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reimbursed by their domestic costs; what categories of goods are excluded from the reform; how the government uses the revenues … easy it is to replace imported goods by domestic production; whether US trading partners retaliate, and how financial …
Persistent link: https://www.econbiz.de/10011804408
from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions …
Persistent link: https://www.econbiz.de/10012819049
This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that … unskilled workers. Skill mismatch and skill-specific labour market institutions have three main effects on business cycles and … growth dynamics. First, as the composition of labour market skills leads to supply segmentation, the relative scarcity of …
Persistent link: https://www.econbiz.de/10013272142
We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, en- compassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...
Persistent link: https://www.econbiz.de/10012661624
. In this framework, product market regulations raise barriers to entry that hinder the development of sectors with income … negative association between product market regulations and the employment rate previously found in the literature. …
Persistent link: https://www.econbiz.de/10011604263
Persistent link: https://www.econbiz.de/10011604326
This paper presents a two period overlapping generations model with endogenous growth in the presence of a public sector with objectives of convergence for public debt and primary balance to GDP ratios. In order to ensure the existence of converging paths towards the target values of fiscal...
Persistent link: https://www.econbiz.de/10011604427
This paper investigates fiscal sustainability in an overlapping generations economy with endogenous growth coming from human capital formation through educational spending. We assess how budgetary imbalances affect economic dynamics and the outlook for economic growth, thereby providing a...
Persistent link: https://www.econbiz.de/10011604441
Why is GDP so much more volatile in poor countries than in rich ones? To answer this question, we propose a theory of technological diversification. Production makes use of different input varieties, which are subject to imperfectly correlated shocks. As in endogenous growth models,...
Persistent link: https://www.econbiz.de/10011604597
Labor's share of income has attracted interest in recent years reflecting its apparent decline. These falls, witnessed across many countries, are usually deemed undesirable. Any such assertion, however, begs the question of what is the socially optimal labor share. We address this question using...
Persistent link: https://www.econbiz.de/10011916846