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Worker heterogeneity, selection, and employment dynamics in the face of aggregate demand and pandemic shocks
Ravenna, Federico; Walsh, Carl E. - 2020
amplifies fluctuations in unemployment and results in excess unemployment volatility relative to the efficient allocation …. Recessions disproportionately affect lowproductivity workers, whose unemployment spells are inefficiently frequent and long. We … consider a COVID recession resulting from a negative demand shock and a surge in exogenous separations. Highproductivity …
Persistent link: https://www.econbiz.de/10012318150
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The Role of Real Wage Rigidity and Labor Market Frictions for Unemployment and Inflation Dynamics
Christoffel, Kai Philipp - 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 … cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions …
Persistent link: https://www.econbiz.de/10012783591
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The Role of Real Wage Rigidity and Labor Market Frictions for Unemployment and Inflation Dynamics
Christoffel, Kai Philipp - 2016
Persistent link: https://www.econbiz.de/10012991192
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Chapter 10. Monetary Policy and Unemployment
Galí, Jordi - In: Handbook of monetary economics : volume 3, (pp. 487-546). 2010
model labor market frictions and unemployment explicitly. This chapter describes some of the essential ingredients and …
Persistent link: https://www.econbiz.de/10014025670
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Labor market participation, unemployment and monetary policy
Campolmi, Alessia; Gnocchi, Stefano - 2014
We incorporate a participation decision in a standard New Keynesian model with matching frictions and show that treating the labor force as constant leads to incorrect evaluation of alternative policies. We also show that the presence of a participation margin mitigates the Shimer critique.
Persistent link: https://www.econbiz.de/10010254334
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Structural Factors, Unemployment and Monetary Policy : The Useful Role of the Natural Rate of Interest
Furlanetto, Francesco; Gelain, Paolo - 2017
We study the role of monetary policy in response to variations in unemployment due to structural factors, modeled as …
Persistent link: https://www.econbiz.de/10014123257
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Macroeconomic shocks and racial labour market differences in the U.S.
De, Kuhelika; Compton, Ryan A.; Giedeman, Daniel C.; … - 2019
in their unemployment rate and not a decline in labour force participation rate. Policymakers should take account of …
Persistent link: https://www.econbiz.de/10012157899
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What's up with the Phillips curve?
Del Negro, Marco; Lenza, Michele; Primiceri, Giorgio E.; … - 2020
The business cycle is alive and well, and real variables respond to it more or less as they always did. Witness the Great Recession. In ation, in contrast, has gone quiescent. This paper studies the sources of this disconnect using VARs and an estimated DSGE model. It finds that the disconnect...
Persistent link: https://www.econbiz.de/10012241237
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Technology Shocks and Robust Sign Restrictions in a Euro Area SVAR
Peersman, Gert; Straub, Roland - 2021
This paper provides evidence for the impact of technology, labor supply, monetary policy and aggregate spending shocks on hours worked in the Euro area. The evidence is based on a vector autoregression identified using sign restrictions that are consistent with both sticky price and real...
Persistent link: https://www.econbiz.de/10013319326
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The Response of Prices to Technology and Monetary Policy Shocks under Rational Inattention
Paciello, Luigi - 2010
The speed of inflation adjustment to aggregate technology shocks is substantially larger than to monetary policy shocks. Prices adjust very quickly to technology shocks, while they only respond sluggishly to monetary policy shocks. This evidence is hard to reconcile with existing models of...
Persistent link: https://www.econbiz.de/10014215017