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Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area: A structural model-based approach

Jacquinot, Pascal; Pisani, Massimiliano; Lozej, Matija - 2018

We evaluate the effects of permanently reducing labour tax rates in the euro area (EA) by simulating a large-scale open economy dynamic general equilibrium model. The model features the EA as a monetary union, split in two regions (Home and the rest of the EA - REA), the US, and the rest of the...

Persistent link: https://www.econbiz.de/10011853315

Exploring Okun's law asymmetry: An endogenous threshold LSTR approach

Christopoulos, Dimitris; McAdam, Peter; Tzavalis, Elias - 2019

-related variables accounts for changes (rises) in the Okun's parameter in the US in recent decades. Accordingly, the unemployment gap is …

Persistent link: https://www.econbiz.de/10012389548

Hysteresis in unemployment: Evidence from OECD estimates of the natural rate

Ball, Laurence M.; Onken, Joern - 2021

This paper studies the dynamics of unemployment (u) and its natural rate (u*), with u* measured by real-time estimates …

Persistent link: https://www.econbiz.de/10012819039

Growth in euro area labour quality

Schwerdt, Guido; Turunen, Jarkko - 2006

Composition of the euro area workforce evolves over time and in response to changing labour market conditions. We construct an estimate of growth in euro area labour quality over the period 1983-2004 and show that labour quality has grown on average by 0.6% year-on-year over this time period....

Persistent link: https://www.econbiz.de/10011604621

Does slack influence public and private labor market interactions?

Lamo, Ana; Moral-Benito, Enrique; Pérez, Javier J. - 2016

We empirically analyze the impact of public employment and wages' shocks on private labor market outcomes by studying if policies operate differently in periods of economic slack than in normal times. We use local projection methods and focus on the Spanish and euro area aggregate cases. We find...

Persistent link: https://www.econbiz.de/10011605935

A lost generation? Education decisions and employment outcomes during the U.S. housing boom-bust cycle of the 2000s

Popov, Alexander; Laeven, Luc - 2016

We exploit regional variation in US house price fluctuations during the boom-bust cycle of the 2000s to study the impact of the housing cycle on young Americans' choices related to education and employment. We find that in MSAs which experienced large increases in house prices between 2001 and...

Persistent link: https://www.econbiz.de/10011605937

Unemployment risk and over-indebtedness

Du Caju, Philip; Rycx, François; Tojerow, Ilan - 2016

We study how unemployment affects the over-indebtedness of households using the new European Household Finance and … to country specific results, the role of unemployment varies widely across countries. In Spain, France or Portugal, for … households plagued by over-indebtedness increased by more than 10%, suggesting that another unemployment shock could have a major …

Persistent link: https://www.econbiz.de/10011605953

Macroeconomic effects of tariffs shocks: The role of the effective lower bound and the labour market

Jacquinot, Pascal; Lozej, Matija; Pisani, Massimiliano - 2020

We simulate a version of the EAGLE, a New Keynesian multi-country model of the world economy, to assess the macroeconomic effects of US tariffs imposed on one country member of the euro area (EA), and the rest of the world (RW). The model is augmented with an endogenous effective lower bound...

Persistent link: https://www.econbiz.de/10012422096

What's up with the Phillips curve?

Del Negro, Marco; Lenza, Michele; Primiceri, Giorgio E.; … - 2020

an estimated DSGE model. It finds that the disconnect is due primarily to the muted reaction of inflation to cost … inflation stabilization also appears to have played some role by reducing the impact of demand shocks on the real economy. The …

Persistent link: https://www.econbiz.de/10012422097

Infinite-dimensional VARs and factor models

Chudik, Alexander; Pesaran, Hashem - 2009

This paper introduces a novel approach for dealing with the 'curse of dimensionality' in the case of large linear dynamic systems. Restrictions on the coefficients of an unrestricted VAR are proposed that are binding only in a limit as the number of endogenous variables tends to infinity. It is...

Persistent link: https://www.econbiz.de/10011605044