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The dynamics of hours worked and technology

Cantore, Cristiano; Ferroni, Filippo; León-Ledesma, … - 2012

We study the relationship between hours worked and technology during the postwar period in the US. We show that the responses of hours to technological improvements have increased over time, and that the patterns captured by the SVAR are consistent with those obtained from an RBC model with a...

Persistent link: https://www.econbiz.de/10012530401

A reappraisal of the inflation-unemployment-productivity nexus: SKOPE Research Paper No. 38, Spring 2003

Karanassou, Marika; Sala, Hector; Snower, Dennis J. - 2003

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth", describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...

Persistent link: https://www.econbiz.de/10009441372

Financial Frictions, Propagation of Shocks, and Macroeconomic Volatility

Fuentes-Albero, Cristina - 2010

I study the evolution of aggregate volatility in the US during the postwar period by assessing the relative role played by financial shocks, technological progress, and changes in the financial system. Balance-sheet variables of firms have been characterized by greater volatility since the early...

Persistent link: https://www.econbiz.de/10009438701

Fiscal Shocks and Their Consequences

Burnside, A. Craig; Eichenbaum, Martin; Fisher, Jonas D. M. - 2003

This paper investigates the response of hours worked and real wages to fiscal policy shocks in the U.S. during the post World War II era. We identify these shocks with exogenous changes in military purchases and argue that they lead to a persistent increase in government purchases and tax rates...

Persistent link: https://www.econbiz.de/10009475552

Terms of trade movements and the global economic crisis: Implications for the Asia-Pacific region

Bloch, Harry; Sapsford, D. - 2009

Dramatic changes in the relative prices of goods in international trade have accompanied, and indeed preceded, the global crisis. These changes are reflected in the terms of trade ofindividual countries and in the relative prices of goods within those countries. Asia-Pacific countries are...

Persistent link: https://www.econbiz.de/10009434781

Terms of trade movements and the global economic crisis: Implications for the Asia-Pacific region

Bloch, Harry; Sapsford, D. - 2009

Dramatic changes in the relative prices of goods in international trade have accompanied, and indeed preceded, the global crisis. These changes are reflected in the terms of trade of individual countries and in the relative prices of goods within those countries. Asia-Pacific countries are...

Persistent link: https://www.econbiz.de/10009434784

Trend and Cycles in Coal and Oil Prices in the Long Run: A Schumpeterian Approach

Bloch, Harry; Sapsford, D. - 2011

We contribute to the task of identifying trends and cycles in energy prices by examining very long series of prices for coal and oil, going back to 1650 in the case of coal and 1859 in the case of oil. We find annual rates of increase in real price of greater than two percent are found for coal...

Persistent link: https://www.econbiz.de/10009435028

The Welfare Cost of Business Cycles Revisited: Finite Lives and Cyclical Variation in Idiosyncratic Risk

Storesletten, Kjetil; Telmer, Chris I; Yaron, Amir - 2000

This paper investigates the welfare costs of business cycles in a heterogeneous agent, overlapping generations economy which is distinguished by idiosyncratic labor market risk. Aggregate variation arises both in terms of aggregate productivity shocks and countercyclical variation in the...

Persistent link: https://www.econbiz.de/10009441157

The properties of cycles in South African financial variables and their relation to the business cycle

Boshoff, Willem Hendrik - 2006

The goal of this thesis is twofold: it aims, firstly, at a description of cycles in SouthAfrican financial variables and, secondly, at the evaluation of the relationshipbetween cycles in financial variables and the South African business cycle. The studyis based on the original business cycle...

Persistent link: https://www.econbiz.de/10009442149

Dynamic Asymmetries in the Australian Labour Market

Bodman, Philip M. - 2002

This paper examines whether Australian labour market variables, in particular aggregate employment and unemployment … macroeconomy but there is evidence of asymmetric steepness for both employment and unemployment as well as the CPI. Nominal or real … wages exhibit neither forms of asymmetry. The evidence suggests that unemployment (employment) rises (falls) rapidly in …

Persistent link: https://www.econbiz.de/10009448021

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