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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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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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Business cycle effects of credit and technology shocks in a DSGE model with firm defaults
Pesaran, M. Hashem; Xu, TengTeng - 2011
financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined …This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … different realizations of firm specific technology shocks, possible leading to default by some firms. The paper advances a new …
Persistent link: https://www.econbiz.de/10009488413
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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
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Unemployment insurance generosity and aggregate employment
Boone, Christopher; Dube, Arindrajit; Goodman, Lucas; … - 2016
This paper examines the impact of unemployment insurance (UI) on aggregate employment by exploiting cross-state variation in the maximum benefit duration during the Great Recession. Comparing adjacent counties located in neighboring states, we find no statistically significant impact of...
Persistent link: https://www.econbiz.de/10011595780
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Optimal fiscal policy with labor selection
Chugh, Sanjay K.; Lechthaler, Wolfgang; Merkl, Christian - 2018
This paper characterizes long-run and short-run optimal fiscal policy in the labor selection framework. In a calibrated non-Ramsey decentralized equilibrium, labor market volatility is inefficient. Keeping fixed the structural parameters, the Ramsey government achieves efficient labor market...
Persistent link: https://www.econbiz.de/10011872840
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Labor market institutions and the response of inflation to macro shocks in the EU : a two-sector analysis
D'Adamo, Gaetano; Rovelli, Riccardo - 2013
We model empirically the role of labor market institutions in affecting the response of inflation to labor market and exchange rate shocks in the EU. We adopt a simple Phillips curve framework, treating separately the sectors producing traded and non-traded goods. Our results show that labor...
Persistent link: https://www.econbiz.de/10010128820
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Wage cyclicalities and labor market dynamics at the establishment level : theory and evidence
Merkl, Christian; Stüber, Heiko - 2017
Using the new AWFP dataset that covers all German establishments, we document a substantial cross-sectional heterogeneity of establishments' average real wages over the business cycle. While the median establishments' real wages are procyclical, there is a large fraction of establishments with...
Persistent link: https://www.econbiz.de/10011735900
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Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation
De Walque, Gregory; Pierrard, Olivier; Sneessens, Henri; … - 2009
We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...
Persistent link: https://www.econbiz.de/10003824877
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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