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they threaten the stability of the world economy. More recently, the government debt crisis of the European Union shows …
Persistent link: https://www.econbiz.de/10012930946
period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence … cost determination. This set-up produces realistic labor market statistics together with inflation persistence …
Persistent link: https://www.econbiz.de/10012764242
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
's geographic variation in the suitability for cotton production combined with a surge in the world market price of cotton in 2010 …
Persistent link: https://www.econbiz.de/10012989831
" – although they generate price inertia, they cannot account for thestylised fact of inflation persistence. It is thus commonly … asserted that, in the context of thenew Phillips curve (NPC), inflation is a jump variable... …
Persistent link: https://www.econbiz.de/10005863257
- although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly … asserted that, in the context of the new Phillips curve (NPC), inflation is a jump variable. We argue that this persistency … setting (in which real variables not only affect inflation, but are also influenced by it), standard wage-price staggering …
Persistent link: https://www.econbiz.de/10012777470
This paper reviews evidence from 44 middle income countries on how the recent financial crisis affected jobs and workers' income. In addition to providing a rare assessment of the magnitude of the impact across several middle-income countries, the paper describes how labor markets adjusted and...
Persistent link: https://www.econbiz.de/10013120422
In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize … is high. We develop an open economy model with incomplete financial markets to show that headline inflation targeting … headline inflation, assigns zero weight to import prices …
Persistent link: https://www.econbiz.de/10013016274
We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...
Persistent link: https://www.econbiz.de/10012840446
This paper discusses the occurrence of Skill-Enhancing Technology Import (SETI), namely the relationship between imports of embodied technology and widening skill-based employment differentials in a sample of low and middle income countries (LMICs). In doing so, this paper provides a direct...
Persistent link: https://www.econbiz.de/10013317026