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An Incomplete Markets Model of Business Cycles.
Durlauf, S.N. - Wisconsin Madison - Social Systems - 1996
This paper explores the effects of incomplete markets and positive spillovers on aggregate and industry output behavior. We consider an economy composed of a fixed set of infinitely-lived industries. When industries coordinate production decisions they jointly improve their productivity. Markets...
Persistent link: https://www.econbiz.de/10005200460
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Business Fluctuations, Job Flows and Trade Unions - Dynamics in the Economy
Schirwitz, Beate - ifo Leibniz-Institut für Wirtschaftsforschung an der …
behaviour of trade unions? To approach these questions theoretical as well as empirical methods were used. The empirical methods …
Persistent link: https://www.econbiz.de/10011148812
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European business cycles and economic policy, 1945-2007
Battilossi, Stefano; Foreman-Peck, James; Kling, Gerhard - Instituto Figuerola de Historia y Ciencias Sociales, … - 2008
In the first age of rapid economic growth after 1945, fluctuations of western European output and employment were so mild that the very notion of a cycle was transformed or even seemed obsolete. A second period of much slower average economic growth was marked by large and frequent oscillations,...
Persistent link: https://www.econbiz.de/10005196542
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Monetary Policy, Taxes, and the Business Cycle
Pakko, Michael R.; Gavin, William T.; Kydland, Finn E. - Society for Economic Dynamics - SED - 2005
Persistent link: https://www.econbiz.de/10005051394
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Monetary Policy, Taxes, and the Business Cycle
Pakko, Michael R.; Gavin, William T.; Kydland, Finn E. - Society for Computational Economics - SCE - 2004
In this paper we model the contribution of monetary growth shocks to aggregate fluctuations. Our innovation is to combine persistent money growth shocks with taxes on nominal capital gains in a model in which the central bank operates policy using an interest rate rule. All three features are...
Persistent link: https://www.econbiz.de/10005537643
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The Long-Run Phillips Curve and Non-Stationary Inflation
Russell, Bill; Banerjee, Anindya - Department of Economics, European University Institute - 2006
Modern theories of inflation incorporate a vertical long-run Phillips curve and are usually estimated using techniques that ignore the non-stationary behaviour of inflation. Consequently, the estimates obtained are imprecise and are unable to distinguish between competing models of inflation and...
Persistent link: https://www.econbiz.de/10005744361
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Competition, the Lisbon Strategy and the Euro
Banerjee, Anindya; Russell, Bill - Department of Economics, European University Institute - 2004
This paper considers whether the Euro-area economies have become more competitive since the introduction of the Euro and the implementation of the Lisbon strategy. Using a measure of the markup as a proxy for competition we show that while the markup has varied considerably over the past 25...
Persistent link: https://www.econbiz.de/10005697713
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The distributional and welfare impact of inflation in Italy
Cepparulo, Alessandra; Gastaldi, Francesca; Liberati, Paolo - Dipartimento di Economia e Diritto, Facoltà di Economia - 2010
The entrance of Italy in the Euro area in 2001 has given rise to a wide debate about the perception of inflation on households’ well-being. However, most of the debate has involved the measurement of the “correct†consumer price index at national level. Much less analysis has...
Persistent link: https://www.econbiz.de/10009649990
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Should Central Banks Target Happiness? Evidence from Latin America
Luengas, Pavel; Ruprah, Inder J. - Inter-American Development Bank - 2009
It has become common wisdom amongst monetary policy professionals that central banks in Latin America should adopt inflation targeting. Pure inflation targeting implicitly assumes a social loss welfare function dependent on only inflation. In this paper using subjective well-being survey data...
Persistent link: https://www.econbiz.de/10004998028
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Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment: Theory and Evidence
Cukierman, Alex; Lippi, Francesco - Banca d'Italia - 1998
) with a given degree of conservativeness and a number of unions each of which sets its own nominal wage taking the nominal … wages of other unions and the reaction-function of the CB as given. In the second stage the CB picks inflation so as to … minimize the combined costs of inflation and unemployment, taking union's wage rates as given. Since unions are averse to …
Persistent link: https://www.econbiz.de/10005111579