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Monetary persistence and the labor market : a new perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2010
In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business...
Persistent link: https://www.econbiz.de/10003937114
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Slow Recoveries and Unemployment Traps : Monetary Policy in a Time of Hysteresis
Acharya, Sushant - 2018
We analyze monetary policy in a model where temporary shocks can permanently scar the economy's productive capacity. Unemployed workers' skill losses generate multiple steady-state unemployment rates. When monetary policy is constrained by the zero bound, large shocks reduce hiring to a point...
Persistent link: https://www.econbiz.de/10012931966
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Monetary Persistence and the Labor Market : A New Perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2021
In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business...
Persistent link: https://www.econbiz.de/10013316264
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Monetary Persistence and the Labor Market : A New Perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2021
that the employment rate is slow to converge to its steady state value after a monetary shock. The after-effects of a shock … continue to exert an effect on the labor market even long after the shock is over. The sluggishness of the labor market … translates to the product market and thus the output effects of the monetary shock become more persistent. Under reasonable …
Persistent link: https://www.econbiz.de/10013325145
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Labor Supply Shocks, Labor Force Entry, and Monetary Policy
Kurozumi, Takushi; Van Zandweghe, Willem - 2022
supply shock to the value of nonparticipation in the labor market induces a policy trade-off between stabilization of the … employment gap and wage growth. For an adverse labor supply shock, optimal policy dampens the decline in employment to rein in …
Persistent link: https://www.econbiz.de/10014083431
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Expectations, monetary policy, and labor markets : lessons from the Great Depression
Reicher, Christopher Phillip - 2009
This paper estimates a series of shocks to hit the US economy during the Great Depression, using a New Keynesian model with unemployment and bargaining frictions. Shocks to long-run inflation expectations appear to account for much of the cyclical behavior of employment, while an increase in...
Persistent link: https://www.econbiz.de/10003872040
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Monetary policy and unemployment in open economies
Engler, Philipp - 2011
After an expansionary monetary policy shock employment increases and unemployment falls. In standard New Keynesian …
Persistent link: https://www.econbiz.de/10009405109
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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 …
Persistent link: https://www.econbiz.de/10012405441
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Macroprudential Policies in Response to External Financial Shocks
de Carvalho Filho, Irineu; Ng, DingXuan - 2023
This paper examines how countries use Macroprudential Policies (MaPs) to respond to external shocks such as US monetary policy surprises or fluctuations in capital flows. Constructing a model of a small open economy with financial frictions and a MaP authority that adjusts loan to value (LTV)...
Persistent link: https://www.econbiz.de/10014257930
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Effects of monetary and fiscal policy interactions on regional employment : evidence from Japan
Miyazaki, Tomomi; Kondoh, Haruo - 2022
Persistent link: https://www.econbiz.de/10013264955