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Worker identity, employment fluctuations and stabilization policy

Snower, Dennis J.; Lechthaler, Wolfgang - 2013

This paper provides a model of "social hysteresis" whereby long, deep recessions demotivate workers and thereby lead them to change their work ethic. In switching from a pro-work to an anti-work identity, their incentives to seek and retain work fall and consequently their employment chances...

Persistent link: https://www.econbiz.de/10009752694

Trend growth, unemployment and optimal monetary policy

Lechthaler, Wolfgang; Tesfaselassie, Mewael F. - 2015

and matching unemployment. We show that trend growth in itself does not generate a trade-off for the monetary authority …

Persistent link: https://www.econbiz.de/10011300631

Endogenous growth, skill obsolescence and output hysteresis in a New Keynesian model with unemployment

Lechthaler, Wolfgang; Tesfaselassie, Mewael F. - 2020

labor market and skill obsolescence from long-term unemployment. The model can account for key features of the Great … aggregate demand raises unemployment and the training costs associated with skill obsolescence. Lower employment hinders …

Persistent link: https://www.econbiz.de/10012269664

Labor force participation, job search effort and unemployment insurance in the laboratory

Lechthaler, Wolfgang; Ring, Patrick - 2020

How the provision of unemployment benefits affects employment and unemployment is a debated issue. In this paper, we … job market with search effort and labor force participation decisions while varying the maximum length of unemployment … effort when unemployment benefits are extended. However, individuals are more likely to participate in the labor force and to …

Persistent link: https://www.econbiz.de/10012179598

The German labor market in the Great Recession : shocks and institutions

Gehrke, Britta; Lechthaler, Wolfgang; Merkl, Christian - 2017

institutions (short-time work, government spending rules) and shocks (aggregate, labor market, and policy shocks) and to perform …

Persistent link: https://www.econbiz.de/10011638405

The German labor market during the Great Recession : shocks and institutions

Gehrke, Britta; Lechthaler, Wolfgang; Merkl, Christian - 2018

institutions (short-time work, government spending rules) and shocks (aggregate, labor market, and policy shocks) and to perform …

Persistent link: https://www.econbiz.de/10011916540

The German labor market during the Great Recession : shocks and institutions

Gehrke, Britta; Lechthaler, Wolfgang; Merkl, Christian - 2017

institutions (short-time work, government spending rules) and shocks (aggregate, labor market, and policy shocks) and to perform …

Persistent link: https://www.econbiz.de/10011634724

Optimal fiscal policy with labor selection

Chugh, Sanjay K.; Lechthaler, Wolfgang; Merkl, Christian - 2016

This paper characterizes long-run and short-run optimal fiscal policy in the labor selection framework. In a calibrated non-Ramsey decentralized equilibrium, labor market volatility is inefficient. Keeping fixed the structural parameters, the Ramsey government achieves efficient labor market...

Persistent link: https://www.econbiz.de/10011434257

Labor selection, turnover costs and optimal monetary policy

Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2012 - This version September 2012

We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to a right to manage bargaining where the firms’ counterpart is given by currently employed workers. Our model captures well the salient features of European labor...

Persistent link: https://www.econbiz.de/10011415418

Trade liberalization and wage inequality : new insights from a dynamic trade model with heterogeneous firms and comparative advantage

Lechthaler, Wolfgang; Mileva, Mariya - 2015

We develop a dynamic general equilibrium trade model with comparative advantage, heterogeneous firms, heterogeneous workers and endogenous firm entry to study wage inequality during the adjustment after trade liberalization. We find that trade liberalization increases wage inequality both in the...

Persistent link: https://www.econbiz.de/10011374067