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This paper assesses various capital and labor adjustment costs functions estimating a general equilibrium framework with Bayesian methods using US aggregate data. The estimation finds that the adjustment costs are convex in both capital and labor and allowing for their joint interaction is...
Persistent link: https://www.econbiz.de/10011190675
This paper studies the effect of banking system concentration on unemployment in developing countries. Using data on 42 developing countries, it finds that more concentration increased unemployment over the period 1987–2007. The magnitude of the effect is substantial. The result is robust to...
Persistent link: https://www.econbiz.de/10011191210
During the last half-century, the evolution of educational attainment among Malaysians has been spectacular, and current enrollment rates suggest this progression will continue, albeit at a slower pace. Such a transformation of the educational attainment of labor should bring about macroeconomic...
Persistent link: https://www.econbiz.de/10011193768
Labor taxes and unemployment compensation were blamed for causing relative declines in labor supply in the EU to the US in the past decades. We propose a model with an endogenous labor force and compare with the model with an exogenous labor force. Because of discouraging the labor force, labor...
Persistent link: https://www.econbiz.de/10011194155
In this paper we study the experiences of wage and price mark-up adjustments (internal devaluation) in Germany (in the decade up to 2009) and Spain (in the 5-year after 2009) within the framework of the ECB’s New Multi-Country Model (NMCM). The NMCM works both in a rational expectation...
Persistent link: https://www.econbiz.de/10011194163
We estimate the degree of real wage flexibility in 19 EU countries in a wage Phillips curve panel framework. We find evidence for a reaction of wage growth to unemployment and productivity growth. The degree of real wage flexibility tends to be larger in the central and eastern European (CEE)...
Persistent link: https://www.econbiz.de/10011194164
This paper examines the effects of fiscal stimuli in the form of job creation subsidies in a DSGE model with search friction and endogenous job separation. We consider two types of job creation subsidies: a subsidy for the cost of posting vacancies and a hiring subsidy. This paper finds that the...
Persistent link: https://www.econbiz.de/10011194169
Convention specifies the relationship between price and unemployment in terms of the Phillips curve (PC) where inflation and the rate of unemployment are correlated. This paper uses a variant of the PC that is more consistent with the relationship between price and output as depicted in the...
Persistent link: https://www.econbiz.de/10011195087
The topic of the relationship between human capital and economic growth has been intensively examined in empirical studies since the 1980s. Although the positive impact of education and human capital on growth has been repeatedly confirmed, there are still doubts about the strength and probable...
Persistent link: https://www.econbiz.de/10011195141
The aim of this article is to explore main linkages among the participation rate, potential output and pension funding system. Based on the existing literature, there are several possibilities how to render the current set-up of the pension system sustainable. This sustainability is...
Persistent link: https://www.econbiz.de/10011195214