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Hoerova, Marie - 2010

We study credible information transmission by a benevolent Central Bank. We consider two possibilities: direct … revelation through an announcement, versus indirect information transmission through monetary policy. These two ways of … transmitting information have very different consequences. Since the objectives of the Central Bank and those of individual …

Persistent link: https://www.econbiz.de/10013150973

Rational Inattention : A Review

Maćkowiak, Bartosz; Matějka, Filip; Wiederholt, Mirko - 2021

agents cannot process all available information, but they can choose which exact pieces of information to attend to. Several … important results in economics have been built around imperfect information. Nowadays, many more forms of information than ever … before are available due to new technologies, and yet we are able to digest little of it. Which form of imperfect information …

Persistent link: https://www.econbiz.de/10013222707

Evaluating Microfoundations for Aggregate Price Rigidities : Evidence from Matched Firm-Level Data on Product Prices and Unit Labor Cost

Carlsson, Mikael; Nordstrom Skans, Oskar - 2021

strongly to predictable marginal cost changes, as expected from the Mankiw and Reis (2002) Sticky Information Model. We find …

Persistent link: https://www.econbiz.de/10013316332

On-the-Job Search and the Cyclical Dynamics of the Labor Market

Krause, Michael U.; Lubik, Thomas A. - 2021

We show how on-the-job search and the propagation of shocks to the economy are intricately linked. Rising search by employed workers in a boom amplifies the incentives of firms to post vacancies. In turn, more vacancies increases job search. By keeping job creation costs low for firms,...

Persistent link: https://www.econbiz.de/10013318926

Bid-to-Cover and Yield Changes Around Public Debt Auctions in the Euro Area

Beetsma, Roel M. W. J. - 2017

Earlier research has shown that euro-area primary public debt markets affect secondary markets. We find that more successful auctions of euro area public debt, as captured by higher bid-to-cover ratios, lead to lower secondary-market yields following the auctions. This effect is stronger when...

Persistent link: https://www.econbiz.de/10012956251

The Role of Real Wage Rigidity and Labor Market Frictions for Unemployment and Inflation Dynamics

Christoffel, Kai Philipp - 2006

In this paper we incorporate a labor market with matching frictions and wage rigidities into the New Keynesian business …

Persistent link: https://www.econbiz.de/10012783591

Panel Data Estimates of the Production Function and Product and Labor Market Imperfections

Dobbelaere, Sabien - 2007

Embedding the efficient bargaining model into the Hall (1988) approach for estimating price-cost margins shows that both imperfections in the product and labor markets generate a wedge between factor elasticities in the production function and their corresponding shares in revenue. This article...

Persistent link: https://www.econbiz.de/10012776545

Social Value of Public Information - Testing the Limits to Transparency

Ehrmann, Michael - 2014

Transparency has become an almost universal virtue among central banks. The paper tests empirically, for the case of the Federal Reserve, two hypotheses about central bank transparency derived from the debate of Morris and Shin (2002) and Svensson (2006). First, the paper finds that the...

Persistent link: https://www.econbiz.de/10012751806

Model-based indicators of labour market rigidity

Fabiani, Silvia; Rodriguez-Palenzuela, Diego - 2001

We derive indicators of labour market flexibility that are comparable across countries and time intervals. Our indicators build on a structural VAR model of real wages, output and unemployment dynamics. We compute our indicators for thirteen OECD countries and for two time periods, and we...

Persistent link: https://www.econbiz.de/10011604103

Equilibrium unemployment, job flows and inflation dynamics

Trigari, Antonella - 2004

In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price rigidities. Then, it estimates a set of structural parameters...

Persistent link: https://www.econbiz.de/10011604350