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shock leads to a weak response in nominal wage inflation, a modest decline in price inflation, and a modest rise in the real … wage on impact and a permanent rise in the long run. The same shock may lead to a rise or fall in per capita hours …
Persistent link: https://www.econbiz.de/10012734769
key variables to a permanent technology shock and their structural VAR counterparts. In a second step, we compare these …
Persistent link: https://www.econbiz.de/10013136224
-price model predicts correctly that hours decline following a positive technology shock, but fails to generate the observed …
Persistent link: https://www.econbiz.de/10014212807
key variables to a permanent technology shock and their structural VAR counterparts. In a second step, we conduct a …
Persistent link: https://www.econbiz.de/10013136225
This paper provides evidence for the impact of technology, labor supply, monetary policy and aggregate spending shocks on hours worked in the Euro area. The evidence is based on a vector autoregression identified using sign restrictions that are consistent with both sticky price and real...
Persistent link: https://www.econbiz.de/10013319326
Can the standard search-and-matching labor market model replicate the business cycle fluctuations of the job finding rate and the unemployment rate? In the odel, these fluctuations are driven by movements in productivity. This paper inestigates the sources of productivity fluctuations that are...
Persistent link: https://www.econbiz.de/10011756844
We identify an inflationary technology news shock as the leading source of business cycle variations for the postwar U ….S. economy. This shock acts like a demand shock: it induces strong positive comovement in real quantities - GDP, consumption … technological innovations reduce inflation. The technology news shock became the predominant source of the business cycle from the …
Persistent link: https://www.econbiz.de/10011930326
We use microdata to estimate the strength of price selection - a key metric for the effect of monetary policy on the real economy. We propose a product-level proxy for mispricing and assess whether products with larger mispricing respond with a higher probability to identified monetary and...
Persistent link: https://www.econbiz.de/10012547543
We propose a multivariate simultaneous unobserved components framework to determine the two-sided interactions between structural trend and cycle innovations. We relax the standard assumption in unobserved components models that trends are only driven by permanent shocks and cycles are only...
Persistent link: https://www.econbiz.de/10012010854
the neutral technology shock is the main driving force in the volatility slowdown, allowing for a larger financial …
Persistent link: https://www.econbiz.de/10014049832