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Expectations, monetary policy, and labor markets : lessons from the Great Depression
Reicher, Christopher Phillip - 2009
with unemployment and bargaining frictions. Shocks to long-run inflation expectations appear to account for much of the …
Persistent link: https://www.econbiz.de/10003872040
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Mind the Output Gap : The Disconnect of Growth and Inflation During Recessions and Convex Phillips Curves in the Euro Area
Gross, Marco - 2017
We develop a theoretical model that features a business cycle-dependent relation between output, price inflation and inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale underlying the capacity constraint theory (Macklem...
Persistent link: https://www.econbiz.de/10012963916
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Mind the output gap : the disconnect of growth and inflation during recessions and convex Phillips curves in the euro area
Groß, Marco; Semmler, Willi - Task Force on Low Inflation (LIFT) - 2017
We develop a theoretical model that features a business cycle-dependent relation between out- put, price inflation and inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale underlying the capacity constraint theory (Macklem...
Persistent link: https://www.econbiz.de/10011636803
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Has Inflation Targeting Strategy Made A Difference in Ghanaian Macroeconomic Management? Analysis of Business Cycle Fluctuations and Econometric Estimates
Akosah, Nana Kwame; Paul Alagidede, Imhotep; Schaling, Eric - 2020
For over a decade of practicing inflation targeting (IT) strategy, inflation has remained high and persistent while economic growth momentum has boosted in Ghana. This paper investigates the relative macroeconomic benefits of the IT strategy in Ghana based on business cycle fluctuations and...
Persistent link: https://www.econbiz.de/10014093032
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Unemployment, Imperfect Risk Sharing, and the Monetary Business Cycle
Givens, Gregory - 2017
This paper examines the impact of unemployment insurance on the propagation of monetary disturbances in a staggered … model that gives prominence to an efficiency-wage theory of unemployment based on imperfectly observable labor effort …
Persistent link: https://www.econbiz.de/10012961766
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The Cost of Human Capital Depreciation During Unemployment
Laureys, Lien - 2014
Skill erosion during unemployment was of particular concern as unemployment duration increased in the Great Recession … unemployment pool's skill composition, and hence the output produced by other firms' new hires. As a consequence, job creation is …
Persistent link: https://www.econbiz.de/10013048390
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Inflation and Activity : Two Explorations and Their Monetary Policy Implications
Blanchard, Olivier J. - 2018
find that the effect of unemployment on inflation, for given expected inflation, decreased until the early 1990s but has …
Persistent link: https://www.econbiz.de/10012936771
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Inflation and Activity - Two Explorations and Their Monetary Policy Implications
Blanchard, Olivier J. - 2016
unemployment on inflation,for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then …
Persistent link: https://www.econbiz.de/10013002151
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Nicht zu früh bremsen!: Der Einfluss der Geldpolitik auf die langfristige Wirtschaftsentwicklung in Deutschland und den USA
Schettkat, Ronald; Sun, Rongrong - 2009
Almost all institutions - employment protection legislation, unions, wages, wage structure, unemployment insurance, etc … persistent unemployment in Europe. US labor market institutions, assumed to leave markets unfettered, became the benchmark for … unemployment has shielded away from the policy of central banks. Actually, however, the institutional setup regarding monetary …
Persistent link: https://www.econbiz.de/10010291094
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Nicht zu früh bremsen! : der Einfluss der Geldpolitik auf die langfristige Wirtschaftsentwicklung in Deutschland und den USA
Schettkat, Ronald; Sun, Rongrong - 2009
Almost all institutions – employment protection legislation, unions, wages, wage structure, unemployment insurance, etc … persistent unemployment in Europe. US labor market institutions, assumed to leave markets unfettered, became the benchmark for … unemployment has shielded away from the policy of central banks. Actually, however, the institutional setup regarding monetary …
Persistent link: https://www.econbiz.de/10003836155