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The minimum wage from a two-sided perspective

Brown, Alessio J. G.; Merkl, Christian; Snower, Dennis J. - 2014

This paper sheds new light on the effects of the minimum wage on employment from a two-sided theoretical perspective, in which firms' job offer and workers' job acceptance decisions are disentangled. Minimum wages reduce job offer incentives and increase job acceptance incentives. We show that...

Persistent link: https://www.econbiz.de/10010238837

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 …

Persistent link: https://www.econbiz.de/10003757577

The macroeconomics of the labor market : three fundamental views

Karanassou, Marika (contributor); Sala, Hector (contributor) - 2007

We distinguish and assess three fundamental views of the labor market regarding the movements in unemployment: (i) the … that all the short-run fluctuations automatically turn into long-run changes in the unemployment rate. We assert the … problems faced by these conceptions in explaining the diversity of labor market experiences across the OECD labor markets. We …

Persistent link: https://www.econbiz.de/10003550428

Quadratic labor adjustment costs, business cycle dynamics and optimal monetary policy

Lechthaler, Wolfgang; Snower, Dennis J. - 2011 - revised January 2011

We build quadratic labor adjustment costs into an otherwise standard New-Keynesian model of the business cycle and show … that this increases output persistence in a similar vein as other models of labor market frictions. Furthermore, it is … demonstrated that quadratic labor adjustment costs imply a trade off between stabilizing output and stabilizing inflation. …

Persistent link: https://www.econbiz.de/10011452084