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Doves for the rich, hawks for the poor? : distributional consequences of systematic monetary policy
Gornemann, Nils; Küster, Keith; Nakajima, Makoto - 2021
, instead, favors unemployment-centric policy. One- and two-agent alternatives can show unanimous disapproval of inflation …
Persistent link: https://www.econbiz.de/10012511775
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COVID-19 and public support for the euro
Roth, Felix; Jonung, Lars; Most, Aisada - 2023
application of mandatory lockdowns contributed to a sharp fall in production and a rise in unemployment, inducing an expansionary …
Persistent link: https://www.econbiz.de/10013541792
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COVID-19 and public support for the euro
Roth, Felix; Jonung, Lars; Most, Aisada - 2022
application of mandatory lockdowns contributed to a sharp fall in production and a rise in unemployment, inducing an expansionary …
Persistent link: https://www.econbiz.de/10013455597
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Monetary policy and inequality under labor market frictions and capital-skill complementarity
Dolado, Juan J.; Motyovszki, Gergö; Pappa, Euē - 2018
In order to improve our understanding of the channels through which monetary policy has distributional consequences, we build a New Keynesian model with incomplete asset markets, asymmetric search and matching (SAM) frictions across skilled and unskilled workers and, foremost, capital-skill...
Persistent link: https://www.econbiz.de/10011853562
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The (ir)relevance of real wage rigidity for optimal monetary policy
Kohlbrecher, Britta - 2019
Real wage rigidity is known to create a substantial trade-off between inflation and employment stabilization for monetary policy in New Keynesian models with search frictions on the labor market. This paper shows that, quantitatively, this finding hinges very much on the assumption of constant...
Persistent link: https://www.econbiz.de/10012119333
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Endogenous growth, skill obsolescence and output hysteresis in a New Keynesian model with unemployment
Lechthaler, Wolfgang; Tesfaselassie, Mewael F. - 2020
labor market and skill obsolescence from long-term unemployment. The model can account for key features of the Great … aggregate demand raises unemployment and the training costs associated with skill obsolescence. Lower employment hinders …
Persistent link: https://www.econbiz.de/10012269664
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Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area : a structural model-based approach
Jacquinot, Pascal; Lozej, Matija; Pisani, Massimiliano - 2018
We evaluate the effects of permanently reducing labour tax rates in the euro area (EA) by simulating a large-scale open economy dynamic general equilibrium model. The model features the EA as a monetary union, split in two regions (Home and the rest of the EA - REA), the US, and the rest of the...
Persistent link: https://www.econbiz.de/10011792134
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The critics of modern money theory (MMT) are right
Palley, Thomas I. - 2014
Eric Tymoigne and Randall Wray's (T&W, 2013) defense of MMT leaves the MMT emperor even more naked than before (excuse the Yogi Berra-ism). The criticism of MMT is not that it has produced nothing new. The criticism is that MMT is a mix of old and new, the old is correct and well understood,...
Persistent link: https://www.econbiz.de/10010349920
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The Russian economy amidst the war and sanctions
Astrov, Vasily; Kochnev, Artem; Stamer, Vincent; Teti, … - 2024
suggest that capacity utilisation has reached very high levels, the labour market is extremely tight, and unemployment has …
Persistent link: https://www.econbiz.de/10015065596
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The Taylor Principle and (In-)Determinacy in a New Keynesian Model with Hiring Frictions and Skill Loss
Rannenberg, Ansgar - 2010
We introduce skill decay during unemployment into Blanchard and Gali's (2008) New-Keynesian model with hiring frictions … and real-wage rigidity. Plausible values of quarterly skill decay and realwage rigidity turn the long-run marginal cost-unemployment … relationship positive in a "European" labour market with little hiring but not in a fluid "American" one. If the marginal cost-unemployment …
Persistent link: https://www.econbiz.de/10013136387