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An empirical assessment of the U.S. Phillips curve over time
Vlekke, Marente; Koopman, Siem Jan; Mellens, Martin C. - 2021
We assess the stability of the unemployment gap parameter using linear dynamic Phillips curve models for the United States. In this study, we allow the unemployment gap parameter to be time-varying such that we can monitor the importance of the Phillips curve over time. We consider different...
Persistent link: https://www.econbiz.de/10012797257
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Derived Measurement in Macroeconomics: Two Approaches for Measuring the NAIRU Considered
Rodenburg, Peter - 2007
This paper investigates two different procedures for the measurement of the NAIRU; one based on structural modeling … (the NAIRU) and numbers.The paper argues that shifts of the Phillips-curve are not a problem for the structural approach to … measurement of the NAIRU, as the NAIRU itself is a time-varying concept. It is however, the impossibility to identify the exact …
Persistent link: https://www.econbiz.de/10010325543
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Derived Measurement in Macroeconomics : Two Approaches for Measuring the NAIRU Considered
Rodenburg, Peter - 2010
This paper investigates two different procedures for the measurement of the NAIRU; one based on structural modeling … (the NAIRU) and numbers.The paper argues that shifts of the Phillips-curve are not a problem for the structural approach to … measurement of the NAIRU, as the NAIRU itself is a time-varying concept. It is however, the impossibility to identify the exact …
Persistent link: https://www.econbiz.de/10013142984
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Behavioral Heterogeneity in U.S. Inflation Dynamics
Cornea, Adriana; Hommes, Cars; Massaro, Domenico - 2013
In this paper we develop and estimate a behavioral model of inflation dynamics with monopolistic competition, staggered price setting and heterogeneous firms. In our stylized framework there are two groups of price setters, fundamentalists and naive. Fundamentalists are forward-looking in the...
Persistent link: https://www.econbiz.de/10010326298
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An Experimental Investigation of Wage Taxation and Unemployment in Closed and Open Economies
Riedl, Arno; van Winden, Frans - 2000
We investigate experimentally the economic effects of wage taxation to finance unemployment benefits for a closed economy and an international economy. The main findings are the following. (i) There is clear evidence of a vicious circle in the dynamic interaction between the wage tax and...
Persistent link: https://www.econbiz.de/10010324476
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Exchange Rate Policy under Sovereign Default Risk
Schabert, Andreas - 2011
We examine monetary policy options for a small open economy where sovereign default might occur due to intertemporal insolvency. Under interest rate policy and floating exchange rates the equilibrium is indetermined. Under a fixed exchange rate the equilibrium is uniquely determined and...
Persistent link: https://www.econbiz.de/10010325864
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Ageing and the Relative Price of Nontradeables
Bettendorf, Leon; Dewachter, Hans - 2007
In this paper we identify the effects of ageing on the relative price of nontradeables versus tradeables. We consider two cases. In a first specification, age effects only account for short-run dynamics. An alternative case allows for permanent age effects. Estimating the respective cases by...
Persistent link: https://www.econbiz.de/10010325414
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Pensions, Debt and Inflation Risk in a Monetary Union
Adema, Yvonne - 2010
This paper investigates the international spillovers of government debt and the associated risk of inflation within a monetary union when countries have different pension systems. I use a stochastic two-country two-period overlapping-generations model, where one country has PAYG pensions and the...
Persistent link: https://www.econbiz.de/10010326045
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Time-Varying Degree of Wage Indexation and the New Keynesian Wage Phillips Curve
Attey, Jonathan A. - 2016
Cost-of-Living-Adjustment (COLA) coverage figures suggest a time variation in the degree of wage indexation. In spite of this observation, most current literature conveniently assume a constant degree of indexation as this variable is not directly observable. This study intends to empirically...
Persistent link: https://www.econbiz.de/10011586717
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Wages and employment in the Netherlands, 2017-2023
Klinker, Iris; ter Weel, Bas - 2024
This research documents changes in employment and wages in the Netherlands for different types of workers. We compare 2017 to 2023 using regression-adjusted wages to make sure changes in composition of the workforce do not influence our estimates. The research period has been characterised by...
Persistent link: https://www.econbiz.de/10014547855