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A New Approach for the General Equilibrium Analysis. Increase of the Production and Employment with Monetary and Fiscal Boosts
Nomidis, Dimitrios - 2014
The purpose of this paper is to present an approach with regard to the dynamic process of the general equilibrium during the business cycle fluctuations following monetary and fiscal interventions, which, I think, could contribute to bridging the differences between the different schools of...
Persistent link: https://www.econbiz.de/10013053400
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Wages, labor or prices
Dhyne, Emmanuel; Druant, Martine - 2010
Survey results in 15 European countries for almost 15,000 firms reveal that Belgian firms react more than the average European firm to adverse shocks by reducing permanent and temporary employment. On the basis of a firm-level analysis, this paper confirms that the different reaction to shocks...
Persistent link: https://www.econbiz.de/10009640316
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Price and wage setting in Portugal : learning by asking
Martins, Fernando - 2011
This paper presents the main findings of a survey conducted on a sample of Portuguese firms. The main aim was to identify some relevant characteristics about the dynamics of prices and wages in Portugal. The most important conclusions are: i) changes to wages are more synchronized than changes...
Persistent link: https://www.econbiz.de/10009640690
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How Do Adaptive Learning Expectations Rationalize Stronger Monetary Policy Response in Brazil?
Dizioli, Allan; Wang, Hou - 2023
This paper estimates a standard Dynamic Stochastic General Equilibrium (DSGE) model that includes a wage and price Phillip's curves with different expectation formation processes for Brazil and the USA. Other than the standard rational expectation process, we also use a limited rationality...
Persistent link: https://www.econbiz.de/10014254728
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From antigrowth bias to quantitative easing : the ECB's belated conversion?
Bibow, Jörg - 2016
institutional deficiencies share responsibility for the euro's failure, the bank has generally done "too little, too late" with … regard to managing the euro crisis, preventing protracted stagnation, and containing deflation threats. The bank remains … attached to the euro area’s official competitive wage-repression strategy, which is in conflict with the ECB's price stability …
Persistent link: https://www.econbiz.de/10011481632
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Euro area imbalances
Mink, Mark; Jacobs, Jan; Haan, Jakob de - 2016
balances, the common monetary policy may not be optimal for all of them. Euro area imbalances for potential output and for …
Persistent link: https://www.econbiz.de/10011587915
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Twenty years of the German euro are more than enough
Bibow, Jörg - 2018
This paper reviews the performance of the euro area since the euro's launch 20 years ago. It argues that the euro … crisis has exposed existential flaws in the euro regime. Intra-area divergences and the corresponding buildup of imbalances … unemployment continue to plague euro crisis countries. Its huge current account surplus highlights that the euro currency union …
Persistent link: https://www.econbiz.de/10011894027
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The Fed's real reaction function : monetary policy, inflation, unemployment, inequality and presidential politics
Galbraith, James K. (contributor);  … - 2007
Using a VAR model of the American economy from 1984 to 2003, we find that, contrary to official claims, the Federal Reserve does not target inflation or react to inflation signals.ʺ Rather, the Fed reacts to the very realʺ signal sent by unemployment, in a way that suggests that a baseless...
Persistent link: https://www.econbiz.de/10003727095
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The recovery from the Great Recession: a long, evolving expansion
Shambaugh, Jay C.; Strain, Michael R. - 2021
Prior to 2020, the Great Recession was the most important macroeconomic shock to the United States economy in generations. Millions lost jobs and homes. At its peak, one in ten workers who wanted a job could not find one. On an annual basis, the economy contracted by more than it had since the...
Persistent link: https://www.econbiz.de/10012405441
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The Fed's Real Reaction Function Monetary Policy, Inflation, Unemployment, Inequality - and Presidential Politics
Galbraith, James K.; Giovannoni, Olivier G.; Russo, Ann J. - 2007
Using a VAR model of the American economy from 1984 to 2003, we find that, contrary to official claims, the Federal Reserve does not target inflation or react to "inflation signals." Rather, the Fed reacts to the very "real" signal sent by unemployment, in a way that suggests that a baseless...
Persistent link: https://www.econbiz.de/10014224945