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The Impact of Monetary Policy on Unemployment Hysteresis
Stockhammer, Engelbert; Sturn, Simon - 2008
This paper investigates the hypothesis that the extent to which hysteresis occurs in the aftermath of recessions depends on monetary policy reactions. The degree of hysteresis is explained econometrically by the extent of monetary easing during a recession and by standard variables for labour...
Persistent link: https://www.econbiz.de/10010460466
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The NAIRU and the Extent of the Low-Pay Sector
Garz, Marcel - 2010
unemployment (NAIRU) is used. In a first step, the unobservable, exogenous NAIRU is estimated for Germany in a state space setting … the low-pay sector. Finally, by treating the NAIRU as the dependent variable, the impact of the low-wage share is … relationship between the NAIRU and the share of the low-wage sector. This hypothesis is rejected empirically. Indeed, for the time …
Persistent link: https://www.econbiz.de/10010460495
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The European Commission's New NAIRU: Does it Deliver?
Gechert, Sebastian; Rietzler, Katja; Tober, Silke - 2014
The NAIRU is a key component of potential output and as such critically affects output gap estimates. In May 2014, the … European Commission changed its specification of the NAIRU for several countries and lowered its NAIRU estimates - in the case … of Spain from 26.6% to 20.7% for 2015. To test the dependence of the new NAIRU on unemployment versus structural factors …
Persistent link: https://www.econbiz.de/10010460567
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The Impact of Monetary Policy on Unemployment Hysteresis
Stockhammer, Engelbert; Sturn, Simon - Institut für Makroökonomie und Konjunkturforschung … - 2008
This paper investigates the hypothesis that the extent to which hysteresis occurs in the aftermath of recessions depends on monetary policy reactions. The degree of hysteresis is explained econometrically by the extent of monetary easing during a recession and by standard variables for labour...
Persistent link: https://www.econbiz.de/10005582251
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The NAIRU and the Extent of the Low-Pay Sector
Garz, Marcel - Institut für Makroökonomie und Konjunkturforschung … - 2010
unemployment (NAIRU) is used. In a first step, the unobservable, exogenous NAIRU is estimated for Germany in a state space setting … the low-pay sector. Finally, by treating the NAIRU as the dependent variable, the impact of the low-wage share is … relationship between the NAIRU and the share of the low-wage sector. This hypothesis is rejected empirically. Indeed, for the time …
Persistent link: https://www.econbiz.de/10008615450
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The European Commission’s New NAIRU: Does it Deliver?
Gechert, Sebastian; Rietzler, Katja; Tober, Silke - Institut für Makroökonomie und Konjunkturforschung … - 2014
The NAIRU is a key component of potential output and as such critically affects output gap estimates. In May 2014, the … European Commission changed its specification of the NAIRU for several countries and lowered its NAIRU estimates – in the case … of Spain from 26.6% to 20.7% for 2015. To test the dependence of the new NAIRU on unemployment versus structural factors …
Persistent link: https://www.econbiz.de/10011098358
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Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory
Palley, Thomas I. - 2013
This paper excavates the set of ideas known as modern monetary theory (MMT). The principal conclusion is that the macroeconomics of MMT is a restatement of elementary well-understood Keynesian macroeconomics. There is nothing new in MMT's construction of monetary macroeconomics that warrants the...
Persistent link: https://www.econbiz.de/10010460532
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The critics of modern money theory (MMT) are right
Palley, Thomas I. - 2014
Eric Tymoigne and Randall Wray's (T&W, 2013) defense of MMT leaves the MMT emperor even more naked than before (excuse the Yogi Berra-ism). The criticism of MMT is not that it has produced nothing new. The criticism is that MMT is a mix of old and new, the old is correct and well understood,...
Persistent link: https://www.econbiz.de/10010460557
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The critics of modern money theory (MMT) are right
Palley, Thomas I. - Institut für Makroökonomie und Konjunkturforschung … - 2014
Eric Tymoigne and Randall Wray's (T&W, 2013) defense of MMT leaves the MMT emperor even more naked than before (excuse the Yogi Berra-ism). The criticism of MMT is not that it has produced nothing new. The criticism is that MMT is a mix of old and new, the old is correct and well understood,...
Persistent link: https://www.econbiz.de/10010858912
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The critics of modern money theory (MMT) are right
Palley, Thomas I. - Institut für Makroökonomie und Konjunkturforschung … - 2014
Eric Tymoigne and Randall Wray's (T&W, 2013) defense of MMT leaves the MMT emperor even more naked than before (excuse the Yogi Berra-ism). The criticism of MMT is not that it has produced nothing new. The criticism is that MMT is a mix of old and new, the old is correct and well understood,...
Persistent link: https://www.econbiz.de/10011278419