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Surprise, Surprise - Measuring Firm-level Investment Innovations

Bachmann, Rüdiger; Elstner, Steffen; Hristov, Atanas - C.E.P.R. Discussion Papers - 2014

Firms expect certain investment expenditures. Firms realize certain investment expenditures. The difference is an investment surprise. With the help of the IFO Investment Survey for the German manufacturing sector we measure firms’ (quantitative) investment expectations and firms’...

Persistent link: https://www.econbiz.de/10011084608

Wage Growth, Productivity Growth, and the Evolution of Employment

Hellwig, Martin F; Irmen, Andreas - C.E.P.R. Discussion Papers - 2001

This Paper studies the impact of wage growth on the evolution of employment in an intertemporal general … is the common growth rate of consumption, demand, and output. In these steady-state equilibria employment contracts at a … equality of wage growth and productivity growth is a condition for constant employment. …

Persistent link: https://www.econbiz.de/10005789120

Time-Varying Business Volatility, Price Setting, and the Real Effects of Monetary Policy

Bachmann, Rüdiger; Born, Benjamin; Elstner, Steffen; … - C.E.P.R. Discussion Papers - 2013

Does time-varying business volatility affect the price setting of firms and thus the transmission of monetary policy into the real economy? To address this question, we estimate from the firm-level micro data of the German IFO Business Climate Survey the impact of idiosyncratic volatility on the...

Persistent link: https://www.econbiz.de/10011083687

Stylized Facts of Business Cycles in the G7 from a Real Business Cycles Perspective

Fiorito, Riccardo; Kollintzas, Tryphon - C.E.P.R. Discussion Papers - 1992

variations in total hours and hours per worker. This and other evidence suggests that labour hoarding might, especially in Europe … and Japan, be the main force behind employment dynamics. …

Persistent link: https://www.econbiz.de/10005662365

The Business Cycle Implications of Reciprocity in Labour Relations

Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2007

firms) and a measure of wage entitlement are critical to fit the dynamic responses of hours, wages and inflation to various … exogenous shocks. Aggregate employment conditions (measuring workers' outside option), on the other hand, are found to play only …

Persistent link: https://www.econbiz.de/10005136735

Unemployment in an Estimated New Keynesian Model

Galí, Jordi; Smets, Frank; Wouters, Rafael - C.E.P.R. Discussion Papers - 2011

We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (2011a,b). We estimate the resulting model using postwar U.S. data, while treating the unemployment rate as an additional observable variable. Our approach overcomes the lack of...

Persistent link: https://www.econbiz.de/10009024487

Animal Spirits, Persistent Unemployment and the Belief Function

Farmer, Roger E A - C.E.P.R. Discussion Papers - 2010

This paper presents a theory of the monetary transmission mechanism in a monetary version of Farmer’s (2009) model in which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model; the optimizing IS curve and the policy rule. It...

Persistent link: https://www.econbiz.de/10008692320

Heterogeneity in Wage Setting Behavior in a New-Keynesian Model

Eijffinger, Sylvester C W; Grajales, Anderson; Uras, … - C.E.P.R. Discussion Papers - 2015

In this paper we estimate a New-Keynesian DSGE model with heterogeneity in price and wage setting behavior. In a recent … study, Coibion and Gorodnichenko (2011) develop a DSGE model, in which firms follow four different types of price setting …) framework by incorporating heterogeneity in nominal wage setting behavior among households. We solve this DSGE model and …

Persistent link: https://www.econbiz.de/10011249376

An Incentive Theory of Matching

Brown, Alessio J G; Merkl, Christian; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2009

This paper presents a theory explaining the labor market matching process through microeconomic incentives. There are heterogeneous variations in the characteristics of workers and jobs, and firms face adjustment costs in responding to these variations. Matches and separations are described...

Persistent link: https://www.econbiz.de/10005000439

Technology Shocks and Employment

Collard, Fabrice; Dellas, Harris - C.E.P.R. Discussion Papers - 2003

than output, while employment shows a persistent decline. This finding has raised doubts concerning the relevance of the … economy, the flexible price RBC model can match the negative conditional correlation between productivity and employment quite …

Persistent link: https://www.econbiz.de/10005662191