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The Impact of Labor Markets on the Transmission of Monetary Policy in an Estimated DSGE Model

Christoffel, Kai; Kuester, Keith; Linzert, Tobias - 2021

Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New-Keynesian closed economy...

Persistent link: https://www.econbiz.de/10013318057

Home Ownership and Monetary Policy Transmission

Koeniger, Winfried - 2018

We present empirical evidence on the heterogeneity in monetary policy transmission across countries with different home ownership rates. We use household-level data together with shocks to the policy rate identified from high-frequency data. We find that housing tenure reacts more strongly to...

Persistent link: https://www.econbiz.de/10012906518

A Tacit Monetary Policy of the Gulf Countries : Is There a Remittances Channel?

Termos, Ali A. - 2015

The strong economic ties between the GCC economies and the U.S. are manifested in three ways: currency peg, coupling of monetary policy, and the adoption of the U.S. dollar as the trading currency for oil. This paper examines how these dynamics result in a misalignment of the U.S. monetary...

Persistent link: https://www.econbiz.de/10013028190

Monetary Policy Transmission to Consumer Financial Stress and Durable Consumption

Georgarakos, Dimitris - 2019

We examine the effects of monetary policy on household self-assessed financial stress and durable consumption using panel data from eighteen annual waves of the British Household Panel Survey. For identification, we exploit random variation in household exposure to interest rates generated by...

Persistent link: https://www.econbiz.de/10012868821

Differences in Euro-Area Household Finances and Their Relevance for Monetary-Policy Transmission

Hintermaier, Thomas - 2019

This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a financial asset and...

Persistent link: https://www.econbiz.de/10012859309

Detecting Mortgage Delinquencies

Askitas, Nikos - 2012

Economic hardship is strongly reflected by the housing market. It is the concern of much research, but its analysis is often obstructed by insufficient lagged data. This paper evaluates search intensity for "hardship letter" from Google Insights to detect ensuing mortgage delinquencies. Such...

Persistent link: https://www.econbiz.de/10013114318

Gambling and the Use of Credit : An Individual and Household Level Analysis

Brown, Sarah - 2010

use of credit, at the individual and household level using representative pooled cross-section data drawn from the UK … Expenditure and Food Surveys (EFS), 2001 to 2007. Gambling and the use of credit are shown to be positively correlated at the … between gambling and the use of credit is remarkably stable across household income. In addition to our household level …

Persistent link: https://www.econbiz.de/10013146840

Returns to Education in Four Transition Countries : Quantile Regression Approach

Staneva, Anita - 2010

This paper uses quantile regression techniques to analyze heterogeneous patterns of return to education across the conditional wage distribution in four transition countries. We correct for sample selection bias using a procedure suggested by Buchinsky (2001), which is based on a Newey (1991,...

Persistent link: https://www.econbiz.de/10013137510

For Some Mothers More than Others : How Children Matter for Labour Market Outcomes When Both Fertility and Female Employment are Low

Karbownik, Krzysztof - 2012

We estimate the causal relationship between family size and labour market outcomes for families in low fertility and low female employment regime. Family size is instrumented using twinning and gender composition of the first two children. Among families with at least one child we identify the...

Persistent link: https://www.econbiz.de/10013099085

Count Your Hours : Returns to Education in Poland

Myck, Michal - 2009

We show how significant may be the difference in the estimated returns to education in Poland conditional on the … measure of wages used and the estimation approach applied. Combining information from two different Polish surveys from 2005 … conclusion. While there are several papers examining the wage equation in Poland, so far none of them has provided a …

Persistent link: https://www.econbiz.de/10013157517