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Unemployment in an Estimated New Keynesian Model
Galí, Jordi - 2012
We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (2011a …,b). We estimate the resulting model using postwar U.S. data, while treating the unemployment rate as an additional observable … output gap. In addition, the estimated model can be used to analyze the sources of unemployment fluctuations …
Persistent link: https://www.econbiz.de/10013110597
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The vanishing procyclicality of labor productivity
Galí, Jordi; van Rens, Thijs - 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/10010270843
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Gains from wage flexibility and the zero lower bound
Billi, Roberto; Galí, Jordi - 2019
We analyze the welfare impact of greater wage flexibility while taking into account explicitly the existence of the zero lower bound (ZLB) constraint on the nominal interest rate. We show that the ZLB constraint generally amplifies the adverse effects of greater wage flexibility on welfare when...
Persistent link: https://www.econbiz.de/10012182829
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The vanishing procyclicality of labor productivity
Galí, Jordi; van Rens, Thijs - 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/10010285429
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Patterns of convergence and Divergence in the Euro Area
Estrada García, Ángel; Galí, Jordi; Lopez-Salido, David - C.E.P.R. Discussion Papers - 2013
variables (unemployment, inflation, relative prices and the current account), and seeks to uncover the role played by monetary …
Persistent link: https://www.econbiz.de/10011083904
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The Vanishing Procyclicality of Labor Productivity
Galí, Jordi; van Rens, Thijs - C.E.P.R. Discussion Papers - 2014
We document three changes in postwar US macroeconomic dynamics: (i) the procyclicality of labor productivity vanished, (ii) the relative volatility of employment rose, and (iii) the relative (and absolute) volatility of the real wage rose. We propose an explanation for all three changes that is...
Persistent link: https://www.econbiz.de/10011084340
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The Vanishing Procyclicality of Labor Productivity
Galí, Jordi; Rens, Thijs van - Barcelona Graduate School of Economics (Barcelona GSE) - 2014
We document three changes in postwar US macroeconomic dynamics: (i) the procyclicality of labor productivity vanished, (ii) the relative volatility of employment rose, and (iii) the relative (and absolute) volatility of the real wage rose. We propose an explanation for all three changes that is...
Persistent link: https://www.econbiz.de/10010737376
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Patterns of convergence and divergence in the euro area
Estrada, Ángel; Galí, Jordi; López-Salido, David - Department of Economics and Business, Universitat … - 2013
variables (unemployment, inflation, relative prices and the current account), and seeks to uncover the role played by monetary …
Persistent link: https://www.econbiz.de/10010849588
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Patterns of Convergence and Divergence in the Euro Area
Estrada, Ángel; Galí, Jordi; López-Salido, David - Barcelona Graduate School of Economics (Barcelona GSE) - 2013
variables (unemployment, inflation, relative prices and the current account), and seeks to uncover the role played by monetary …
Persistent link: https://www.econbiz.de/10010851486
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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