Showing 1 - 10 of 229
Labor productivity is more procyclical in OECD countries with lower employment volatility. To capture this new stylized … our model with variable effort, greater labor market frictions are associated with procyclical labor productivity as well … data. By implication, labor market deregulation has a greater effect on the cyclicality of labor productivity and on the …
Persistent link: https://www.econbiz.de/10013222414
The study aims at describing productivity growth in the manufacturing sector for a selected panel of five European … countries using firm-level data. The paper explores the empirical regularities of firm productivity distribution across … countries. In particular, we assess the degree of persistence of firm relative productivity and consider its effect on aggregate …
Persistent link: https://www.econbiz.de/10013316512
nearly one third of euro area labour productivity growth. The results point to a significant decline in the contribution of … total factor productivity to euro area growth …
Persistent link: https://www.econbiz.de/10013318111
-varying parameters median-unbiased estimation methodology, to investigate changes in the equilibrium rate of growth of labor productivity …-WWII era. Results for the U.S. well capture the 'conventional wisdom' of a golden era of high productivity growth, the 1950s … mid-1990s. Evidence clearly suggests the 1990s' productivity acceleration to have reached a plateau over the last few …
Persistent link: https://www.econbiz.de/10012777974
Network (CompNet). The new database provides information on the distribution of labour productivity, TFP, ULC or size of firms …, within each industry, but also their joint analysis with the productivity of the firm provides critical insights to both … productivity developments and its drivers. For instance, by using covariances between productivity and employment the paper shows …
Persistent link: https://www.econbiz.de/10013026277
This paper asks two questions. First, can we detect empirically whether the shocks recovered from the estimates of a structural VAR are truly structural? Second, can the problem of nonfundamentalness be solved by considering additional information? The answer to the first question is "yes" and...
Persistent link: https://www.econbiz.de/10013317596
This paper studies optimal discretionary monetary policy in the presence of uncertainty about the degree of financial frictions. Changes in the degree of financial frictions are modelled as changes in parameters of a hybrid New-Keynesian model calibrated for the UK, following Bean, Larsen and...
Persistent link: https://www.econbiz.de/10011604685
We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...
Persistent link: https://www.econbiz.de/10011605238
In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new database of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...
Persistent link: https://www.econbiz.de/10013136676
In this paper we propose a new methodology to estimate the volatility of interest rates in the euro area money market. In particular, our approach aims at avoiding the limitations of currently available measures, i.e. the dependency on arbitrary choices in terms of maturity and frequencies...
Persistent link: https://www.econbiz.de/10013088954