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Are Real Wages Procyclical Conditional on a Monetary Policy Shock?

Ma, Eunseong - 2020

It is well-known that real wages are procyclical conditional on a monetary policy shock. This paper challenges this … conventional view by using a quantitative heterogeneous-agent New Keynesian economy with sticky wages. In the model with benchmark … wages (average hourly earnings) increase. This implies that true real wages may be countercyclical conditional on a monetary …

Persistent link: https://www.econbiz.de/10014091478

Structural or cyclic? : labor markets in recessions : how should policy respond to higher unemployment?

Lazear, Edward P. - 2014

Persistent unemployment after recessions and the policies required to bring it down are the subject of an ongoing debate. One view suggests there are fundamental changes in the labor market that imply a long-term higher rate of unemployment, requiring the implementation of structural policy...

Persistent link: https://www.econbiz.de/10011413609

Labor market shocks and monetary policy

Birinci, Serdar; Karahan, Fatih; Mercan, Yusuf; See, Kurt - 2023 - Last updated: October 5, 2023

We develop a heterogeneous-agent New Keynesian model featuring a frictional labor market with on-the-job search to quantitatively study the positive and normative implications of employer-to-employer (EE) transitions for inflation. We find that EE dynamics played an important role in shaping the...

Persistent link: https://www.econbiz.de/10014456659

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

Labour market skills, endogenous productivity and business cycles

Abbritti, Mirko; Consolo, Agostino - 2022

of employment, wages and consumption inequality. Finally, the model provides important insights for the Phillips and … Beveridge curves. Skill-specific labour market heterogeneity leads to a attening of the Phillips curve as wages and unemployment …

Persistent link: https://www.econbiz.de/10012880717

Réformes structurelles sur le marché du travail : quels enseignements peut-on tirer des études existantes ?

Fougère, D. - Banque de France - 2006

In general, empirical studies having evaluated with firm individual data the effects of structural labour market reforms in European countries do not reach unambiguous conclusions. In particular, they find that reforms increasing incentives to lower the number of temporary labour contracts do...

Persistent link: https://www.econbiz.de/10004998818

Three essays on estimation of policy disturbances

Reicher, Christopher Phillip - 2008

Persistent link: https://www.econbiz.de/10011574206

Hysteresis in labor markets? : evidence from professional long-term forecasts

Bluedorn, John Christopher; Leigh, Daniel - 2019

We explore the long-term impact of economic booms on labor market outcomes using a novel approach based on revisions to professional forecasts over the past 30 years for 34 advanced economies. We find that when employment rises unexpectedly, forecasters typically raise their long-term forecasts...

Persistent link: https://www.econbiz.de/10012022008

Labor and product market frictions and the business cycle

Abbriti, Mirko - 2010

Persistent link: https://www.econbiz.de/10008905741

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 New Keynesian framework we argue that labor market institutions should be divided into those institutions that cause Unemployment Rigidities (UR) and those that cause Real Wage...

Persistent link: https://www.econbiz.de/10013144855

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