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this had on labor productivity also played a role. In many countries, post-2007 employment losses were modest, as real … this context, the paper discusses the different experiences of the UK (where employment increased) and Spain (where it fell … sharply), and finds that almost two thirds of the employment losses in Spain resulted from the failure of real wages to adjust …
Persistent link: https://www.econbiz.de/10011408256
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
growth patterns shows that regime changes are quite common in both economic growth and employment growth, yet they are not …
Persistent link: https://www.econbiz.de/10011763747
This paper presents theory and evidence on the asymmetric effects of monetary policy on job creation and job ….S. manufacturing industry, and it finds evidence of asymmetry. Tight policy increases job destruction and reduces net employment …
Persistent link: https://www.econbiz.de/10014400386
Labor market informality is a pervasive feature of most developing economies. Motivated by the empirical regularity that the labor informality rate falls with GDP per capita, both at business cycle frequency and in a cross-section of countries, and that the Okun's coefficient falls with the...
Persistent link: https://www.econbiz.de/10012392626
This paper studies the relationship between wealth inequality and occupational choice between rent-seeking and production. With imperfect credit markets and a fixed cost to rent-seeking, only wealthy agents choose to engage in rent-seeking as it enables them to protect their wealth from...
Persistent link: https://www.econbiz.de/10014403639
Persistent link: https://www.econbiz.de/10009572544
Persistent link: https://www.econbiz.de/10009488220
Where do economic cycles come from? This paper contemplates an utmost minimalistic model and underlying theory that …
Persistent link: https://www.econbiz.de/10012518871
Motivated by the increasing interest in analyzing the links between the financial sector and the real economy, we develop a macro-financial structural model with two novel features. First, we include idiosyncratic and aggregate risk in a tractable general equilibrium model. This allows us to...
Persistent link: https://www.econbiz.de/10012391995