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The impact of labor markets on the transmission of monetary policy in an estimated DSGE model

Christoffel, Kai (contributor); Kuester, Keith (contributor) - 2005

Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New-Keynesian closed economy...

Persistent link: https://www.econbiz.de/10003229297

Assessing Australian monetary policy in the twenty-first century

Gross, Isaac; Leigh, Andrew - 2022

Using the Reserve Bank of Australia's MARTIN model we compare actual monetary policy decisions to a counterfactual in which the cash rate is set according to an optimal simple rule. We find that monetary policy played a crucial role in avoiding a potential recession in 2001 and mitigating the...

Persistent link: https://www.econbiz.de/10013373260

House price responses to monetary policy surprises : evidence from the U.S. listings data

Gorea, Denis; Kryvtsov, Oleksiy; Kudlyak, Marianna - 2022

Existing literature documents that house prices respond to monetary policy surprises with a significant delay, taking years to reach their peak response. We present new evidence of a much faster response. We exploit information contained in listings for the residential properties for sale in the...

Persistent link: https://www.econbiz.de/10013343329

Size and development of the shadow economies of 157 countries worldwide : updated and new measures from 1999 to 2013

Hassan, Mai; Schneider, Friedrich - 2016

This paper is a first attempt to study the size and development of the shadow economies of 157 countries over 1999 to 2013. Using a MIMIC model, we find that higher tax and regulatory burden, unemployment and self-employment rates are drivers of the shadow economy, meaning that an increase of...

Persistent link: https://www.econbiz.de/10011571848

The macroeconomics of labor and credit market imperfections

Wasmer, Etienne; Weil, Philippe - 2000

Labor market frictions are not the only possible factor responsible for high unemployment. Credit market imperfections, driven by microeconomic frictions and impacted upon by macroeconomic factors such as monetary policy, could also be to blame. This paper shows that labor and credit market...

Persistent link: https://www.econbiz.de/10011336864

The US inflation-unemployment tradeoff : methodological issues and further evidence

Karanassou, Marika; Sala, Hector - 2009

money growth is a superior indicator of the monetary environment than the federal funds rate and, thus, the focus is on the … inflation/unemployment responses to money growth shocks. SVAR (structural vector autoregression) and GMM (generalised method of …-unemployment tradeoffs, policy makers should reconsider the classical dichotomy thesis. -- Inflation ; unemployment ; money growth ; SVAR …

Persistent link: https://www.econbiz.de/10003878210

The societal costs of inflation and unemployment

Popova, Olga; See, Sarah Grace; Nikolova, Milena; … - 2023

What are the broad societal implications of inflation and unemployment? Analyzing a dataset of over 1.9 million individuals from 156 countries via the Gallup World Poll spanning 2005 to 2021, alongside macroeconomic data at the national level, we find that both inflation and unemployment have a...

Persistent link: https://www.econbiz.de/10014419497

Causal effects of monetary shocks : semiparametric conditional independence tests with a multinomial propensity score

Angrist, Joshua D. (contributor); … - 2008

Macroeconomists have long been concerned with the causal effects of monetary policy. When the identification of causal effects is based on a selection-on-observables assumption, non-causality amounts to the conditional independence of outcomes and policy changes. This paper develops a...

Persistent link: https://www.econbiz.de/10003739948

The effects of European Economic and Monetary Union on wage behaviour

Lauer, Charlotte - 1999

This paper evaluates the possible consequences of the forthcoming European and Monetary Union on wage behaviour. It will be shown that EMU does not influence wage policy directly, but rather indirectly through its implications on other areas of economic policy, predominantly on monetary policy....

Persistent link: https://www.econbiz.de/10011294707

Structural reforms and the exchange rate regime : a panel analysis for the world versus OECD countries

Belke, Ansgar (contributor); Herz, Bernhard (contributor); … - 2005

in the money and banking sector in the broad country sample. For government size and for market regulation, we do not …

Persistent link: https://www.econbiz.de/10003260831