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The inflation-output tradeoff: which type of labor market rigidity is to be blamed?
Merkl, Christian - 2009
inflation and the stabilization of the welfare relevant output gap after a productivity shock hits the economy. When the … standard model is enhanced by real wage rigidities or labor turnover costs, an endogenous short-run inflation-output tradeoff … rigidities. Second, labor turnover costs are the dominant source for the inflation-output tradeoff when both rigidities are …
Persistent link: https://www.econbiz.de/10010277953
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The inflation-output tradeoff : which type of labor market rigidity is to be blamed?
Merkl, Christian - 2009
inflation and the stabilization of the welfare relevant output gap after a productivity shock hits the economy. When the … standard model is enhanced by real wage rigidities or labor turnover costs, an endogenous short-run inflation-output tradeoff … rigidities. Second, labor turnover costs are the dominant source for the inflation-output tradeoff when both rigidities are …
Persistent link: https://www.econbiz.de/10003826554
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Monetary policy shocks in open economies and the inflation unemployment trade-off : the case of the Euro Area
Ribba, Antonio - In: Journal of risk and financial management : JRFM 15 (2022) 4, pp. 1-12
, inflation and unemployment, we detect a wrong sign in the response of inflation to contractionary monetary policy shocks … 1999-2019, when the Federal Funds Rate and the Euro-Dollar exchange rate are added to the VAR model inflation shows … significant unemployment inflation trade-off emerges. These conclusions are confirmed by using industrial production instead of …
Persistent link: https://www.econbiz.de/10013168711
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Adjusting Wages for Price Inflation : The Rational-Arrangements Phillips Curve
Annable, James - 2007
inflation. The model, named the rational-arrangements Phillips curve, identifies a central role for catch-up to price inflation … that has already occurred and a more latent role for rational expectations of future inflation. The reinterpreted Phillips …-neutrality, is consistent with inflation persistence in the aftermath of monetary shocks, informs monetary policymaking in hyper …
Persistent link: https://www.econbiz.de/10012728533
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Macroeconomic shocks and racial labour market differences in the U.S.
De, Kuhelika; Compton, Ryan A.; Giedeman, Daniel C.; … - 2019
Using 136 United States macroeconomic indicators from 1973 to 2017, and a factor augmented vector autoregression (FAVAR) framework with sign restrictions, we investigate the effects of three structural macroeconomic shocks - monetary, demand, and supply - on the labour market outcomes of black...
Persistent link: https://www.econbiz.de/10012157899
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Labor Market Institutions and the Business Cycle : Unemployment Rigidities vs. Real Wage Rigidities
Abbritti, Mirko - 2010
This paper investigates the importance of labor market institutions for inflation and unemployment dynamics. Using the … and their interaction is crucial for the dynamics of inflation and unemployment. We estimate a panel VAR with … deterministically varying coefficients and find that there is a profound difference in the responses of unemployment and inflation to …
Persistent link: https://www.econbiz.de/10013144855
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Endogenous growth, skill obsolescence and output hysteresis in a New Keynesian model with unemployment
Lechthaler, Wolfgang; Tesfaselassie, Mewael F. - 2020
Recession: a decline in productivity growth, the relative stability of inflation despite a pronounced fall in output (the …
Persistent link: https://www.econbiz.de/10012269664
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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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Worker heterogeneity, selection, and employment dynamics in the face of aggregate demand and pandemic shocks
Ravenna, Federico; Walsh, Carl E. - 2020
In a new Keynesian model with random search in the labor market, endogenous selection among heterogeneous workers amplifies fluctuations in unemployment and results in excess unemployment volatility relative to the efficient allocation. Recessions disproportionately affect lowproductivity...
Persistent link: https://www.econbiz.de/10012318150
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Equity Returns, Unemployment, and Monetary Policy
Li, Yijie; Suominen, Matti - 2020
We investigate both theoretically and empirically how unemployment level and its growth affect future stock returns. We find that both a higher unemployment rate and higher growth of unemployment positively predict future stock market returns. In our model, the effects come through their...
Persistent link: https://www.econbiz.de/10014352081