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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
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Uncertainty shocks and unemployment dynamics
Kandoussi, Malak; Langot, François - 2020
uncertainty shocks measured by stock market volatility have a significant impact on the U.S. unemployment rate. We then develop a …
Persistent link: https://www.econbiz.de/10012243477
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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
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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
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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
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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
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Integrated macroeconomic production function for open economies : a new Schumpeterian Solow model for globalization
Welfens, Paul J. J. - 2016
The macroeconomic production function is a traditional key element of modern macroeconomics, as is the more recent knowledge production function which explains knowledge/patents by certain input factors such as research, foreign direct investment or international technology spillovers. This...
Persistent link: https://www.econbiz.de/10011452235
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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
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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
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Fatal fluctuations? : Cyclicality in infant mortality in India
Bhalotra, Sonia R. (contributor) - 2007
is driven by non-agricultural income. -- Infant mortality ; income volatility ; business cycles ; India ; health care …
Persistent link: https://www.econbiz.de/10003566276