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Labor Markets, Fiscal Policy and Inflation Dynamics : A Pandemic Perspective
Abo-Zaid, Salem M.; Sheng, Xuguang Simon - 2023
In the early months of the COVID-19 pandemic, inflation fell. Later, as the pandemic wore on, inflation has risen … sharply, reaching a 40-year high. To explain the dynamics of inflation, we augment the standard labor search and matching … inflation rate is strongly tied to the behavior of vacancies and labor market tightness. This pattern is observed in European …
Persistent link: https://www.econbiz.de/10014260130
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Professional Forecasters and the Real-time Forecasting Performance of an Estimated New Keynesian Model for the Euro Area
Smets, Frank - 2013
(2012) estimated on euro area data. It investigates to what extent forecasts of inflation, GDP growth and unemployment by …
Persistent link: https://www.econbiz.de/10013078530
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Fiscal multipliers in a two-sector search and matching model
Angelopulos, Kōnstantinos; Jiang, Wei; Malley, James R. - 2015
This paper evaluates the effects of policy interventions on sectoral labour markets and the aggregate economy in a business cycle model with search and matching frictions. We extend the canonical model by including capital-skill complementarity in production, labour markets with skilled and...
Persistent link: https://www.econbiz.de/10010477900
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Fiscal Multipliers in a Two-Sector Search and Matching Model
Angelopoulos, Konstantinos - 2015
This paper evaluates the effects of policy interventions on sectoral labour markets and the aggregate economy in a business cycle model with search and matching frictions. We extend the canonical model by including capital-skill complementarity in production, labour markets with skilled and...
Persistent link: https://www.econbiz.de/10013028533
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How should unemployment insurance vary over the business cycle?
Birinci, Serdar; See, Kurt - 2020 - Last updated: November 6, 2020
We study optimal unemployment insurance (UI) policy over the business cycle, using a heterogeneous agent job-search model with aggregate risk and incomplete markets. We validate the model-implied micro and macro labor market elasticities to changes in the generosity of UI benefits against...
Persistent link: https://www.econbiz.de/10012311610
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Targeted fiscal policy to increase employment and wages of unskilled workers
Angelopulos, Kōnstantinos; Jiang, Wei; Malley, James R. - 2017
We extend the canonical model of search and matching frictions by including capital-skill complementarity in production, labour markets with skilled and unskilled workers and on-the-job-learning (OJL) within and across skill types. These extensions capture key characteristics of skilled and...
Persistent link: https://www.econbiz.de/10011617479
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Nowcasting Employment in the Euro Area
Banbura, Marta; Belousova, Irina; Bodnár, Katalin; … - 2023
Euro area labour market variables are published with a considerable lag, longer than in the case of real GDP. We develop a suite of models to provide a more timely estimate (nowcast) of euro area quarterly employment growth based on a broad range of monthly indicators. The suite includes a batch...
Persistent link: https://www.econbiz.de/10014354741
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Financial heterogeneity and monetary union
Gilchrist, Simon; Schoenle, Raphael; Sim, Jae W.; … - 2018
We analyze the economic consequences of forming a monetary union among countries with varying degrees of financial distortions, which interact with the firms' pricing decisions because of customer-market considerations. In response to a financial shock, firms in financially weak countries (the...
Persistent link: https://www.econbiz.de/10011932300
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European Integration and Employment : A New Role for Active Fiscal Policies?
Gatti, Donatella - 2021
This paper theoretically investigates the impact of European integration on employment by developing a new-keynesian model where fiscal policy effectively reduces firms' market power. Stronger product market competition is shown to reduce the marginal ability of governments to improve employment...
Persistent link: https://www.econbiz.de/10013320530
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Endogenous technology, scarring and fiscal policy
Schmöller, Michaela - 2022
This paper studies fiscal policy in a New Keynesian DSGE model with endogenous technology growth in which scarring can occur endogenously through hysteresis effects in TFP. Both demand- and supply-driven recessions can weaken investment in R&D and technology adoption, thus depressing the...
Persistent link: https://www.econbiz.de/10013463787