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Hyperbolic Discounting and Positive Optimal Inflation
Graham, Liam - 2011
The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...
Persistent link: https://www.econbiz.de/10013125143
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Labor Turnover Costs, Workers' Heterogeneity, and Optimal Monetary Policy
Faia, Ester - 2009
We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to a right to manage bargaining where the firms' counterpart is given by currently employed workers. Our model captures well the salient features of European labor...
Persistent link: https://www.econbiz.de/10013157529
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Exports, Imports and Profitability : First Evidence for Manufacturing Enterprises
Wagner, Joachim - 2011
This paper documents for the first time the relationship between profitability and three types of international trade …
Persistent link: https://www.econbiz.de/10013123600
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Capital Shares and Income Inequality : Evidence from the Long Run
Bengtsson, Erik - 2016
This paper investigates the relationship between the capital share in national income and personal income inequality over the long run. Using a new historical cross-country database on capital shares in 19 countries and data from the World Wealth and Income Database, we find strong long-run...
Persistent link: https://www.econbiz.de/10013002440
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Sequential Bargaining in a New-Keynesian Model with Frictional Unemployment and Staggered Wage Negotiation
de Walque, Gregory - 2009
We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...
Persistent link: https://www.econbiz.de/10012764242
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On Identification of Bayesian DSGE Models
Koop, Gary - 2011
In recent years there has been increasing concern about the identification of parameters in dynamic stochastic general equilibrium (DSGE) models. Given the structure of DSGE models it may be difficult to determine whether a parameter is identified. For the researcher using Bayesian methods, a...
Persistent link: https://www.econbiz.de/10013126923
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Macroeconomic Volatilities and the Labor Market : First Results from the Euro Experiment
Merkl, Christian - 2010
theory. While labor market institutions have a large effect on output volatility, they do not seem to have much of an effect …
Persistent link: https://www.econbiz.de/10013143682
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Nominal Wage Rigidities in a New Keynesian Model with Frictional Unemployment
Bodart, Vincent; de Walque, Gregory; Pierrard, Olivier; … - 2021
In this paper, we propose a search and matching model with nominal stickiness à la Calvo in the wage bargaining. We analyze the properties of the model, first, in the context of a typical real business cycle model driven by stochastic productivity shocks and second, in a fully specified...
Persistent link: https://www.econbiz.de/10013317263
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Minimum Wages and Firm Profitability
Draca, Mirko - 2013
other aspects of firm behaviour. In this paper we consider the impact of minimum wages on firm profitability by exploiting … firm profitability was significantly reduced (and wages significantly raised) by the minimum wage introduction. This … residential care homes, and a second on firms across all sectors). Interestingly, we find no evidence that the profitability …
Persistent link: https://www.econbiz.de/10012754418
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Say Pays! Shareholder Voice and Firm Performance
Cuñat, Vicente - 2014
: profitability and labor productivity increase, while overheads and investment fall. In contrast, we find limited effects on pay …
Persistent link: https://www.econbiz.de/10013045012