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A single monetary policy for heterogeneous labour markets : the case of the euro area
Gomes, Sandra; Jacquinot, Pascal; Lozej, Matija - 2023
Differences in labour market institutions and regulations between countries of the monetary union can cause divergent responses even to a common shock. We augment a multi-country model of the euro area with search and matching framework that differs across Ricardian and hand-to-mouth households....
Persistent link: https://www.econbiz.de/10013492935
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Financial frictions : micro vs macro volatility
Lee, Seungcheol; Luetticke, Ralph; Ravn, Morten O. - 2021
We introduce frictional financial intermediation into a HANK model. Households are subject to idiosyncratic and aggregate risk and smooth consumption through savings and consumer loans intermediated by banks. The banking friction introduces an endogenous countercyclical spread between the...
Persistent link: https://www.econbiz.de/10012705511
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Banking networks and economic growth : from idiosyncratic shocks to aggregate fluctuations
Kundu, Shohini; Vats, Nishant - 2025
This paper investigates the role of banking networks in the transmission of shocks across borders. Combining banking deregulation in the US with state-level idiosyncratic demand shocks, we show that geographically diversified banks reallocate funds from economies experiencing negative shocks to...
Persistent link: https://www.econbiz.de/10015333049
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Technology shocks and robust sign restrictions in a euro area SVAR
Peersman, Gert; Straub, Roland - 2004
This paper provides evidence for the impact of technology, labor supply, monetary policy and aggregate spending shocks on hours worked in the Euro area. The evidence is based on a vector autoregression identified using sign restrictions that are consistent with both sticky price and real...
Persistent link: https://www.econbiz.de/10009639427
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Labor market institutions and the business cycle unemployment rigidities vs. real wage rigidities
Abbritti, Mirko; Weber, Sebastian - 2010
This paper investigates the importance of labor market institutions for inflation and unemployment dynamics. Using the New Keynesian framework we argue that labor market institutions should be divided into those institutions that cause Unemployment Rigidities (UR) and those that cause Real Wage...
Persistent link: https://www.econbiz.de/10009640358
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Nominal and real wage rigidities. In theory and in Europe
Knell, Markus - 2010
In this paper I study the relation between real wage rigidity (RWR) and nominal price and wage rigidity. I show that in a standard DSGE model RWR is mainly affected by the interaction of the two nominal rigidities and not by other structural parameters. The degree of RWR is, however,...
Persistent link: https://www.econbiz.de/10009640361
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Productivity and job flows : heterogeneity of new hires and continuing jobs in the business cycle
Kilponen, Juha; Vanhala, Juuso - 2009
"unemployment volatility puzzle". We let new matches and continuing jobs differ by their productivity levels and by their … incentive to open new productive vacancies and to destroy old matches that are temporarily less productive. The model produces a … well behaving Beveridge curve, despite endogenous job destruction, and more volatile vacancies and unemployment, without a …
Persistent link: https://www.econbiz.de/10003963735
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Nominal and real wage rigidities : in theory and in Europe
Knell, Markus - 2010
In this paper I study the relation between real wage rigidity (RWR) and nominal price and wage rigidity. I show that in a standard DSGE model RWR is mainly affected by the interaction of the two nominal rigidities and not by other structural parameters. The degree of RWR is, however,...
Persistent link: https://www.econbiz.de/10003972703
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Labor market institutions and the business cycle : unemployment rigidities vs. real wage rigidities
Abbritti, Mirko; Weber, Sebastian - 2010
This paper investigates the importance of labor market institutions for inflation and unemployment dynamics. Using the New Keynesian framework we argue that labor market institutions should be divided into those institutions that cause Unemployment Rigidities (UR) and those that cause Real Wage...
Persistent link: https://www.econbiz.de/10003972885
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The impact of reference norms on inflation persistance when wages are staggered
Knell, Markus; Stiglbauer, Alfred - 2009
In this paper we present an extension of the Taylor model with staggered wages in which wage-setting is also influenced by reference norms (i.e. by benchmark wages). We show that reference norms can considerably increase the persistence of inflation and the extent of real wage rigidity but that...
Persistent link: https://www.econbiz.de/10003832631