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

Christoffel, Kai Philipp; 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

Effects of Credit Supply on Unemployment and Inequality

Bandyopadhyay, Subhayu - 2016

The Great Recession, which was preceded by the financial crisis, resulted in higher unemployment and inequality. We propose a simple model where firms producing varieties face labor-market frictions and credit constraints. In the model, tighter credit leads to lower output, lower number of...

Persistent link: https://www.econbiz.de/10012987688

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

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

Bonus Culture : Competitive Pay, Screening, and Multitasking

Bénabou, Roland - 2013

This paper analyzes the impact of labor market competition and skill-biased technical change on the structure of … compensation. The model combines multitasking and screening, embedded into a Hotelling-like framework. Competition for the most … perfect competition, the resulting efficiency loss can be much larger than that imposed by a single firm or principal, who …

Persistent link: https://www.econbiz.de/10013083378

Negative Externalities and Equilibrium Existence in Competitive Markets with Adverse Selection

von Siemens, Ferdinand - 2009

on existing theories of competition in markets with adverse selection …

Persistent link: https://www.econbiz.de/10012763924

Reputation and Credit Market Formation : How Relational Incentives and Legal Contract Enforcement Interact

Fehr, Ernst - 2009

The evidence suggests that relational contracting and legal rules play an important role in credit markets but on the basis of the prevailing field data it is difficult to pin down their causal impact. Here we show experimentally that relational incentives are a powerful causal determinant for...

Persistent link: https://www.econbiz.de/10013157034

Efficiency Wages in Cournot-Oligopoly

de Pinto, Marco - 2019

In a Cournot-oligopoly with free but costly entry and business stealing, output per firm is too low and the number of competitors excessive, assuming labor productivity to depend on the number of employees only or to be constant. However, a firm can raise the productivity of its workforce by...

Persistent link: https://www.econbiz.de/10012868832

Repayment Versus Investment Conditions and Exclusivity in Lending Contracts

Bougheas, Spiros - 2010

Lenders condition future loans on some index of past performance. Typically, banks condition future loans on repayments of earlier obligations whilst international organizations (official lenders) condition future loans on the implementation of some policy action ('investment'). We build an...

Persistent link: https://www.econbiz.de/10013149943

Information and Learning in Oligopoly : An Experiment

Bigoni, Maria - 2013

This paper presents an experiment on learning in repeated games, which complements the analysis of players' actual choices with data on the information acquisition process they follow. Subjects play a repeated Cournot oligopoly, with limited a priori information. The econometrics hinges on a...

Persistent link: https://www.econbiz.de/10013088340

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