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A heterogeneous expectations model is provided, where private agents facing policy ignorance have to learn about the underlying fundamentals via a signal extraction problem. The model is estimated on a U.S. data set using Bayesian approach. The empirical results imply that the improvement in...
Persistent link: https://www.econbiz.de/10013211055
We study the importance of wage rigidities for the monetary policy transmission mechanism. Using uniquely rich micro data on Swedish wage negotiations, we isolate periods when the labor market is covered by fixed wage contracts. Importantly, negotiations are coordinated in time but their...
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In this paper, we use cross-industry, cross-country panel data to test whether industry growth is positively affected by the interaction between the reactivity of real short term interest rates to the business cycle and industry-level measures of financial constraints. Financial constraints are...
Persistent link: https://www.econbiz.de/10013106665
creates an incentive for the firms to post vacancies and helps in achieving the relatively smooth behavior of wages over the …
Persistent link: https://www.econbiz.de/10013155429
Conditional on a contractionary monetary policy shock, the labor share of value added is expected to decrease in the basic New Keynesian model. By providing firm-level evidence, we are first to validate this proposition. Using local projections and high dimensional fixed effects, we show that a...
Persistent link: https://www.econbiz.de/10013215164
Conditional on a contractionary monetary policy shock, the labor share of value added is expected to decrease in the basic New Keynesian model. By providing firm-level evidence, we are first to validate this proposition. Using local projections and high dimensional fixed effects, we show that a...
Persistent link: https://www.econbiz.de/10013216670
Persistent link: https://www.econbiz.de/10013162395