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Government Deficit Shocks and Okun's Coefficient Volatility : New Insights on the Austerity Versus Growth Debate

Pham, Binh Thai - 2019

This paper connects two salient economic features: (i) Fiscal shocks have asymmetric effects across business cycle phases (Gechert et al., 2019); (ii) Okun's coefficient is time varying and may be unstable. The intertwined dynamic behavior of fiscal shocks and unemployment-output trade-offs are...

Persistent link: https://www.econbiz.de/10012864881

Wage Rigidities in Colombia : Measurement, Causes, and Policy Implications

Agudelo, Sonia - 2017

This paper evaluates the extent of wage rigidities in Colombia over a period, 2002-2014, in which the fall in … measure of downward real wage rigidity (DRWR) of 12.09%, four times bigger than their aggregate estimate for the OECD … connection to the wage bargaining system. Amid the absence of effective labor market institutions to make rigidities less …

Persistent link: https://www.econbiz.de/10012959050

Flexibility at the Margin and Labor Market Volatility in OECD Countries

Sala, Hector; Silva, José I.; Toledo, Manuel - 2021

We study whether segmented labor markets with flexibility at the margin (e.g., just affecting fixed-term employees) can achieve similar volatility than fully deregulated labor markets. Flexibility at the margin produces a gap in separation costs among matched workers that cause fixed-term...

Persistent link: https://www.econbiz.de/10013324855

Capital Accumulation and Unemployment:New Insights on the Nordic Experience

Karanassou, Marika; Sala, Hector; Salvador, Pablo F. - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007

This paper takes a fresh look at the analysis of labour market dynamics and argues thatcapital accumulation plays a fundamental role in shaping unemployment movements. Thisrole has generally been examined by considering indirect transmission channels of thecapital stock effects, i.e. using...

Persistent link: https://www.econbiz.de/10005861659

The Wage-Productivity Gap Revisited : Is the Labour Share Neutral to Employment?

Karanassou, Marika - 2010

frictional growth (that is, the interplay of wage dynamics and productivity growth). In the light of this result, we consider a … exposition by providing empirical models of wage setting and employment equations for France, Germany, Italy, Japan, Spain, the … (or, equivalently, the wage-productivity gap) deserves the attention of policy makers …

Persistent link: https://www.econbiz.de/10013139711

Factor Shares, the Price Markup, and the Elasticity of Substitution between Capital and Labor

Raurich, Xavier - 2011

In a Walrasian labor market, the labor income share is constant under the assumptions of a Cobb-Douglas production function and perfect competition. Given the observed decline of the labor share in recent decades, this paper relaxes these assumptions, proposes a time-series calculation of the...

Persistent link: https://www.econbiz.de/10013120133

Investment Crowding-Out and Labor Market Effects of Financialization in the U.S

González, Ignacio - 2013

-equation macro labor model including labor demand, labor supply, wage-setting and capital accumulation equations. Financialization …

Persistent link: https://www.econbiz.de/10013084673

Productivity Growth and the Phillips Curve : A Reassessment of the US Experience

Karanassou, Marika - 2009

interplay of wage-staggering and money growth, generates a nonvertical NPC in the long-run, and (ii) the Phillips curve (PC …

Persistent link: https://www.econbiz.de/10013158034

The US Inflation-Unemployment Tradeoff : Methodological Issues and Further Evidence

Karanassou, Marika - 2009

This paper addresses the various methodological issues surrounding vector autoregressions, simultaneous equations, and chain reactions, and provides new evidence on the long-run inflation-unemployment tradeoff in the US. It is argued that money growth is a superior indicator of the monetary...

Persistent link: https://www.econbiz.de/10013158516

The Evolution of Inflation and Unemployment : Explaining the Roaring Nineties

Karanassou, Marika - 2007

This paper analyses the relation between US inflation and unemployment from the perspective of quot;frictional growth,quot; a phenomenon arising from the interplay between growth and frictions. In particular, we examine the interaction between money growth (on the one hand) and various real and...

Persistent link: https://www.econbiz.de/10012776513