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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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Real Business Cycles with Involuntary Unemployment
Galí, Jordi - C.E.P.R. Discussion Papers - 1995
imperfect competition. In equilibrium, unemployment emerges as the result of the market power exercised by insiders at the firm … countercyclical unemployment rate, in a way qualitatively consistent with US data. …
Persistent link: https://www.econbiz.de/10005656397
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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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MONETARY POLICY AND UNEMPLOYMENT
Galí, Jordi - National Bureau of Economic Research <Cambridge, Mass.> - 2010
labor market frictions and unemployment explicitly. The present paper describessome of the essential ingredients and …
Persistent link: https://www.econbiz.de/10005870350
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Labor Markets and Monetary Policy : A New-Keynesian Model with Unemployement
Blanchard, Olivier J. - 2017
We construct a utility-based model of fluctuations, with nominal rigidities and unemployment, and draw its implications … for the unemployment-inflation trade- off and for the conduct of monetary policy. We proceed in two steps. We first leave … unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage setting mechanisms …
Persistent link: https://www.econbiz.de/10012706807
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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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Unemployment fluctuations and stabilization policies : a New Keynesian perspective
Galí, Jordi - 2011
Persistent link: https://www.econbiz.de/10009316563
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Unemployment Fluctuations and Stabilization Policies : A New Keynesian Perspective
Galí, Jordi - 2011
A new approach for introducing unemployment into the New Keynesian framework. …cover -- Contents -- Series Foreword -- Preface -- Introduction -- A Simple Model of Unemployment and Inflation … Dynamics -- Unemployment, the Output Gap, and the Welfare Costs of Economic Fluctuations -- Unemployment and Monetary Policy …
Persistent link: https://www.econbiz.de/10012687623