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Labor force participation and monetary policy in the wake of the Great Recession

Erceg, Christopher J.; Levin, Andrew T. - 2013

In this paper, we provide compelling evidence that cyclical factors account for the bulk of the post-2007 decline in the U.S. labor force participation rate. We then proceed to formulate a stylized New Keynesian model in which labor force participation is essentially acyclical during “normal...

Persistent link: https://www.econbiz.de/10012667415

Inflation and Activity – Two Explorations and their Monetary Policy Implications

Blanchard, Olivier - 2015

unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …

Persistent link: https://www.econbiz.de/10012418077

Monetary Policy Credibility and the Unemployment-Inflation Tradeoff : Some Evidence From 17 Industrial Countries

N'Diaye, Papa M'B. P. - 2002

inflation-unemployment process. The results provide some evidence in favor of the Lucas critique by showing that the short …-run unemployment-inflation trade-off tends to improve in countries that are successful in providing low and stable inflation …

Persistent link: https://www.econbiz.de/10014399723

Wage-price dynamics and structural reforms in Japan

Porcellacchia, Davide - 2016

Structural reforms in the liquidity trap need not be deflationary. This paper develops a simple framework to study the role that key characteristics of Japan's labor and product markets-labor-market duality and weak corporate governance-play in generating unfavorable wage-price dynamics. The...