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Explaining deviations from Okun's law
Foroni, Claudia; Furlanetto, Francesco - 2022
with a SVAR model by inspecting how unemployment responds to the state of the economy. We show that deviations from Okun …
Persistent link: https://www.econbiz.de/10013332832
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Labour market skills, endogenous productivity and business cycles
Abbritti, Mirko; Consolo, Agostino - 2022
This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that … skilled workers increases the natural rate of unemployment and reduces total factor productivity with long- run effects on the … Beveridge curves. Skill-specific labour market heterogeneity leads to a attening of the Phillips curve as wages and unemployment …
Persistent link: https://www.econbiz.de/10012880717
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Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area : a structural model-based approach
Jacquinot, Pascal; Lozej, Matija; Pisani, Massimiliano - 2018
We evaluate the effects of permanently reducing labour tax rates in the euro area (EA) by simulating a large-scale open economy dynamic general equilibrium model. The model features the EA as a monetary union, split in two regions (Home and the rest of the EA - REA), the US, and the rest of the...
Persistent link: https://www.econbiz.de/10011792134
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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 … Unemployment Rigidities (UR) and those that cause Real Wage Rigidities (RWR). The two types of institutions have opposite effects … and their interaction is crucial for the dynamics of inflation and unemployment. We estimate a panel VAR with …
Persistent link: https://www.econbiz.de/10003972885
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Cyclical and structural variation in resource allocation : evidence for Europe
Bartelsman, Eric J.; López-García, Paloma; … - 2018
This paper uses cross-country micro-aggregated data on firm dynamics and productivity from the ECB CompNet database to provide empirical evidence on factor reallocation in the European Union (EU). The analysis finds that reallocation is towards more productive firms although the magnitude varies...
Persistent link: https://www.econbiz.de/10011937320
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Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area
Schmöller, Michaela; Spitzer, Martin - 2020
This paper analyses the endogeneity of euro area total factor productivity and its role in business cycle amplification by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. In this framework, total factor productivity evolves endogenously as a...
Persistent link: https://www.econbiz.de/10012212852
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Hysteresis in unemployment : evidence from OECD estimates of the natural rate
Ball, Laurence M.; Onken, Joern - 2021
This paper studies the dynamics of unemployment (u) and its natural rate (u*), with u* measured by real-time estimates …
Persistent link: https://www.econbiz.de/10012705521
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Exploring Okun's law asymmetry : an endogenous threshold LSTR approach
Christopulos, Dēmētrēs K.; McAdam, Peter; Tzavalis, Elias - 2019
-related variables accounts for changes (rises) in the Okun's parameter in the US in recent decades. Accordingly, the unemployment gap is …
Persistent link: https://www.econbiz.de/10012135950
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What's up with the Phillips curve?
Del Negro, Marco; Lenza, Michele; Primiceri, Giorgio E.; … - 2020
The business cycle is alive and well, and real variables respond to it more or less as they always did. Witness the Great Recession. In ation, in contrast, has gone quiescent. This paper studies the sources of this disconnect using VARs and an estimated DSGE model. It finds that the disconnect...
Persistent link: https://www.econbiz.de/10012241237
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Determinants of the credit cycle : a flow analysis of the extensive margin
Cuciniello, Vincenzo; Di Iasio, Nicola - 2020
We use monthly data on individual loans from the Italian Credit Register over the period from 1997 to 2019 and show that bank credit expansions in the non-financial private sector are mostly explained by variations in the extensive margin calculated either in credit ows or headcount of new...
Persistent link: https://www.econbiz.de/10012249660