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Trend growth, unemployment and optimal monetary policy
Lechthaler, Wolfgang; Tesfaselassie, Mewael F. - 2015
and matching unemployment. We show that trend growth in itself does not generate a trade-off for the monetary authority …
Persistent link: https://www.econbiz.de/10011300631
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Optimal monetary policy in response to shifts in the beveridge curve
Mileva, Mariya - 2013
unemployment. The optimal policy response to the efficient labor market shock changes when real wages are sticky but remains …
Persistent link: https://www.econbiz.de/10009721790
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The inflation-output tradeoff : which type of labor market rigidity is to be blamed?
Merkl, Christian - 2009
real wage rigidities. -- Monetary policy ; real wage rigidity ; labor turnover costs ; unemployment ; tradeoff …
Persistent link: https://www.econbiz.de/10003826554
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Macroeconomic volatilities and the labor market : first results from the euro experiment
Merkl, Christian; Schmitz, Tom - 2009
. We use a New Keynesian model with unemployment to predict the effects of different labor market institutions on …This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone …, but stands in stark contrast to the search and matching model. While labor market institutions have a large effect on …
Persistent link: https://www.econbiz.de/10003827228
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Keynesian and monetarist views on the German unemployment problem : theory and evidence
Gottschalk, Jan - 2002
Persistently high unemployment rates in Germany have led to a long-running controversy on the causes of the … unemployment problem. This paper aims to re­view the contribution of Keynesian and monetarist theories to this controversy and … explores empirically their implications for the explanation of high un­em­ploy­ment in Germany using a structural vector …
Persistent link: https://www.econbiz.de/10011474695
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A frictionless model of job flows and the Beveridge Curve
Reicher, Christopher Phillip - 2010
The Diamond-Mortensen-Pissarides search and matching model is the workhorse of labor macro, but it has difficulty in simultaneously matching the cyclical behavior of job loss and vacancies when taken to the data. By completely ignoring frictions in job creation and focusing instead on firm-level...
Persistent link: https://www.econbiz.de/10003983005
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Quadratic labor adjustment costs and the New-Keynesian model
Lechthaler, Wolfgang (contributor);  … - 2008
We build quadratic labor adjustment costs into an otherwise standard New-Keynesian model of the business cycle and show that this is sufficient to increase both, output and inflation persistence. -- Monetary persistence ; labor adjustment costs
Persistent link: https://www.econbiz.de/10003757577
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Labor turnover costs, workers' heterogeneity and optimal monetary policy
Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2009
We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to a right to manage bargaining where the firms' counterpart is given by currently employed workers. Our model captures well the salient features of European labor...
Persistent link: https://www.econbiz.de/10003864487
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They are even larger! : More (on) puzzling labor market volatilities
Gartner, Hermann; Merkl, Christian; Rothe, Thomas - 2009
German labor market volatilities by a longer expected job duration. -- Labor Market Volatilities ; Unemployment ; Worker …
Persistent link: https://www.econbiz.de/10003825019
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On the introduction of firing costs
Ahrens, Steffen; Wesselbaum, Dennis - 2009
This paper provides a survey of the recent literature about firing costs and discusses the transmission channels of firing costs in a partial equilibrium context. In addition, we expand our analysis two types of firing costs in a New Keynesian model with purely endogenous separations. We further...
Persistent link: https://www.econbiz.de/10003884839