Showing 1 - 10 of 17
. In the context of such a model, we introduce a measure of unemployment and analyze its equilibrium behavior. We show that … unemployment rate, in a way qualitatively consistent with the evidence. The model stresses the role of countercyclical markups in … the goods market as a key mechanism underlying the countercyclical behavior of unemployment …
Persistent link: https://www.econbiz.de/10013217603
We construct a utility-based model of fluctuations, with nominal rigidities and unemployment, and draw its implications … for the unemployment-inflation tradeoff and for the conduct of monetary policy.lt;brgt;lt;brgt;We proceed in two steps. We … effect on unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage …
Persistent link: https://www.econbiz.de/10012759440
An analysis of the performance of GDP, employment and other labor market variables following the troughs in postwar U.S. business cycles points to much slower recoveries in the three most recent episodes, but does not reveal any significant change over time in the relation between GDP and...
Persistent link: https://www.econbiz.de/10013106308
Using data for the G7 countries, I estimate conditional correlations of employment and productivity, based on a decomposition of the two series into technology and non-technology components. The picture that emerges is hard to reconcile with the predictions of the standard Real Business Cycle...
Persistent link: https://www.econbiz.de/10013246500
particular, it provides a natural interpretation for the dynamic inflation--unemployment relation found in the data …
Persistent link: https://www.econbiz.de/10013235306
We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (2011a …,b). We estimate the resulting model using postwar U.S. data, while treating the unemployment rate as an additional observable … output gap. In addition, the estimated model can be used to analyze the sources of unemployment fluctuations …
Persistent link: https://www.econbiz.de/10013124549
model labor market frictions and unemployment explicitly. The present paper describes some of the essential ingredients and …
Persistent link: https://www.econbiz.de/10013145236
inflation and unemployment. Under some assumptions, that relation takes a form similar to that found in empirical applications … unemployment rate in the U.S. economy, even under the strong assumption of a constant natural rate of unemployment …
Persistent link: https://www.econbiz.de/10013147605
The unemployment rate in the euro area appears to contain a significant nonstationary component, suggesting that some … Keynesian model with unemployment, and assess their empirical relevance …
Persistent link: https://www.econbiz.de/10013018300
the high persistence of European unemployment. I study the implications of that environment for the design of monetary … policy. The optimal policy calls for strong emphasis on (un)employment stabilization which a standard interest rate rule …
Persistent link: https://www.econbiz.de/10013307599