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Disinflationary booms?
Merkl, Christian - 2013
This paper shows that announced credible disinflations under inflation targeting lead to a boom in a standard New Keynesian model (i.e. a disinflationary boom). This finding is robust with respect to various parameterizations and disinflationary experiments. Thus, it differs from previous...
Persistent link: https://www.econbiz.de/10009762360
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Expectations, monetary policy, and labor markets : lessons from the Great Depression
Reicher, Christopher Phillip - 2009
This paper estimates a series of shocks to hit the US economy during the Great Depression, using a New Keynesian model with unemployment and bargaining frictions. Shocks to long-run inflation expectations appear to account for much of the cyclical behavior of employment, while an increase in...
Persistent link: https://www.econbiz.de/10003872040
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The impact of disembodied technological progress on working hours
Tesfaselassie, Mewael F. - 2016
The paper analyzes the effects of disembodied technological progress on steady state hours worked in the workhorse New-Keynesian model, which features a neoclassical labor market, and its extension that allows for equilibrium unemployment. Both versions of the model are shown to imply a positive...
Persistent link: https://www.econbiz.de/10011419550
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Phillips Curves and unemployment dynamics : a critique and a holistic perspective
Karanassou, Marika (contributor); Sala, Hector (contributor) - 2008
compatible with inflation stability, another one determines the real economic factors that drive the natural rate of unemployment …
Persistent link: https://www.econbiz.de/10003736446
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Endogenous growth, skill obsolescence and output hysteresis in a New Keynesian model with unemployment
Lechthaler, Wolfgang; Tesfaselassie, Mewael F. - 2020
Recession: a decline in productivity growth, the relative stability of inflation despite a pronounced fall in output (the …
Persistent link: https://www.econbiz.de/10012269664
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Growth and unemployment in the presence of trend inflation
Tesfaselassie, Mewael F. - 2014
The standard search model of unemployment predicts, under plausible assumptions about household preferences, that disembodied technological progress leads to higher unemployment. This prediction is at odds with the experience of industrialized countries in the 1970s. This paper shows that...
Persistent link: https://www.econbiz.de/10010440551
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Fiscal targeting rules and macroeconomic stability under distortionary taxation
Reicher, Claire A. - 2014 - This version: September 30, 2014
can result in instability, while a debt-level targeting rule, irrespective of GDP, can result in stability. A primary … deficit target may result in instability for the debt but stability for output, while a total deficit target can result in … stability for both debt and output. A fiscal reaction function similar to those found in the macro literature may result in …
Persistent link: https://www.econbiz.de/10010427960
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The farsighted stability of global trade policy arrangements
Berens, Stefan; Chochua, Lasha; Willmann, Gerald - 2021
We study the stability of trade policy arrangements under two regulatory scenarios, with/without PTAs. Unlike previous … smaller(larger) than the third, availability of PTAs decreases (increases) the stability of GFT. Away from symmetry, GFT is …
Persistent link: https://www.econbiz.de/10012661393
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Using innovation to hedge against economic and political uncertainty evidence from emerging nations
Goel, Rajeev K.; Nelson, Michael A. - 2019
Using data on 135 countries, this paper studies the determinants of process innovation introduction, focusing on the impacts of economic and political uncertainties. Greater uncertainty, on the one hand, can lower potential benefits from innovation introductions, while on the other hand, the...
Persistent link: https://www.econbiz.de/10012109665
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Is there a short-run case for protectionism? : Trade policy and the business cycle
Larch, Mario; Lechthaler, Wolfgang - 2011
Recently, the world economy has seen its greatest down turn since World War II. Although not as bad as during the Great Depression, there was still a worrisome increase in protectionist measures, in an attempt to mitigate the economic downturn. Protectionism can have many different faces. It can...
Persistent link: https://www.econbiz.de/10009162112