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Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation
De Walque, Gregory; Pierrard, Olivier; Sneessens, Henri R. - 2009
period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence …We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every …) the lower the effective workers’ bargaining power for wages and (iii) the more important the hourly wage in the marginal …
Persistent link: https://www.econbiz.de/10003831761
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Striking a bargain : narrative identification of wage bargaining shocks
Budrys, Žymantas; Porqueddu, Mario; Sokol, Andrej - 2021
We quantify the effects of wage bargaining shocks on macroeconomic aggregates using a structural vector auto …-regression model for Germany. We identify exogenous variation in bargaining power from episodes of minimum wage introduction and … industrial disputes. This narrative information disciplines the impulse responses to a wage bargaining shock of unemployment and …
Persistent link: https://www.econbiz.de/10012643284
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Limited liability, strategic default and bargaining power
Mozzanica, Mirco Balatti; López-Quiles, Carolina - 2021
In this paper we examine the effects of limited liability on mortgage dynamics. While the literature has focused on default rates, renegotiation, or loan rates individually, we study them together as equilibrium outcomes of the strategic interaction between lenders and borrowers. We present a...
Persistent link: https://www.econbiz.de/10012422423
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Comparing economic dynamics in the EU and CEE accession countries
Süppel, Ralph - 2003
This paper presents evidence for structural differences in economic growth dynamics between the current EU and the central- and eastern European accession countries. Two important results emerge from the analysis. First, accession countries have posted higher average growth and wider output...
Persistent link: https://www.econbiz.de/10009635910
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Swiss monetary policy targeting 1974 - 1996
Rich, Georg - 2003
After the switch to a floating exchange rate in 1973, the Swiss National Bank at first adopted annual monetary targets and in the 1990s shifted to a medium-term targeting strategy. In this paper I review the SNBu0092s internal policy analysis, an aspect of Swiss monetary targeting that has...
Persistent link: https://www.econbiz.de/10009635971
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Equilibrium unemployment, job flows and inflation dynamics
Trigari, Antonella - 2004
In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price rigidities. Then, it estimates a set of structural parameters...
Persistent link: https://www.econbiz.de/10009636527
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Similarities and convergence in G-7 cycles
Canova, Fabio; Ciccarelli, Matteo; Ortega, Eva - 2004
This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller...
Persistent link: https://www.econbiz.de/10009636535
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Stylised features of price setting behaviour in Portugal
Dias, Mónica; Dias, Daniel; Neves, Pedro D. - 2004
This paper identifies the empirical stylized features of price setting behaviour in Portugal using the micro-datasets underlying the consumer and the producer price indexes. The main conclusions are the following: 1 in every 4 prices change each month; there is a considerable degree of...
Persistent link: https://www.econbiz.de/10009636702
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The great inflation of the 1970s
Collard, Fabrice; Dellas, Harris - 2004
Was the high inflation of the 1970s mostly due to incomplete information about the structure of the economy (an unavoidable mistake as suggested by Orphanides, 2000)? Or, to weak reaction to expected inflation and/or excessive policy activism that led to indeterminacies (a policy mistake, a...
Persistent link: https://www.econbiz.de/10009639390
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Understanding the effects of government spending on consumption
Galí, Jordi; López-Salido, J. David; Vallés, Javier - 2004
Recent evidence on the effect of government spending shocks on consumption cannot be easily reconciled with existing optimizing business cycle models. We extend the standard New Keynesian model to allow for the presence of rule-of-thumb (non-Ricardian) consumers. We show how the interaction of...
Persistent link: https://www.econbiz.de/10009639393