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Labour-market institutions and macroeconomic shocks
Chen, Yu-Fu; Snower, Dennis J.; Gylfi Zoega - 2002
Macroeconomic shocks and labour-market institutions jointly determine employment growth and economic performance. The effect of shocks depends on the nature of these intitutions and the effect of institutional change depends on the macroeconomic environment. It follows that a given set of...
Persistent link: https://www.econbiz.de/10011412386
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Monetary persistence and the labor market : a new perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2010
In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business...
Persistent link: https://www.econbiz.de/10003937114
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Monetary Persistence and the Labor Market : A New Perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2021
that the employment rate is slow to converge to its steady state value after a monetary shock. The after-effects of a shock … continue to exert an effect on the labor market even long after the shock is over. The sluggishness of the labor market … translates to the product market and thus the output effects of the monetary shock become more persistent. Under reasonable …
Persistent link: https://www.econbiz.de/10013325145
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Monetary Persistence and the Labor Market : A New Perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2021
In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business...
Persistent link: https://www.econbiz.de/10013316264
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The effects of productivity and benefits on unemployment : breaking the link
Brown, Alessio J. G.; Kohlbrecher, Britta; Merkl, Christian - 2017
In the standard macroeconomic search and matching model of the labor market, there is a tight link between the quantitative effects of (i) aggregate productivity shocks on unemployment and (ii) unemployment benefits on unemployment. This tight link is at odds with the empirical literature. We...
Persistent link: https://www.econbiz.de/10011625891
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The effects of productivity and benefits on unemployment : breaking the link
Brown, Alessio J. G.; Kohlbrecher, Britta; Merkl, Christian - 2017
In the standard macroeconomic search and matching model of the labor market, there is a tight link between the quantitative effects of (i) aggregate productivity shocks on unemployment and (ii) unemployment benefits on unemployment. This tight link is at odds with the empirical literature. We...
Persistent link: https://www.econbiz.de/10012111816
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Labour-Market Institutions and Macroeconomic Shocks
Chen, Yu-Fu; Snower, Dennis J.; Zoega, Gylfi - 2021
Macroeconomic shocks and labour-market institutions jointly determine employment growth and economic performance. The effect of shocks depends on the nature of these institutions and the effect of institutional change depends on the macroeconomic environment. It follows that a given set of...
Persistent link: https://www.econbiz.de/10013320464
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Envy, guilt, and the Phillips curve
Ahrens, Steffen; Snower, Dennis J. - 2012
Persistent link: https://www.econbiz.de/10009512183
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Envy, guilt, and the Phillips curve
Ahrens, Steffen; Snower, Dennis J. - 2012
We incorporate inequity aversion into an otherwise standard New Keynesian dynamic equilibrium model with Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high incomes experience guilt. The former seek to raise their...
Persistent link: https://www.econbiz.de/10009424702
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Envy, guilt, and the Phillips curve
Ahrens, Steffen; Snower, Dennis J. - 2012
We incorporate inequity aversion into an otherwise standard New Keynesian dynamic equilibrium model with Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high incomes experience guilt. The former seek to raise their...
Persistent link: https://www.econbiz.de/10009425488