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The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics
Christoffel, Kai (contributor); Linzert, Tobias (contributor) - 2005
employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation … ; matching models ; labor market search ; inflation persistence ; real wage rigidity …
Persistent link: https://www.econbiz.de/10003227218
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Macroeconomic volatilities and the labor market : first results from the euro experiment
Merkl, Christian; Schmitz, Tom - 2009
This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone … theory. Real wage rigidities do not seem to play much of a role. This result is in line with our employed labor market model … output volatility, they do not seem to have much of an effect on inflation volatility. Our estimations indicate that the …
Persistent link: https://www.econbiz.de/10003827228
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From micro to macro hysteresis : long-run effects of monetary policy
Alves, Felipe; Violante, Giovanni L. - 2024 - Last updated: October 24, 2024
We develop a Heterogeneous Agent New Keynesian model with a three-state frictional labour market that is consistent with the empirical evidence that (i) low-skilled workers are more exposed to the business cycle, (ii) displacement leads to long-lasting earnings losses, and (iii) unemployment is...
Persistent link: https://www.econbiz.de/10015098505
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Macroeconomic volatilities and the labor market : first results from the euro experiment
Merkl, Christian; Schmitz, Tom - 2010
This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone … and inflation volatility ; labor turnover costs ; unemployment benefits ; unemployment ; eurozone … theory. While labor market institutions have a large effect on output volatility, they do not seem to have much of an effect …
Persistent link: https://www.econbiz.de/10003961662
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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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The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics
Christoffel, Kai (contributor); Linzert, Tobias (contributor) - 2006
employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …
Persistent link: https://www.econbiz.de/10003304975
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Digitalisation : channels, impacts and implications for monetary policy in the euro area
2021
the implications of digitalisation for measurement, productivity, labour markets and inflation, as well as more recent …
Persistent link: https://www.econbiz.de/10012626753
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Macroeconomic Volatilities and the Labor Market : First Results from the Euro Experiment
Merkl, Christian - 2010
This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone … theory. While labor market institutions have a large effect on output volatility, they do not seem to have much of an effect … on inflation volatility, which can also be rationalized by our theoretical model …
Persistent link: https://www.econbiz.de/10013143682
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Unemployment benefits extensions at the zero lower bound on nominal interest rate
Albertini, Julien; Poirier, Arthur - 2014
In this paper we investigate the impact of the recent US unemployment benefits extension on the labor market dynamic when the nominal interest rate is held at the zero lower bound (ZLB). Using a New Keynesian model, our quantitative experiments suggest that, in contrast to the existing...
Persistent link: https://www.econbiz.de/10010251606
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Digitalisation : Channels, Impacts and Implications for Monetary Policy in the Euro Area
Consolo, Agostino; Cette, Gilbert; Bergeaud, Antonin; … - 2021
the implications of digitalisation for measurement, productivity, labour markets and inflation, as well as more recent …
Persistent link: https://www.econbiz.de/10013210842