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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

Labor Market Institutions and the Business Cycle : Unemployment Rigidities vs. Real Wage Rigidities

Abbritti, Mirko - 2010

This paper investigates the importance of labor market institutions for inflation and unemployment dynamics. Using the … Unemployment Rigidities (UR) and those that cause Real Wage Rigidities (RWR). The two types of institutions have opposite effects … and their interaction is crucial for the dynamics of inflation and unemployment. We estimate a panel VAR with …

Persistent link: https://www.econbiz.de/10013144855

Cyclical Inflation Divergence and Different Labor Market Institutions in the Emu

Campolmi, Alessia; Faia, Ester - 2021

This paper relates the size of the cyclical inflation differentials, currently observed for euro area countries, to the differences in labor market institutions across the same set of countries. It does that by using a DSGE model for a currency area with sticky prices and labor market frictions....

Persistent link: https://www.econbiz.de/10013317627

Wealth Shocks, Unemployment Shocks and Consumption in the Wake of the Great Recession

Christelis, Dimitris - 2015

Data from the 2009 Internet Survey of the Health and Retirement Study show that many U.S. households experienced large capital losses in housing and financial wealth, and that 5% of respondents lost their job during the Great Recession. As a consequence of these shocks, many households reduced...

Persistent link: https://www.econbiz.de/10013026622

Market Power and Fiscal Policy in OECD Countries

Afonso, António - 2010

We compute average mark-ups as a measure of market power throughout time and study their interaction with fiscal policy and macroeconomic variables in a VAR framework. From impulse-response functions the results, with annual data for a set of 14 OECD countries covering the period 1970-2007, show...

Persistent link: https://www.econbiz.de/10013145150

Monetary Policy and the Financing of Firms

De Fiore, Fiorella - 2012

How should monetary policy respond to changes in financial conditions? In this paper we consider a simple model where firms are subject to idiosyncratic shocks which may force them to default on their debt. Firms' assets and liabilities are denominated in nominal terms and predetermined when...

Persistent link: https://www.econbiz.de/10013116576

Asymmetric Information in Credit Markets, Bank Leverage Cycles and Macroeconomic Dynamics

Rannenberg, Ansgar - 2012

I add a moral hazard problem between banks and depositors as in Gertler and Karadi (2009) to a DSGE model with a costly state verification problem between entrepreneurs and banks as in Bernanke et al. (1999) (BGG). This modification amplifies the response of the external finance premium and the...

Persistent link: https://www.econbiz.de/10013099227

Loan Supply Shocks and the Business Cycle

Gambetti, Luca - 2012

This paper provides empirical evidence on the role played by loan supply shocks over the business cycle in the Euro Area, the United Kingdom and the United States from 1980 to 2010 by applying a time-varying parameters VAR model with stochastic volatility and identifying these shocks with sign...

Persistent link: https://www.econbiz.de/10013101121

Business Cycles, Monetary Transmission and Shocks to Financial Stability : Empirical Evidence from a New Set of Danish Quarterly National Accounts 1948-2010

Abildgren, Kim - 2012

a significant and long-lasting negative impact on real GDP following an exogenous shock to the banking sector's write …

Persistent link: https://www.econbiz.de/10013102102

Large Shocks in Menu Cost Models

Karadi, Peter - 2012

How do prices react to large aggregate shocks? Our new micro-data evidence on value-added tax changes shows that prices react (i) flexibly and (ii) asymmetrically to large positive and negative shocks. We use it to quantitatively evaluate the performance of prominent pricing models. We show that...

Persistent link: https://www.econbiz.de/10013104018

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