz.de/10008779865

How do trade and financial integration affect the relationship between growth and volatility?

Kose, M. Ayhan (contributor); Prasad, Eswar S. (contributor) - 2006

as conventional wisdom that output volatility and growth are negatively correlated. We reexamine this relationship in the … negative association between growth and volatility has been preserved during the 1990s, both trade and financial integration … volatility and trade integration is significantly positive. We find a similar, although less significant, result for the …

Persistent link: https://www.econbiz.de/10003464194