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A Quarterly Model of the Labour Market in Interwar Britain

Hatton, Timothy J. - C.E.P.R. Discussion Papers - 1987

The paper analyses the determinants of interwar unemployment using a previously unexploited quarterly data set for 1924-39. Individual equations for insured employment, insured unemployment and the nominal wage rate are estimated and tested. The results indicate that the real wage was an...

Persistent link: https://www.econbiz.de/10005656339

Monetary Policy and the International Implications of the Phillips Curve in an Open Economy

Alogoskoufis, George - C.E.P.R. Discussion Papers - 1987

foreign sector. It is also assumed that wages are not only indexed to the price level, but also respond to the state of the … informational content to wages, over and above the information conveyed by other aggregate prices. The optimal policy in this model … wages are only partially correlated signals about the unobserved disturbances. …

Persistent link: https://www.econbiz.de/10005661914

A Two-Country Model with Asymmetric Phillips Curves and Intervention in the Foreign Exchange Market

Artis, Michael J; Gazioglu, Saziye - C.E.P.R. Discussion Papers - 1987

In this paper simulation methods are employed on a two-country, rational expectations continuous-time model to explore the consequences of asymmetrical wage-price processes. As an additional feature the effects are explored of reductions in the degree of financial integration between the two...

Persistent link: https://www.econbiz.de/10005662381

How Labour Market Flexibility Affects Unemployment: Long-Term Implications of the Chain Reaction Theory

Karanassou, Marika; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1998

This paper evaluates two theories of unemployment: the natural rate theory (whereby unemployment is depicted as fluctuating around a reasonably stable natural rate) and the chain reaction theory (which views movements in unemployment as the outcome of the interplay between labour market shocks...

Persistent link: https://www.econbiz.de/10005504680

Revisiting the Case for a Populist Central Banker

Lippi, Francesco - C.E.P.R. Discussion Papers - 1999

central bank may turn out to be bad for welfare. The paper also shows that whether unions bargain their wages in nominal or in …

Persistent link: https://www.econbiz.de/10005662413

A Contribution to Unemployment Dynamics

Karanassou, Marika; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1995

This paper views movements in unemployment as the result of the interaction between: (a) lags in labour market decisions; and (b) labour market shocks with temporary and permanent components. Two features of unemployment dynamics are examined: (i) `unemployment persistence', arising when...

Persistent link: https://www.econbiz.de/10005791454

Rhineland Exit?

Bovenberg, A Lans; Teulings, Coen N - C.E.P.R. Discussion Papers - 2008

We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle about the ultimate goal of the company....

Persistent link: https://www.econbiz.de/10005791558

Credit within the Firm

Guiso, Luigi; Pistaferri, Luigi; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2010

profile to implicitly borrow from their workers. We find that firms located in less financially developed markets offer wages …

Persistent link: https://www.econbiz.de/10008468516

Do Low-Income Countries Have a High-Wage Option?

Rodrik, Dani - C.E.P.R. Discussion Papers - 1994

Poor countries must specialize in standardized, labour-intensive commodities. Middle-income countries may have a richer menu of options available to them if their labour force is reasonably well-educated and skilled. This paper is motivated by the possibility that there may exist multiple...

Persistent link: https://www.econbiz.de/10005067410

Escaping Nash and Volatile Inflation

Ellison, Martin; Yates, Tony - C.E.P.R. Discussion Papers - 2007

Why is inflation so much lower and at the same time more stable in developed economies in the 1990s, compared with the 1970s? This paper suggests that the United Kingdom, United States and other countries may have escaped from a volatile inflation equilibrium. Our argument builds on the story...

Persistent link: https://www.econbiz.de/10005504556