Narrow search
Showing 1 - 10 of 266
Cover Image
Establishments dynamics and matching frictions in classical competitive equilibrium
Veracierto, Marcelo - 2007
-wanted ads and an unemployment subsidy, is highly contractionary. However, it leads to large welfare gains. The policy also plays …
Persistent link: https://www.econbiz.de/10010292153
Cover Image
A reappraisal of the inflation-unemployment tradeoff
Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2002
This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth," describing the … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no … permanent nominal rigidities, and no departure from rational expectations, there is a long-run inflation-unemployment tradeoff. …
Persistent link: https://www.econbiz.de/10010281025
Cover Image
First-time home buyers and residential investment volatility
Fisher, Jonas Daniel Maurice; Gervais, Martin - 2007
Like other macroeconomic variables, residential investment has become much less volatile since the mid-1980s (recent experience notwithstanding.) This paper explores the role of structural change in this decline. Since the the early 1980s there have been many changes in the underlying structure...
Persistent link: https://www.econbiz.de/10010292099
Cover Image
Energy price shocks and the macroeconomy: The role of consumer durables
Dhawan, Rajeev; Jeske, Karsten - 2006
So far, the literature on dynamic stochastic general equilibrium models with energy price shocks uses energy on the production side only. In these models, energy shocks are responsible for only a negligible share of output fluctuations. We study the robustness of this finding by explicitly...
Persistent link: https://www.econbiz.de/10010292215
Cover Image
Business cycles: A role for imperfect competition in the banking system
Mandelman, Federico S. - 2006
This paper studies the cyclical pattern of ex post markups in the banking system using balance-sheet data for a large set of countries. Markups are strongly countercyclical even after controlling for financial development, banking concentration, operational costs, inflation, and simultaneity or...
Persistent link: https://www.econbiz.de/10010292221
Cover Image
Firm entry and labor market dynamics
Shao, Enchuan; Silos, Pedro - 2008
We present a model of aggregate fluctuations in which monopolistic firms face sunk costs to enter the production process and labor markets are characterized by search and matching frictions. Entrants post vacancies and are matched to idle workers. Our specification of sunk costs gives rise to a...
Persistent link: https://www.econbiz.de/10010292232
Cover Image
Taylor rules with headline inflation: A bad idea
Dhawan, Rajeev; Jeske, Karsten - 2007
Should a central bank accommodate energy price shocks? Should the central bank use core inflation or headline inflation with the volatile energy component in its Taylor rule? To answer these questions, we build a dynamic stochastic general equilibrium model with energy use, durable goods, and...
Persistent link: https://www.econbiz.de/10010292245
Cover Image
Microentrepreneurship and the business cycle: Is self-employment a desired outcome?
Mandelman, Federico S.; Montes Rojas, Gabriel V. - 2007
likelihood of becoming self-employed increases with the length of the recession and the unemployment duration. We find that the …
Persistent link: https://www.econbiz.de/10010292294
Cover Image
Overborrowing and systemic externalities in the business cycle
Bianchi, Javier - 2009
Credit constraints that link a private agent’s debt to market-determined prices embody a credit externality that drives a wedge between competitive and constrained socially optimal equilibria, inducing private agents to overborrow. The externality arises because agents fail to internalize the...
Persistent link: https://www.econbiz.de/10010292300
Cover Image
What determines the output drop after an energy price increase: Household or firm energy share?
Dhawan, Rajeev; Jeske, Karsten - 2007
During the past thirty-five years, energy use as a fraction of output has dropped significantly at both the household and the firm levels. Therefore, we investigate a dynamic stochastic generalized equilibrium model economy's response to an energy price hike for different firm and household...
Persistent link: https://www.econbiz.de/10010292312