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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
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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/10008779865
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The Vanishing Procyclicality of Labor Productivity
Galí, Jordi - 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/10013139707
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Gains from wage flexibility and the zero lower bound
Billi, Roberto M.; 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/10011990051
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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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A new Keynesian model with unemployment
Blanchard, Olivier; Galí, Jordi - 2006
We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine …-Mortensen-Pissarides model, with its focus on labor market frictions and unemployment. In developing this model, we proceed in two steps. We … effect on unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage …
Persistent link: https://www.econbiz.de/10011622347
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Optimal monetary policy with r* < 0
Billi, Roberto M.; Galí, Jordi; Nakov, Anton - 2024
We study the optimal monetary policy problem in a New Keynesian economy with a zero lower bound (ZLB) on the nominal interest rate, when the steady state natural rate (r*) becomes permanently negative. We show that the optimal policy aims to approach gradually a new steady state with positive...
Persistent link: https://www.econbiz.de/10014517710
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Real Wage Rigidities and the New Keynesian Model
Blanchard, Olivier J.; Galí, Jordi - 2006
provides a natural interpretation for the dynamic inflation - unemployment relation found in the data …
Persistent link: https://www.econbiz.de/10014061493
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Chapter 10. Monetary Policy and Unemployment
Galí, Jordi - In: Handbook of monetary economics : volume 3, (pp. 487-546). 2010
model labor market frictions and unemployment explicitly. This chapter describes some of the essential ingredients and …
Persistent link: https://www.econbiz.de/10014025670
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A New Keynesian Model with Unemployment
Blanchard, Olivier J. - 2010
We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine …-Mortensen-Pissarides model, with its focus on labor market frictions and unemployment. In developing this model, we proceed in two steps. We … effect on unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage …
Persistent link: https://www.econbiz.de/10013137341