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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 … significant fall of inflation and nominal wage growth in response to a neutral technology shock. …

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

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 …

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

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

Heterogeneity in Wage Setting Behavior in a New-Keynesian Model

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

heterogeneity in wage rigidity, such as the persistence in price and the wage inflation, which a standard New Keynesian model with …

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

Monetary Institutions, Monopolistic Competition, Unionized Labour Markets And Economic Performance

Coricelli, Fabrizio; Cukierman, Alex; Dalmazzo, Alberto - C.E.P.R. Discussion Papers - 2000

perfect competition on product markets and that inflation is chosen directly by the monetary authority. Although these …, prices are set by firms and that the monetary authority affects the price level and inflation by determining the money supply … firms and that the monetary authority affects the price level and inflation indirectly through its choice of money supply …

Persistent link: https://www.econbiz.de/10005124489

The Macroeconomic Consequences of Reciprocity in Labour Relations

Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2005

We develop and analyse a structural model of efficiency wages founded on reciprocity. Workers are assumed to face an explicit trade-off between the disutility of providing effort and the psychological benefit of reciprocating the gift of a wage offer above some reference level. The model...

Persistent link: https://www.econbiz.de/10005504485

Efficiency Wages Revisited: The Internal Reference Perspective

Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2004

The missing wage rigidity in general equilibrium models of efficiency wages is an artifact of the external wage reference perspective conventionally adopted by the literature. Efficiency wage models based on an internal wage reference perspective are capable of generating strong wage rigidity....

Persistent link: https://www.econbiz.de/10005124415

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 …

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

Labor Force Participation and Monetary Policy in the Wake of the Great Recession

Erceg, Christopher; Levin, Andrew - C.E.P.R. Discussion Papers - 2013

In this paper, we provide compelling evidence that cyclical factors account for the bulk of the post-2007 decline in the U.S. labor force participation rate. We then proceed to formulate a stylized New Keynesian model in which labor force participation is essentially acyclical during "normal...

Persistent link: https://www.econbiz.de/10011084036

Market Deregulation and Optimal Monetary Policy in a Monetary Union

Cacciatore, Matteo; Fiori, Giuseppe; Ghironi, Fabio - C.E.P.R. Discussion Papers - 2013

The wave of crises that began in 2008 reheated the debate on market deregulation as a tool to improve economic performance. This paper addresses the consequences of increased flexibility in goods and labor markets for the conduct of monetary policy in a monetary union. We model a two-country...

Persistent link: https://www.econbiz.de/10011084173