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Derived Measurement in Macroeconomics: Two Approaches for Measuring the NAIRU Considered
Rodenburg, Peter - Tinbergen Instituut - 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/10011255598
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Derived Measurement in Macroeconomics: Two Approaches for Measuring the NAIRU Considered
Rodenburg, Peter - Tinbergen Institute - 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 …
Persistent link: https://www.econbiz.de/10005450803
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Behavioral Heterogeneity in U.S. Inflation Dynamics
Cornea, Adriana; Hommes, Cars; Massaro, Domenico - Tinbergen Instituut - 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/10011256332
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An Experimental Investigation of Wage Taxation and Unemployment in Closed and Open Economies
Riedl, Arno; Winden, Frans van - Tinbergen Instituut
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/10011255591
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An Experimental Investigation of Wage Taxation and Unemployment in Closed and Open Economies
Riedl, Arno; Winden, Frans van - Tinbergen Institute
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/10005209471
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Exchange Rate Policy under Sovereign Default Risk
Schabert, Andreas - Tinbergen Institute - 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/10008838618
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Exchange Rate Policy under Sovereign Default Risk
Schabert, Andreas - Tinbergen Instituut - 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/10011256298
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Ageing and the Relative Price of Nontradeables
Bettendorf, Leon; Dewachter, Hans - Tinbergen Instituut - 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/10011256252
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Ageing and the Relative Price of Nontradeables
Bettendorf, Leon; Dewachter, Hans - Tinbergen Institute - 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/10005137105
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Pensions, Debt and Inflation Risk in a Monetary Union
Adema, Yvonne - Tinbergen Institute - 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/10008838553