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Franz, Wolfgang - 2000

This paper is devoted to a new estimation of the non-accelerating inflation rate of unemployment (NAIRU) for the West … German Economy 1980 to 1998. The novelty of the paper is the estimation of a time-varying NAIRU for West Germany employing …, the NAIRU for 1998 is estimated to lie between 7.9 and 8.5 percent. However, based on a presentation of the theoretical …

Persistent link: https://www.econbiz.de/10013428346

Will the (German) NAIRU please stand up?

Franz, Wolfgang - 2003

Persistent link: https://www.econbiz.de/10013428567

Demand-supply interactions and unemployment dynamics : can there be path dependency?

Shadman-Mehta, Fatemeh; Sneessens, Henri R. - 1998

Persistent link: https://www.econbiz.de/10001365350

Measuring the UK short-run NAIRU

Batini, Nicoletta; Greenslade, Jennifer V. - 2003

This paper derives alternative measures of the short-run NAIRU (SRN) for the UK, the rate for unemployment at which … inflation will neither increase nor decrease in the short-run. We estimate the NAIRU jointly with price equations by using the …-run NAIRU measures prove helpful in predicting inflation and we demonstrate their usefulness in Taylor-type policy rules for the …

Persistent link: https://www.econbiz.de/10011517881

The impact of the European Monetary Union on inflation persistence in the euro area

Meller, Barbara; Nautz, Dieter - 2009

This paper uses the European Monetary Union (EMU) as a natural experiment to investigate whether more effective monetary policy reduces the persistence of inflation. Taking into account the fractional integration of inflation, we confirm that inflation dynamics differed considerably across Euro...

Persistent link: https://www.econbiz.de/10003875991

Monetary policy and unemployment in open economies

Engler, Philipp - 2011

After an expansionary monetary policy shock employment increases and unemployment falls. In standard New Keynesian models the fall in aggregate unemployment does not affect employed workers at all. However, Lüchinger, Meier and Stutzer (2010) found that the risk of unemployment negatively...

Persistent link: https://www.econbiz.de/10009405109

Monetary policy, firm exit and productivity

Hartwig, Benny; Lieberknecht, Philipp - 2020

We analyze the influence of monetary policy on firms’ extensive margin and productivity. Our empirical evidence for the U.S. based on a macro-financial SVAR suggests that expansionary monetary policy shocks stimulate corporate profits, reduce firm exit and increase firm entry. In the medium...

Persistent link: https://www.econbiz.de/10012322407

Short-time work and precautionary savings

Dengler, Thomas; Gehrke, Britta; Zessner-Spitzenberg, … - 2025

During the Covid-19 crisis, most OECD countries used short-time work (subsidized reductions in working hours) to preserve employment. This paper documents that short-time work affects the behavior of firms (supply) and households (demand). First, using household survey data from Germany, we show...

Persistent link: https://www.econbiz.de/10015398464

Monetary policy rules under bounded rationality

Dobrew, Michael; Gerke, Rafael; Kienzler, Daniel; … - 2023

We study the welfare performance of various simple monetary policy rules under bounded rationality (BR) along the lines of Gabaix (2020) in a New Keynesian model with sticky wages and an effective lower bound (ELB) on interest rates. Policy strategies with a strong history dependence lose their...

Persistent link: https://www.econbiz.de/10014320809

On household labour supply in sticky-wage HANK models

Gerke, Rafael; Giesen, Sebastian; Lozej, Matija; … - 2024 - November 24, 2023

Heterogeneous-agent New Keynesian models with sticky nominal wages usually assume that wage-setting unions demand the same amount of hours from all households. As a result, unions do not take account of the fact that (i) households are heterogeneous in their willingness to work, and that (ii)...

Persistent link: https://www.econbiz.de/10014467926