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A transitional analysis of the welfare cost of inflation

Burdick, Clark A. - 1997

This paper applies new computational methods for studying nonstationary dynamics to reevaluate the welfare cost of … equilibria, I measure the welfare cost of inflation by explicitly modeling the transitional dynamics that arise following a … change in monetary policy. Transitional dynamics are shown to increase the welfare cost of inflation substantially. Also …

Persistent link: https://www.econbiz.de/10010397549

Imperfect information, wage formation, and the employability of the unemployed

Eriksson, Stefan - 2002

such hiring procedures this will have strong implications for the aggregate economy and welfare. …

Persistent link: https://www.econbiz.de/10010321087

Unfulfilled expectations and labor market interactions: A statistical equilibrium theory of unemployment

Scharfenaker, Ellis; Foley, Duncan K. - 2021

level of frictional unemployment as a statistical feature of a decentralized labor market. Shocks to the economy can produce … short-run equilibrium involuntary unemployment arising from unfulfilled expectations. Even after agents align their … negative shock to demand can result in higher levels of equilibrium unemployment. In this way the model exhibits a particular …

Persistent link: https://www.econbiz.de/10013269254

Human capital dynamics and the U.S. labor market

Fang, Lei; Nie, Jun - 2014

The high U.S. unemployment rate after the Great Recession is usually considered to be a result of changes in factors … in the unemployment rate, these factors should have influenced workers' and firms' decisions. Therefore, it is important … factors affect the unemployment rate. To address this issue, we estimate a Mortensen-Pissarides style of labor-market matching …

Persistent link: https://www.econbiz.de/10010397699

The Cyclical Behavior of Equilibrium Unemployment and Vacancies Across OECD Countries

Amaral, Pedro S.; Tasci, Murat - 2014

We show that the inability of a standardly-calibrated labor search-and-matching model to account for labor market volatility extends beyond the U.S. to a set of OECD countries. That is, the volatility puzzle is ubiquitous. We argue cross-country data is helpful in scrutinizing between potential...

Persistent link: https://www.econbiz.de/10010500264

Discussion of Cogley and Sargent's "Drifts and volatilities: Monetary policies and outcomes in the post WWII U.S."

Del Negro, Marco - 2003

-inflation, unemployment, and the nominal interest rate-and two lags. This tool is a serious competitor to the identified …

Persistent link: https://www.econbiz.de/10010397377

Policy interaction, expectations, and the liquidity trap

Evans, George W.; Honkapohja, Seppo - 2003

The authors consider inflation and government debt dynamics when monetary policy employs a global interest rate rule and private agents forecast using adaptive learning. Because of the zero lower bound on interest rates, active interest rate rules are known to imply the existence of a second,...

Persistent link: https://www.econbiz.de/10010397381

Did the Great Inflation occur despite policymaker commitment to a Taylor rule?

Bullard, James; Eusepi, Stefano - 2003

The authors study the hypothesis that misperceptions of trend productivity growth during the onset of the productivity slowdown in the United States caused much of the great inflation of the 1970s. They use the general equilibrium, sticky price framework of Woodford (2002), augmented with...

Persistent link: https://www.econbiz.de/10010397383

Learning and monetary policy shifts

Schorfheide, Frank - 2003

This paper estimates a dynamic stochastic equilibrium model in which agents use a Bayesian rule to learn about the state of monetary policy. Monetary policy follows a nominal interest rate rule that is subject to regime shifts. The following results are obtained. First, the author's policy...

Persistent link: https://www.econbiz.de/10010397384

Inflation scares and forecast-based monetary policy

Orphanides, Athanasios; Williams, John C. - 2003

Central banks pay close attention to inflation expectations. In standard models, however, inflation expectations are tied down by the assumption of rational expectations and should be of little independent interest to policy makers. In this paper, the authors relax the assumption of rational...

Persistent link: https://www.econbiz.de/10010397398

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