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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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Bayesian inference for duration data with unobserved and unknown heterogeneity : Monte Carlo evidence and an application
Paserman, Marco Daniele - 2004
This paper describes a semiparametric Bayesian method for analyzing duration data. The proposed estimator specifies a complete functional form for duration spells, but allows flexibility by introducing an individual heterogeneity term, which follows a Dirichlet mixture distribution. I show how...
Persistent link: https://www.econbiz.de/10010276176
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Bayesian procedures as a numerical tool for the estimation of dynamic discrete choice models
Haan, Peter; Kemptner, Daniel; Uhlendorff, Arne - 2012
apply Bayesian procedures as a numerical tool for the estimation of a female labor supply model based on a sample size which … assumptions which are consistent with economic theory, e.g. log-normally distributed consumption preferences, the Bayesian method … Bayesian procedures can be a beneficial tool for the estimation of dynamic discrete choice models. …
Persistent link: https://www.econbiz.de/10010282308
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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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Income Effects from Labor Market Training Programs in Sweden During the 80's and 90's
Andrén, Thomas; Gustafsson, Björn - 2002
Swedish labor market programs appear large from an international perspective, yet their consequences are not fully investigated and understood. In this paper we estimate a switching regression model with training effect modeled as a random coefficient, partitioned in an observed and unobserved...
Persistent link: https://www.econbiz.de/10010262622
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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
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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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The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics
Christoffel, Kai; Linzert, Tobias - 2005
In this paper we incorporate a labor market with matching frictions and wage rigidities into the New Keynesian business cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions affect the transmission process of monetary policy. The...
Persistent link: https://www.econbiz.de/10010267287
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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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Hyperbolic discounting and the Phillips curve
Graham, Liam; Snower, Dennis J. - 2008
Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables.
Persistent link: https://www.econbiz.de/10010278020