Similar Search Results

Monetary persistence and the labor market : a new perspective

Lechthaler, Wolfgang (contributor); … - 2008

introduction of labor turnover costs (such as hiring and firing costs). Assuming that it is costly to hire and fire workers implies …. -- Monetary persistence ; labor market ; hiring and firing costs …

Persistent link: https://www.econbiz.de/10003665644

Macroeconomic volatilities and the labor market : first results from the euro experiment

Merkl, Christian; Schmitz, Tom - 2009

macroeconomic volatilities. In our subsequent empirical estimations, we find that higher labor turnover costs have a statistically … theory. Real wage rigidities do not seem to play much of a role. This result is in line with our employed labor market model … ; macroeconomic volatility ; monetary policy ; firing costs ; unemployment benefits ; replacement rate …

Persistent link: https://www.econbiz.de/10003827228

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 … zero and the optimal volatility of inflation is an increasing function of firing costs. The optimal rule should react to … employment alongside inflation. -- Optimal monetary policy ; hiring and firing costs ; labor market frictions ; policy trade-off …

Persistent link: https://www.econbiz.de/10003864487

Labor selection, turnover costs and optimal monetary policy

Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2012 - This version September 2012

Persistent link: https://www.econbiz.de/10011415418

Monetary persistence, imperfect competition, and staggering complementarities

Merkl, Christian (contributor); … - 2005

This paper explores the influence of wage and price staggering on monetary persistence. First, our analysis indicates that the degree of monetary persistence generated by wage vis-à-vis price staggering depends on the relative competitiveness of the labor and product markets. We show that the...

Persistent link: https://www.econbiz.de/10003066334

Phillips Curves and unemployment dynamics : a critique and a holistic perspective

Karanassou, Marika (contributor); Sala, Hector (contributor) - 2008

reaction theory (CRT), should be used to jointly explain the evolution of inflation and unemployment. A further attraction of …

Persistent link: https://www.econbiz.de/10003736446

Unemployment accounts and employment incentives

Brown, Alessio J. G. (contributor); … - 2006

We explore the far-reaching implications of replacing current unemployment benefit (UB) systems by an unemployment accounts (UA) system. Under the UA system, employed people are required to make ongoing contributions to their UAs and the balances in these accounts are available to them during...

Persistent link: https://www.econbiz.de/10003313858

Increasing returns to scale and the long-run Phillips curve

Vaona, Andrea (contributor); Snower, Dennis J. (contributor) - 2006

A growing body of empirical evidence shows that there exists a long-run positive tradeoff between inflation and real macroeconomic activity. Within a New Keynesian framewok, we examine how increasing returns generate a positive long-run relation between inflation and output.

Persistent link: https://www.econbiz.de/10003320766

Hyperbolic discounting and the Phillips curve

Graham, Liam (contributor); Snower, Dennis J. (contributor) - 2007

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/10003485601

Inflation persistence and the Philips curve revisited

Karanassou, Marika (contributor); … - 2007

puzzle" is highly misleading, relying on the exogeneity of the forcing variable (e.g. output gap, marginal costs …

Persistent link: https://www.econbiz.de/10003485604