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Factor substitution and factor augmenting technical progress in the US: a normalized supply-side system approach
Klump, Rainer; McAdam, Peter; Willman, Alpo - 2004
Using a normalized CES function with factor-augmenting technical progress, we estimate a supply-side system of the US economy from 1953 to 1998. Avoiding potential estimation biases that have occurred in earlier studies and putting a high emphasis on the consistency of the data set, required by...
Persistent link: https://www.econbiz.de/10011604413
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Labor share and growth in the long run
Charpe, Matthieu; Bridji, Slim; McAdam, Peter - 2019
This paper establishes some stylized facts of the long run relationship between growth and labor shares using historical data for the United States (1898-2010), the United Kingdom (1856-2010), and France (1896-2010). Performing individual country time-frequency analysis, we demonstrate the...
Persistent link: https://www.econbiz.de/10012142095
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Labor Share and Growth in the Long Run
Charpe, Matthieu - 2019
This paper establishes some stylized facts of the long run relationship between growth and labor shares using historical data for the United States (1898-2010), the United Kingdom (1856-2010), and France (1896-2010). Performing individual country time-frequency analysis, we demonstrate the...
Persistent link: https://www.econbiz.de/10012889951
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Lower for Longer Under Endogenous Technology Growth
Elfsbacka Schmöller, Michaela; Spitzer, Martin - 2022
This paper studies monetary policy strategies under endogenous technology dynamics and low r*. Endogenous growth strengthens the gains from make-up strategies relative to inflation targeting, especially if policy space is reduced. This result is due to the long-run non-neutrality of money and...
Persistent link: https://www.econbiz.de/10014078328
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Endogenous Growth, Downward Wage Rigidity and Optimal Inflation
Abbritti, Mirko; Consolo, Agostino; Weber, Sebastian - 2021
Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions, endogenous productivity and downward wage rigidity...
Persistent link: https://www.econbiz.de/10013309815
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Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area
Schmöller, Michaela; Spitzer, Martin - 2020
This paper analyses the endogeneity of euro area total factor productivity and its role in business cycle amplification by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. In this framework, total factor productivity evolves endogenously as a...
Persistent link: https://www.econbiz.de/10012422063
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Endogenous TFP, Business Cycle Persistence and the Productivity Slowdown in the Euro Area
Spitzer, Martin - 2020
This paper analyses the endogeneity of euro area total factor productivity and its role in business cycle amplification by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. In this framework, total factor productivity evolves endogenously as a...
Persistent link: https://www.econbiz.de/10012834776
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Real price and wage rigidities in a model with matching frictions
Kuester, Keith - 2007
Phillips curve is that inflation is not only driven by an output gap but also by an employment gap – a feature usually …
Persistent link: https://www.econbiz.de/10011604766
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Real Price and Wage Rigidities in a Model with Matching Frictions
Kuester, Keith - 2021
Phillips curve is that inflation is not only driven by an output gap but also by an employment gap - a feature usually …
Persistent link: https://www.econbiz.de/10013317251
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Employment stickiness in small manufacturing firms
Vermeulen, Philip - 2006
adjustment costs and indivisibility of labor in the employment stickiness of manufacturing firms with less than 75 employees …. When small firms have to adjust employment in units of at least one employee, indivisibility becomes an important source of … explains around 50% of the stickiness of employment, adjustment costs explain the other 50%. …
Persistent link: https://www.econbiz.de/10011604686