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Interest rate hysteresis in macroeconomic investment under uncertainty
Belke, Ansgar; Göcke, Matthias - 2019
the scenarios of both certainty and uncertainty. We capture the direct interest rate-hysteresis on the investments and the … capital stock and, explicitly, of stochastic changes on the interest rate-investment hysteresis. Starting with hysteresis … hysteresis effects on a macroeconomic level. Based on our simple model we are able to obtain some conclusions about the efficacy …
Persistent link: https://www.econbiz.de/10012099522
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Monetary persistence and the labor market : a new perspective
Lechthaler, Wolfgang (contributor);  … - 2008
It is common knowledge that the standard New Keynesian model is not able to generate a persistent response in output to temporary monetary shocks. We show that this shortcoming can be remedied in a simple and intuitively appealing way through the introduction of labor turnover costs (such as...
Persistent link: https://www.econbiz.de/10003719627
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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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Monetary policy and Swedish unemployment fluctuations
Alexius, Annika (contributor); Holmlund, Bertil (contributor) - 2007
A widely spread belief among economists is that monetary policy has relatively short-lived effects on real variables such as unemployment. Previous studies indicate that monetary policy affects the output gap only at business cycle frequencies, but the effects on unemployment may well be more...
Persistent link: https://www.econbiz.de/10003591475
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Unemployment, growth and fiscal policy : new insights on the hysteresis hypothesis
Raurich-Puigdevall, Xavier (contributor);  … - 2004 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10002035720
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Unemployment in the European Union : institutions, prices, and growth
Karanassou, Marika (contributor); Sala, Hector (contributor) - 2003 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001800159
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Youth employment in Europe : institutions and social capital explain better than mainstream economics
Contini, Bruno - 2010
Why did employment growth – high in the last decade – take place at the expense of young workers in the countries of Central and Southern Europe? This is the question addressed in this paper. Youth unemployment has approached or exceeded 20% despite a variety of factors, common to most EU...
Persistent link: https://www.econbiz.de/10003937042
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Uncertainty and the politics of employment protection
Vindigni, Andrea (contributor) - 2008
This paper investigates the role that idiosyncratic uncertainty plays in shaping social preferences over the degree of labor market flexibility, in a general equilibrium model of dynamic labor demand where the productivity of firms evolves over time as a Geometric Brownian motion. A key result...
Persistent link: https://www.econbiz.de/10003719624
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Low pay persistence in European countries
Clark, Kenneth; Kanellopoulos, Nikolaos C. - 2009
Using panel data for twelve European countries over the period 1994-2001 we estimate the extent of state dependence in low pay. Controlling for observable and unobservable heterogeneity as well as the endogeneity of initial conditions we find positive, statistically significant state dependence...
Persistent link: https://www.econbiz.de/10003847125
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Expected inflation, sunspots equilibria and persistent unemployment fluctuations
Dufourt, Frédéric; Lloyd-Braga, Teresa; Modesto, Leonor - 2009
We propose and estimate a model where unemployment fluctuations result from self-fulfilling changes in expected inflation (sunspot shocks) affecting nominal wage bargaining. Since the estimated parameters fall near the locus of Hopf bifurcations, country-specific expected inflation shocks can...
Persistent link: https://www.econbiz.de/10003879337