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The role of labor markets for euro area monetary policy
Christoffel, Kai; Küster, Keith; Linzert, Tobias - 2009
degree of wage rigidity makes monetary policy more effective, i.e. a monetary policy shock transmits faster onto inflation … fluctuations. Our results point primarily towards disturbances in the bargaining process as a significant contributor to inflation …
Persistent link: https://www.econbiz.de/10003832582
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The role of labor markets for euro area monetary policy
Christoffel, Kai; Küster, Keith; Linzert, Tobias - 2009
degree of wage rigidity makes monetary policy more effective, i.e. a monetary policy shock transmits faster onto inflation … fluctuations. Our results point primarily towards disturbances in the bargaining process as a significant contributor to inflation …
Persistent link: https://www.econbiz.de/10003827243
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Disequilibrium macroeconomic dynamics, income distribution and wage-price Phillips curves : evidence from the US and the euro area
Proaño Acosta, Christian; Flaschel, Peter; Ernst, Ekkehard - 2006
current inflation rates and adaptive expectations concerning the inflation climate in which the economy operates. The model … correction terms, and indirectly of income distribution, in the dynamics of wage and price inflation in the U.S. and the euro …
Persistent link: https://www.econbiz.de/10003744531
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Business cycle asymmetries and the labor market
Kohlbrecher, Britta; Merkl, Christian - 2016 - First version: April 2015. This version: February 2016
This paper shows that the matching function and the Beveridge curve in the United States exhibit strong nonlinearities over the business cycle. These patterns can be replicated by enhancing a search and matching model with idiosyncratic productivity shocks for new contacts. Large negative...
Persistent link: https://www.econbiz.de/10011444082
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Business cycle asymmetries and the labor market
Kohlbrecher, Britta; Merkl, Christian - 2016
This paper shows that the matching function and the Beveridge curve in the United States exhibit strong nonlinearities over the business cycle. These patterns can be replicated by enhancing a search and matching model with idiosyncratic productivity shocks for new contacts. Large negative...
Persistent link: https://www.econbiz.de/10011455340
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Business cycle asymmetries and the labor market
Kohlbrecher, Britta; Merkl, Christian - 2016 - This Version: February 2016
This paper shows that the matching function and the Beveridge curve in the United States exhibit strong nonlinearities over the business cycle. These patterns can be replicated by enhancing a search and matching model with idiosyncratic productivity shocks for new contacts. Large negative...
Persistent link: https://www.econbiz.de/10011447126
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State dependence in labor market fluctuations
Pizzinelli, Carlo; Theodoridis, Konstantinos; Zanetti, … - 2020
This paper documents state dependence in labor market fluctuations. Using aThreshold Vector Autoregression model (TVAR), we establish that the unemployment rate, the job separation rate, and the job finding rate exhibit a larger response to productivity shocks during periods with low aggregate...
Persistent link: https://www.econbiz.de/10012179347
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What can a New Keynesian labor matching model match?
Reicher, Christopher Phillip - 2009
1980s. Based on the timing of observed fluctuations in interest rates, inflation, and productivity, it appears that the …. -- Unemployment ; labor market search ; job flows ; labor share ; inflation ; productivity shocks ; monetary shocks …
Persistent link: https://www.econbiz.de/10003826579
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Sticky wages in search and matching models in the short and long run
Reicher, Christopher Phillip - 2011
labor input, but it predicts a strong counterfactually negative long run relationship between inflation and unemployment …. This finding is robust to including a microeconomically realistic degree of indexation of wages to inflation. The lack of a … negative long run relationship between trend inflation and unemployment provides indirect evidence against the proposed …
Persistent link: https://www.econbiz.de/10009232255
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How cyclical is the user cost of labor?
Kudlyak, Marianna - 2024
In employment relationships, a wage is an installment payment on an implicit long-term agreement between a worker and a firm. The price of labor that impacts firm's hiring decisions, instead, reflects the hiring wage as well as the impact of economic conditions at the time of hiring on future...
Persistent link: https://www.econbiz.de/10014507553