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New Trade Theory Takes Over Monetary Theory
Gani, M - EconWPA - 2004
Prevailing trade theory is a neglected stepchild of economics. Micro rejects the sole reason for trade’s occurrence. It declares zero profit in equilibrium. Monetary theory and macroeconomics dismiss concerns of trade financing. They assert that money has nothing to do with traded output, but...
Persistent link: https://www.econbiz.de/10005408069
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A Model of Aggregate Demand and Unemployment
Michaillat, Pascal; Saez, Emmanuel - Centre for Economic Performance, LSE - 2013
We present a static model of aggregate demand and unemployment. The economy has a nonproduced good, a produced good, and labor. Product and labor markets have matching frictions. A general equilibrium is a set of prices, market tightnesses, and quantities such that buyers and sellers optimize...
Persistent link: https://www.econbiz.de/10010682991
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The Objective Benefits of Subjective Well-Being
Neve, Jan-Emmanuel De; Diener, Ed; Tay, Louis; Xuereb, Cody - Centre for Economic Performance, LSE - 2013
The aim of this paper is to survey the "hard" evidence on the effects of subjective well-being. In doing so, we complement the evidence on the determinants of well-being by showing that human well-being also affects outcomes of interest such as health, income, and social behaviour. Generally, we...
Persistent link: https://www.econbiz.de/10010685645
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Exit Lucas, Reenter Keynes
Gani, Mohammad - EconWPA - 2004
Keynes (1936) said that shortage of money caused by hoarding or failure to invest led to unemployment, but Lucas (1972) said that money does not affect unemployment. The tables have now turned. Gani (2003) produced a model of indirect trade in which money is necessary as a means of payment....
Persistent link: https://www.econbiz.de/10005561133
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Non-Accelerating Wage Inflation Rate of Unemployment in Poland
Budnik, Katarzyna Barbara - 2008
The model of the wage bargaining constitutes a framework for calculation of the NAWRU in Poland. The approach used in the paper let me trace changes of the natural unemployment rate in Poland in the context of structural changes in the economy in the last decade. Moreover, I introduced the...
Persistent link: https://www.econbiz.de/10014214119
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Employment, fiscal Policy and Oligopsonistic Labour Market
Tamai, Toshiki - In: Australian Journal of Labour Economics (AJLE) 12 (2009) 3, pp. 321-337
This paper presents an investigation of the dynamic effects of fiscal policy in an inter-temporal optimisation model with an oligopsonistic labour market. In an oligopsonistic labour market, fiscal policy expands employment through a shift of labour demand and supply curves. Fiscal policy has a...
Persistent link: https://www.econbiz.de/10008542535
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Revisiting the Relationship between Unemployment and Wages
Gallipoli, Giovanni - 2016
We investigate the empirical relationship between wages and labor market conditions. Following work histories in the … NLSY79 we document that the relationship between wages and unemployment rate differs across occupations. The results hold … after controlling for unobserved match quality. This suggests that evidence about history-dependence of wages obtained from …
Persistent link: https://www.econbiz.de/10012998829
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Cyclical earnings, career and employment transitions
Carrillo-Tudela, Carlos; Visschers, Ludo; Wiczer, David - 2022
This paper studies the cyclical behaviour of earnings risk and career changes. We document that the procyclical skewness of the earnings growth distribution arises mostly from the earnings changes of employer and occupation switchers. To uncover their relative importance in driving cyclical...
Persistent link: https://www.econbiz.de/10013390926
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Cyclical earnings, career and employment transitions
Carrillo-Tudela, Carlos; Visschers, Ludo; Wiczer, David - 2022
This paper studies the cyclical behaviour of earnings risk and career changes. We document that the procyclical skewness of the earnings growth distribution arises mostly from the earnings changes of employer and occupation switchers. To uncover their relative importance in driving cyclical...
Persistent link: https://www.econbiz.de/10013412799
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The Inflation-Unemployment Trade-Off At Low Inflation
Ricci, Luca Antonio; Benigno, Pierpaolo - International Monetary Fund (IMF) - 2009
policies can play an important role in shaping the trade-off. Third, nominal wages tend to be endogenously rigid also upward …
Persistent link: https://www.econbiz.de/10005825999