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Involuntary Unemployment and the Business Cycle
Christiano, Lawrence J.; Trabrandt, Mathias; Walentin, Karl - Sveriges Riksbank - 2010
Can a model with limited labor market insurance explain standard macro- and labor market data jointly? We seek to construct a monetary model in which: i) the unemployed are worse off than the employed, i.e. unemployment is involuntary and ii) the labor force participation rate varies with the...
Persistent link: https://www.econbiz.de/10008516098
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Can News Be a Major Source of Aggregate Fluctuations? A Bayesian DSGE Approach
Fujiwara, Ippei; Hirose, Yasuo; Shintani, Mototsugu - Vanderbilt University Department of Economics - 2009
We examine whether the news shocks, as explored in Beaudry and Portier(2004), can be a major source of aggregate fluctuations. For this purpose, we extend a standard dynamic stochastic general equilibrium model of Christiano, Eichenbaum, and Evans (2005), and Smets and Wouters (2003, 2007) by...
Persistent link: https://www.econbiz.de/10008624635
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Stable price level and changing prices
Suvanto, Antti; Hukkinen, Juhana - Suomen Pankki - 2004
. This was a period of very low inflation. The rate of growth in the aggregate price level was occasionally very close to … inflation. The declining prices cannot, however, be explained by lack of demand or any generalized deflationary tendencies … develops a new method for looking at the composition of inflation and illustrating how relative price dynamics interact with …
Persistent link: https://www.econbiz.de/10005648879
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Fluctuaciones ciclicas y raices unitarias en la economia espanola, 1850-1990
Novell, Jordi Pons; Sanso, Andreu - Facultat d'Economia i Empresa, Universitat de Barcelona - 1996
This paper analyses the role of shocks in Spanish economic growth over the period 1850-1990. In the existence of a unit root, the trend is stochastic, which implies that the series has a long memory, and shocks have persistent effects. As a result, the series does not return to its former path...
Persistent link: https://www.econbiz.de/10005138829
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Business cycle evidence on firm entry
Lewis, Vivien - 2008
Business cycle models with sticky prices and endegenous firm entry make novel predictions on the transmission of shocks through the extensive margin of investment. This paper tests some of these predictions using a vector autoregression with model-based sign restrictions. We find a positive and...
Persistent link: https://www.econbiz.de/10010295880
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Aggregate demand, idle time, and unemployment
Michaillat, Pascal; Saez, Emmanuel - 2014
This paper develops a model of unemployment fluctuations. The model keeps the architecture of the Barro and Grossman (1971) general disequilibrium model but replaces the disequilibrium framework on the labor and product markets by a matching framework. On the product and labor markets, both...
Persistent link: https://www.econbiz.de/10011418280
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Self-reported satisfaction and the economic crisis of 2007-10: Or how people in the UK and Germany perceive a severe cyclical downturn
Mertens, Antje; Beblo, Miriam - 2013
, inflation rates and GDP growth. We compare the UK and Germany, two countries with different employment protection regulations …. Looking at the impact of macroeconomic indicators such as GDP growth, inflation and unemployment, we find mostly diverse … reactions to rising inflation in the UK and Germany. However, the strongest and most robust result concerns the relationship …
Persistent link: https://www.econbiz.de/10010322347
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Labour market asymmetries in a monetary union
Andersen, Torben M.; Seneca, Martin - 2008
This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both country-specific and aggregate shocks. The implications of asymmetries for...
Persistent link: https://www.econbiz.de/10010323747
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The output composition puzzle: a difference in the monetary transmission mechanism in the euro area and U.S.
Mojon, Benoît; Angeloni, Ignazio; Terlizzese, Daniele; … - 2003
We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the...
Persistent link: https://www.econbiz.de/10011604314
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Customer Markets, Non-Separable Utility and the Real Effects of Monetary Policy Shocks
Hristov, Nikolay - 2010
As is well known, one of the major shortcomings of the New Keynesian model (NKM) with Calvo-type price setting is the lack of a microeconomic foundation of its most important building block - price stickiness. In this paper I investigate the ability of a monetary Customer Markets model to...
Persistent link: https://www.econbiz.de/10010270130