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Sources of Real Exchange Rate Fluctuations: How Important are Nominal Shocks?

Clarida, Richard; Galí, Jordi - C.E.P.R. Discussion Papers - 1994

This paper attempts to identify the sources of real exchange rate fluctuations since the collapse of the Bretton Woods period. We use a structural VAR model with recursive long-run restrictions to decompose the real exchange rate series into three components, associated with supply, demand and...

Persistent link: https://www.econbiz.de/10005667040

On the sources of the Great Moderation

Galí, Jordi; Gambetti, Luca - Department of Economics and Business, Universitat … - 2006

The remarkable decline in macroeconomic volatility experienced by the U.S. economy since the mid-80s (the so-called Great Moderation) has been accompanied by large changes in the patterns of comovements among output, hours and labor productivity. Those changes are reflected in both conditional...

Persistent link: https://www.econbiz.de/10005772545

Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?

Galí, Jordi - C.E.P.R. Discussion Papers - 1996

Using data for the G7 countries, conditional correlations of employment and productivity are estimated, based on a decomposition of the two series into technology and non-technology components. The picture that emerges is hard to reconcile with the predictions of the standard real business cycle...

Persistent link: https://www.econbiz.de/10005656273

Labor Markets and Monetary Policy : A New-Keynesian Model with Unemployement

Blanchard, Olivier J. - 2017

for the unemployment-inflation trade- off and for the conduct of monetary policy. We proceed in two steps. We first leave … firms. We derive the relation between inflation and unemployment and discuss how it is influenced by the presence of labor … market frictions and real wage rigidities. We show the nature of the tradeoff between inflation and unemployment …

Persistent link: https://www.econbiz.de/10012706807

The Macroeconomic Effects of Oil Price Shocks : Why are the 2000s so Different from the 1970s?

Blanchard, Olivier J.; Galí, Jordi - 2008

for the mild effects on inflation and economic activity of the recent increase in the price of oil: (a) good luck (i …

Persistent link: https://www.econbiz.de/10014224794

The vanishing procyclicality of labor productivity

Galí, Jordi; Rens, Thijs van - 2010

We document three changes in postwar US macroeconomic dynamics: (i) the procyclicality of labor productivity has vanished, (ii) the relative volatility of employment has risen, and (iii) the relative (and absolute) volatility of the real wage has risen. We propose an explanation for all three...

Persistent link: https://www.econbiz.de/10003996447