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Evaluating the performance of the search and matching model with sticky wages
Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2010
Several authors have proposed staggered wage bargaining as a way to introduce sticky wages into search and matching … a series of estimated shocks from US data into a search and matching model with sticky prices and wages. I compare the … cycle volatility and matching the lack of a long-run relationship between vacancy creation and inflation. With regard to …
Persistent link: https://www.econbiz.de/10009021626
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The Inflation-Output Tradeoff: Which Type of Labor Market Rigidity Is to Be Blamed?
Merkl, Christian - Institut für Weltwirtschaft (IfW) - 2009
In the standard New Keynesian sticky price model the central bank faces no contradiction between the stabilization of inflation and the stabilization of the welfare relevant output gap after a productivity shock hits the economy. When the standard model is enhanced by real wage rigidities or...
Persistent link: https://www.econbiz.de/10005566197
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Quadratic Labor Adjustment Costs and the New-Keynesian Model
Lechthaler, Wolfgang; Snower, Dennis - Institut für Weltwirtschaft (IfW) - 2008
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/10005700592
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Monetary Persistence and the Labor Market: A New Perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis - Institut für Weltwirtschaft (IfW) - 2008
It is common knowledge that the standard New Keynesian model is not able to generate a persistent response in output to temporary monetary shocks. We show that this shortcoming can be remedied in a simple and intuitively appealing way through the introduction of labor turnover costs (such as...
Persistent link: https://www.econbiz.de/10005818879
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On the Introduction of Firing Costs
Ahrens, Steffen; Wesselbaum, Dennis - Institut für Weltwirtschaft (IfW) - 2009
This paper provides a survey of the recent literature about firing costs and discusses the transmission channels of firing costs in a partial equilibrium context. In addition, we expand our analysis two types of firing costs in a New Keynesian model with purely endogenous separations. We further...
Persistent link: https://www.econbiz.de/10008531659
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Sector-Specific Productivity Shocks in a Matching Model
Wesselbaum, Dennis - Institut für Weltwirtschaft (IfW) - 2010
the effects of temporary and permanent sector-specific shocks in a New Keynesian matching model. We show that temporary …
Persistent link: https://www.econbiz.de/10008496992
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The Great Recession versus the Great Depression: stylized facts on siblings that were given different foster parents
Aiginger, Karl - Institut für Weltwirtschaft (IfW) - 2010
This paper compares the depth of the Recent Crisis and the Great Depression. We use a new data set to compare the drop in activity in the industrialized countries for seven activity indicators. This is done under the assumption that the Recent Crisis leveled off in mid-2009 for production and...
Persistent link: https://www.econbiz.de/10008615592
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Matching labor’s share in a search and matching model
Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2011
, labor’s share is countercyclical, while it is procyclical in the sticky-price model. Theory and data both agree that wage …
Persistent link: https://www.econbiz.de/10009292397
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The Vanishing Procyclicality of Labor Productivity
Galí, Jordi; Rens, Thijs van - Institut für Weltwirtschaft (IfW) - 2010
We document three changes in postwar US macroeconomic dynamics: (i) the procyclicality of labor productivity has vanished, (ii) the relative volatility of employment has risen, and (iii) the relative (and absolute) volatility of the real wage has risen. We propose an explanation for all three...
Persistent link: https://www.econbiz.de/10008511733
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Efficiency in a Model of Labor Selection
Chugh, Sanjay; Merkl, Christian - Institut für Weltwirtschaft (IfW) - 2011
independent of the wage-determination process, that decentralize efficient allocations. Unlike the Hosios condition for matching …
Persistent link: https://www.econbiz.de/10008855330