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The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics
Christoffel, Kai; Linzert, Tobias - 2005
employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …
Persistent link: https://www.econbiz.de/10010267287
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Hyperbolic discounting and the Phillips curve
Graham, Liam; Snower, Dennis J. - 2008
hyperbolic discounting leads to inflation having significant long-run effects on real variables. …
Persistent link: https://www.econbiz.de/10010278020
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How Rigid are Nominal Wages? Evidence and Implications for Germany
Knoppik, Christoph; Beissinger, Thomas - 2001
find a high degree of downward nominal wage rigidity, which for rates of inflation lower than three percent is shown to …
Persistent link: https://www.econbiz.de/10010262566
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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
policy was more independent of Germany. …
Persistent link: https://www.econbiz.de/10010262211
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The return of the long-run Phillips curve
Graham, Liam; Snower, Dennis J. - 2002
-run inflation-unemployment tradeoff. …
Persistent link: https://www.econbiz.de/10010265568
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Inflation persistence and the Phillips curve revisited
Karanassou, Marika; Snower, Dennis J. - 2007
- 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/10010273163
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A reappraisal of the inflation-unemployment tradeoff
Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2002
This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth? describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and …
Persistent link: https://www.econbiz.de/10010276419
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A Theory of Non-Coasean Labor Markets
Blanco, Andrés; Drenik, Andres; Moser, Christian; … - 2023
We develop a theory of labor markets in a monetary economy with four realistic features: search frictions, worker productivity shocks, wage rigidity, and two-sided lack of commitment. Due to the non-Coasean nature of labor contracts, inefficient job separations occur in the form of endogenous...
Persistent link: https://www.econbiz.de/10014296865
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A Tacit Monetary Policy of the Gulf Countries: Is There a Remittances Channel?
Termos, Ali; Genc, Ismail H.; Naufal, George S - 2015
The strong economic ties between the GCC economies and the U.S. are manifested in three ways: currency peg, coupling of monetary policy, and the adoption of the U.S. dollar as the trading currency for oil. This paper examines how these dynamics result in a misalignment of the U.S. monetary...
Persistent link: https://www.econbiz.de/10010500314
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A Reappraisal of the Inflation-Unemployment Tradeoff
Snower, Dennis; Karanassou, Marika; Sala, Hector - Institute for the Study of Labor (IZA) - 2002
This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth" describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and …
Persistent link: https://www.econbiz.de/10005761764