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Monetary Policy and Swedish Unemployment Fluctuations

Holmlund, Bertil; Alexius, Annika - In: Economics: The Open-Access, Open-Assessment E-Journal 2 (2008) 2008-4, pp. 1-25

A widely spread belief among economists is that monetary policy has relatively short-lived effects on real variables such as unemployment. Previous studies indicate that monetary policy affects the output gap only at business cycle frequencies, but the effects on unemployment may well be more...

Persistent link: https://www.econbiz.de/10010295302

Global Factors, Unemployment Adjustment and the Natural Rate

Smith, Ron P.; Zoega, Gylfi - In: Economics: The Open-Access, Open-Assessment E-Journal 2 (2008) 2008-22, pp. 1-29

OECD unemployment rates show long swings which dominate shorter business cycle components and these long swings show a range of common patterns. Using a panel of 21 OECD countries 1960-2002, we estimate the common factor that drives unemployment by the first principal component. This factor has...

Persistent link: https://www.econbiz.de/10010295319

Non-linearities and fractional integration in the US unemployment rate

Caporale, Guglielmo Maria; Gil-Alana, Luis A. - 2004

This paper proposes a model of the US unemployment rate which accounts for both its asymmetry and its long memory. Our approach, based on the tests of Robinson (1994), introduces fractional integration and nonlinearities simultaneously into the same framework (unlike earlier studies employing a...

Persistent link: https://www.econbiz.de/10010295392

Uncertainty, Wage Setting and Decision Making in a Monetary Union

Hefeker, Carsten - 2004

The enlargement of the European Monetary Union is likely to lead to an increase of uncertainty about the transmission of monetary policy for the larger union. Adding new members to the central bank council will in addition imply that the preferences of the enlarged council will be uncertain in...

Persistent link: https://www.econbiz.de/10010295405

Complementarity of labor market institutions, equilibrium unemployment and the propagation of business cycles

Burda, Michael C.; Weder, Mark - 2001

This paper evaluates complementarities of labor market institutions and the business cycle in the context of a stochastic dynamic general equilibrium model economy. Matching between workers and vacancies with endogenous time spent in search, Nash-bargained wages, payroll taxation, and...

Persistent link: https://www.econbiz.de/10010295574

Budgetary Policy and Unemployment Dynamics

von Thadden, Leopold; Kaas, Leo - 2001

untersuchen die Entwicklung von Arbeitslosigkeit in Abhängigkeit von zwei verschiedenen staatlichen Budgetpolitiken. In … Übereinstimmung mit der traditionellen Literatur werden Schwankungen in der Arbeitslosigkeit kurzfristig durch eine ausgeglichene … Budgets erhöht jedoch über die Zeit die Persistenz der Arbeitslosigkeit durch adverse Wachstumseffekte und führt eventuell zu …

Persistent link: https://www.econbiz.de/10010295705

Unemployment and employment protection in a unionized economy with search frictions

Stähler, Nikolai - 2007

In theoretical literature, the effects of employment protection on unemployment are ambiguous. Higher employment protection decreases job creation as well as job destruction. However, in most models, wages are bargained individually between workers and firms. Using a conventional matching model...

Persistent link: https://www.econbiz.de/10010295841

On-the-job search and the cyclical dynamics of the labor market

Krause, Michael; Lubik, Thomas A. - 2007

We show how on-the-job search and the propagation of shocks to the economy are intricately linked. Rising search by employed workers in a boom amplifies the incentives of firms to post vacancies. In turn, more vacancies induce more on-the-job search. By keeping job creation costs low for firms,...

Persistent link: https://www.econbiz.de/10010295852

Unemployment, Wages and Collective Bargaining in the European Union

Hein, Eckhard; Schulten, Thorsten - 2004

The paper questions the predominant view on unemployment and wages in the European Union according to which high unemployment is primarily caused by labour market rigidities, i.e. social institutions and regulations which prevent ?market-clearing? real wage levels and structures. It is shown...

Persistent link: https://www.econbiz.de/10010296102

The Impact of the Multifiber Agreement Phaseout on Unemployment in Tunisia: A Prospective Dynamic Analysis

Marouani, Mohamed A. - 2005

Using a dynamic general equilibrium model, the paper provides a quantitative assessment of the impact of the Multifiber Agreement dismantling on unemployment in Tunisia. The specification of intertemporal behavior of households and firms permits the analysis of the effects of the shock on...

Persistent link: https://www.econbiz.de/10010296388