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The purpose of this thesis is twofold: First, it aims at detecting empirical regularities of the business cycle in Denmark, Germany and the U.S. Second, it tries to give a theoretical explanation for these stylized facts. The thesis is fully in line with the modern analysis of business cycles in...
Persistent link: https://www.econbiz.de/10009459126
In our dynamic optimizing sticky price model, agents are heterogeneous with regard to their age and their productivity. We find that the business cycle dynamics in the OLG model in response to both a technology shock and a monetary shock are similar, but not completely identical to those found...
Persistent link: https://www.econbiz.de/10010261430
Persistent link: https://www.econbiz.de/10010261444
The question of the main determinants of persistent responses due to nominal shocks captures, at least since Chari et al. (2000), a major part of the recent macroeconomic debate. However, the question whether sticky wages and/or sticky prices are sufficient for persistent reactions of key...
Persistent link: https://www.econbiz.de/10010262990
We build quadratic labor adjustment costs into an otherwise standard New-Keynesian model of the business cycle and show that this is sufficient to increase both, output and inflation persistence.
Persistent link: https://www.econbiz.de/10010263522
I explore the implications of the lumpy labor adjustment as a propagation mechanism for aggregate dynamics. The model I use nests the basic RBC model with a staggered-job-turnover in the spirit of Taylor (1980) and Calvo (1983). It extends this approach by introducing a Weibull-distributed labor...
Persistent link: https://www.econbiz.de/10010263723
A large body of literature explains the inferior position of unskilled workers by imposing a structural shift in the labor force skill composition. This paper takes a different approach by emphasizing the connection between cyclical variations in skilled and unskilled labor markets. Using a...
Persistent link: https://www.econbiz.de/10010263725
I explore the aggregate effects of micro lumpy labor adjustment in a prototypical RBC model, which embeds a stochastic labor duration mechanism in the spirit of Calvo(1983), and it extends this approach by introducing a Weibull-distributed labor adjustment process to capture the increasing...
Persistent link: https://www.econbiz.de/10010263744
Cyclical components are analytically computed in a theoretical model of stochastic endogenous fluctuations and growth. Volatility is shown to depend on the speed of convergence of the cyclical component, the expected length of a cycle and on the altitude of the slump. Taxes affect these channels...
Persistent link: https://www.econbiz.de/10010263938
Empirically, the income share is procyclical for the low-income groups and acyclical for the top 5%. We find that business cycle models should consider overlapping generations and elastic labor supply in order to replicate this finding.
Persistent link: https://www.econbiz.de/10010264090