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Causal effects of monetary shocks: semiparametric conditional independence tests with a multinomial propensity score
Angrist, Joshua D.; Kuersteiner, Guido M. - 2008
dependent data and allowing for first-step estimation of the propensity score. …
Persistent link: https://www.econbiz.de/10010270625
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Innocent bystanders? Monetary policy and inequality in the US
Coibion, Olivier; Gorodnichenko, Yuriy; Kueng, Lorenz; … - 2012
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures....
Persistent link: https://www.econbiz.de/10010287628
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Hedonic wage equilibrium: Theory, evidence and policy
Kniesner, Thomas J.; Leeth, John D. - 2010
policy relevant outcomes and policy effects, that of the wage premia for fatal injury risk. Estimates of the overall hedonic …
Persistent link: https://www.econbiz.de/10010272633
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Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation
de Walque, Gregory; Pierrard, Olivier; Sneessens, Henri R. - 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/10010277123
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A reappraisal of the inflation-unemployment tradeoff
Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2002
these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …
Persistent link: https://www.econbiz.de/10010276419
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Heterogeneous life-cycle profiles, income risk and consumption inequality
Primiceri, Giorgio E.; van Rens, Thijs - 2007
Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX repeated cross-section data on consumption and income to...
Persistent link: https://www.econbiz.de/10010276396
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Risk, delegation, and project scope
Roider, Andreas - 2007
exogenous risk and delegation. That is, we show that only if exogenous risk is sufficiently large, the risk-neutral principal … may prefer to delegate authority over decisions to the risk-averse agent. Intuitively, for incentive reasons, the … principal may optimally want to allow the agent to reduce his risk exposure. Nevertheless, even endogenous risk may be higher …
Persistent link: https://www.econbiz.de/10010268503
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Risk, institutions and growth: Why England and not China?
Greif, Avner; Iyigun, Murat; Sasson, Diego - 2011
We analyze the role of risk-sharing institutions in transitions to modern economies. Transitions requires individual …-level risk-taking in pursuing productivity-enhancing activities including using and developing new knowledge. Individual …-level, idiosyncratic risk implies that distinct risk-sharing institutions - even those providing the same level of insurance - can lead to …
Persistent link: https://www.econbiz.de/10010278525
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Following Germany's Lead : Using International Monetary Linkages to Identify the Effect of Monetary Policy on the Economy
di Giovanni, Julian; McCrary, Justin; von Wachter, Till - 2005
Forward-looking behavior on the part of the monetary authority leads least squares estimates to understate the true growth consequences of monetary policy interventions. We present instrumental variables estimates of the impact of interest rates on real output growth for several European...
Persistent link: https://www.econbiz.de/10010262211
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The European Phillips curve: does the NAIRU exist?
Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2003
This paper has two aims. First, it provides simple theoretical models that highlight two channels whereby monetary shocks have permanent real effects and the interactions between these channels. Second, it presents an empirical dynamic model, covering a panel of EU countries, and derives the...
Persistent link: https://www.econbiz.de/10010265404