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Unemployment Persistence and the Unemployment-Productivity Relation

Snower, Dennis J. - C.E.P.R. Discussion Papers - 1994

This paper explores the interrelation between the degree of unemployment persistence and the unemployment-productivity trade-off. The analysis suggests that the more effective are structural labour market policies (designed to change labour market institutions and laws, such as job security...

Persistent link: https://www.econbiz.de/10005662035

Will EMU Increase Eurosclerosis?

Bentolila, Samuel; Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2000

nominal and real wage rigidity) and social preferences regarding inflation, employment, and real wages. We also calibrate our …

Persistent link: https://www.econbiz.de/10005124134

Wage Inflation, Electoral Uncertainty and the Exchange Rate Regime: Theory and UK Evidence

Alogoskoufis, George; Lockwood, Ben; Philippopoulos, … - C.E.P.R. Discussion Papers - 1992

We extend the `rational-partisan' model of inflation to allow for the effects of unemployment persistence on the … dynamics of inflation. We combine this model with the `exchange-rate-regime' model of inflation and examine the experience of … the United Kingdom. Outside the fixed exchange rate regime of Bretton Woods, persistently high inflation can be attributed …

Persistent link: https://www.econbiz.de/10005067418

Should We be Afraid of Friedman's Rule?

Uhlig, Harald - C.E.P.R. Discussion Papers - 2000

Should one think of zero nominal interest rates as an undesirable liquidity trap or as the desirable Friedman rule? I use three different frameworks to discuss this issue. First, I restate Cole and Kocherlakota's (1998) analysis of Friedman's rule: short run increases in the money stock -...

Persistent link: https://www.econbiz.de/10005788876

Exports and Financial Shocks

Amiti, Mary; Weinstein, David E. - C.E.P.R. Discussion Papers - 2009

A striking feature of many financial crises is the collapse of exports relative to output. In the 2008 financial crisis, real world exports plunged 17 percent while GDP fell 5 percent. This paper examines whether the drying up of trade finance can help explain the large drops in exports relative...

Persistent link: https://www.econbiz.de/10008557011

Is the Natural Rate a Reference Point?

Karanassou, Marika; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1996

This paper explores the two common concepts of the natural rate of unemployment: (i) the stable, long-run equilibrium rate of unemployment; and (ii) the equilibrium unemployment rate at which there is no tendency for this rate to change, given the exogenous variables. The first concept (common...

Persistent link: https://www.econbiz.de/10005136587

The Robustness and Real Consequences of Nominal Wage Rigidity

Fehr, Ernst - C.E.P.R. Discussion Papers - 2000

Recent studies found evidence for nominal wage rigidity during periods of relatively high nominal GDP growth. It has been argued, however, that in an environment with low nominal GDP growth, when nominal wage cuts become customary, workers’ opposition to nominal cuts would erode and, hence,...

Persistent link: https://www.econbiz.de/10005123643

The Phillips Curve and the Lucas Critique: Some Historical Evidence

Alogoskoufis, George; Smith, Ron P - C.E.P.R. Discussion Papers - 1989

shifts in the parameters of wage equations when the process generating price inflation changes. The two major shifts that we …

Persistent link: https://www.econbiz.de/10005661752

A Model of Aggregate Demand and Unemployment

Michaillat, Pascal; Saez, Emmanuel - C.E.P.R. Discussion Papers - 2013

We present a static model of aggregate demand and unemployment. The economy has a nonproduced good, a produced good, and labor. Product and labor markets have matching frictions. A general equilibrium is a set of prices, market tightnesses, and quantities such that buyers and sellers optimize...

Persistent link: https://www.econbiz.de/10011083246

Monetary Policy Under Uncertainty in an Estimated Model with Labour Market Frictions

Sala, Luca; Söderström, Ulf; Trigari, Antonella - C.E.P.R. Discussion Papers - 2008

description of the U.S. business cycle, and that the inflation/unemployment trade-off facing monetary policymakers is …

Persistent link: https://www.econbiz.de/10005792050