Similar Search Results

Imperfect Competition and Macroeconomics: A Survey

Dixon, Huw David; Rankin, Neil - C.E.P.R. Discussion Papers - 1992

This survey outlines the general lessons of the recent literature on imperfectly competitive macroeconomies for the theory of monetary and fiscal policy. A general framework is presented which encompasses most of the existing literature. Although money is of itself neutral in these models, the...

Persistent link: https://www.econbiz.de/10005661642

Search and Matching in Macroeconomics

Yashiv, Eran - C.E.P.R. Discussion Papers - 2006

This paper surveys the use of search and matching models in macroeconomics. It outlines the standard model, discusses its extensions, presents alternative formulations, considers the empirical evidence, and studies applications to macroeconomic questions such as business cycles, growth, and...

Persistent link: https://www.econbiz.de/10005792066

Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates

Adam, Klaus; Billi, Roberto M - C.E.P.R. Discussion Papers - 2003

optimal policy is to reduce the real rate by generating inflation expectations. This is achieved by committing to increase …’, i.e., average output and inflation turn out to be higher than their target values. Calibrating the model to the US … economy we find that the quantitative importance of the average effects on output and inflation are negligible. Moreover, the …

Persistent link: https://www.econbiz.de/10005661553

Reference Dependence and Labor-Market Fluctuations

Eliaz, Kfir; Spiegler, Ran - C.E.P.R. Discussion Papers - 2012

We incorporate reference-dependent preferences into a search-and-matching model of the labor market, in which firms have all the bargaining power and productivity follows an AR(1) process. Motivated by Akerlof (1982) and Bewley (1999), we assume that existing workers are willing to exert unobserved,

Persistent link: https://www.econbiz.de/10011083374

Changes in Consumption Behaviour: Italy in the Early 1990s

Grant, Charles; Miniaci, Raffaele; Weber, Guglielmo - C.E.P.R. Discussion Papers - 1998

This paper investigates the causes of the Italian consumption bust of the early 1990s by estimating deviations from 'normal' consumption using household level data for 1985-94. The data set used is a particularly rich, but as yet unexplored, source recently released by ISTAT. It contains...

Persistent link: https://www.econbiz.de/10005791410

The Monetary Transmission Mechanism: Evidence from the Industries of Five OECD Countries

Dedola, Luca; Lippi, Francesco - C.E.P.R. Discussion Papers - 2000

This paper presents new evidence on the monetary transmission mechanism based on the effects that unexpected monetary policy shocks exert on the activity of 21 manufacturing industries in 5 OECD countries (France, Germany, Italy, UK and USA). The goal is twofold. First, documenting the...

Persistent link: https://www.econbiz.de/10005504429

Macroeconomic Fluctuations and the Timing of Labour Market Reforms

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2002

In this Paper, I analyse the pros and cons of implementing structural reforms of the labour market in booms versus recessions, in light of considerations of social efficiency, political viability, and macroeconomic fine-tuning. While the optimal timing of a reform depends on the relative...

Persistent link: https://www.econbiz.de/10005504569

Does Money Illusion Matter? An Experimental Approach

Fehr, Ernst; Tyran, Jean-Robert - C.E.P.R. Discussion Papers - 2000

Money illusion means that people behave differently when the same objective situation is represented in nominal terms rather than in real terms. This paper shows that seemingly innocuous differences in payoff representation cause pronounced differences in nominal price inertia indicating the...

Persistent link: https://www.econbiz.de/10005504787

Money in Monetary Policy Design: A Formal Characterization of ECB-Style Cross-Checking

Beck, Günter; Wieland, Volker - C.E.P.R. Discussion Papers - 2007

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard model of the monetary transmission process that underlies...

Persistent link: https://www.econbiz.de/10005497931

The Transmission Mechanism in Good and Bad Times

Mumtaz, Haroon; Surico, Paolo - C.E.P.R. Discussion Papers - 2014

Does the transmission of economic policies and structural shocks vary with the state of the economy? We answer this question using a strategy based on quantile regressions, which account for both endogeneous regressors and state-dependent parameters. An application to U.S. real activity and...

Persistent link: https://www.econbiz.de/10011083570