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International Trade, Technological Shocks and Spillovers in the Labour Market : A GVAR Analysis of the US Manufacturing Sector
Vansteenkiste, Isabel - 2007
We empirically analyse the response of US manufacturing labour market variables to various shocks, notably to trade openness and technology. The econometric approach involves an application of the recently developed global VAR (GVAR) methodology of Dees, DiMauro, Pesaran, and Smith (2005) to 12...
Persistent link: https://www.econbiz.de/10012777698
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Endogenous Growth, Downward Wage Rigidity and Optimal Inflation
Abbritti, Mirko; Consolo, Agostino; Weber, Sebastian - 2021
-run Phillips curve between inflation and unemployment and a trade-off between price distortions and output hysteresis that change … hysteresis effects on unemployment and output. Price level targeting or a Taylor-rule responding to the unemployment rate can …
Persistent link: https://www.econbiz.de/10013309815
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The Role of Real Wage Rigidity and Labor Market Frictions for Unemployment and Inflation Dynamics
Christoffel, Kai Philipp - 2006
persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation … cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions … employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to …
Persistent link: https://www.econbiz.de/10012783591
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Nominal Wage Rigidity in the EU Countries Before and after the Great Recession : Evidence from the WDN Surveys
Branten, Eva - 2018
This paper studies the recent trends in nominal wage rigidity in a large group of EU countries, using survey data. We analyse two forms of nominal wage rigidity: downward nominal wage rigidity (DNWR) and the lagged response of wages to shocks. The frequency of wage changes, which is an indicator...
Persistent link: https://www.econbiz.de/10012916421
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Non-Base Wage Components as a Source of Wage Adaptability to Shocks : Evidence from European Firms, 2010-2013
Babecký, Jan - 2018
This paper provides evidence on the role of non-base wage components as a channel for firms to adjust labour costs in the event of adverse shocks. It uses data from a firm-level survey for 25 European countries that covers the period 2010–2013. We find that firms subject to nominal wage...
Persistent link: https://www.econbiz.de/10012916521
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Time Variation in U.S. Wage Dynamics
Hofmann, Boris; Peersman, Gert; Straub, Roland - 2021
This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates as well as real and nominal wages. The results indicate considerable time variation in U.S. wage dynamics that can be linked to the monetary policy regime. Before and after the...
Persistent link: https://www.econbiz.de/10013316191
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Downward Wage Rigidity in Hungary
Kátay, Gábor - 2011
Following the approach recently developed for the International Wage Flexibility Project (IWFP), the paper presents new estimates of downward real and nominal wage rigidity for Hungary. Results suggest that nominal rigidity is more prominent in Hungary than real rigidity. When compared to other...
Persistent link: https://www.econbiz.de/10013121445
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Shocks, Structures or Monetary Policies? The Euro Area and US After 2001
Christiano, Lawrence J. - 2007
The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...
Persistent link: https://www.econbiz.de/10012776610
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Housing, Consumption and Monetary Policy : How Different are the US and the Euro Area?
Musso, Alberto - 2012
The paper provides a systematic empirical analysis of the role of the housing market in the macroeconomy in the US and in the euro area. First, it establishes some stylised facts concerning key variables in the housing market, such as the real house price, residential investment and mortgage...
Persistent link: https://www.econbiz.de/10013116395
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The Effects of Monetary Policy on Unemployment Dynamics Under Model Uncertainty : Evidence from the US and the Euro Area
Altavilla, Carlo; Ciccarelli, Matteo - 2021
surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian …
Persistent link: https://www.econbiz.de/10013316324