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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

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

Interest rate bands of inaction and play-hysteresis in domestic investment : evidence for the Euro area

Belke, Ansgar; Frenzel Baudisch, Coletta; Göcke, Matthias - 2019

The interest rate represents an important monetary policy tool to steer investment in order to reach price stability. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank's effectiveness in a low interest rate environment...

Persistent link: https://www.econbiz.de/10012099559

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

The importance of hiring frictions in business cycles

Faccini, Renato; Yashiv, Eran - 2020

Hiring is a costly activity reflecting firms' investment in their workers. Micro-data shows that hiring costs involve production disruption. Thus, cyclical fluctuations in the value of output, induced by price frictions, have consequences for the optimal allocation of hiring activities. We...

Persistent link: https://www.econbiz.de/10012157267

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

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