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paper, we present a model with equilibrium unemployment which has three distinctive properties. First, using a search and …, which allows the model to reproduce the fluctuations of unemployment over the business cycle. And third, the model implies a … reasonable elasticity of steady state unemployment with respect to changes in benefits. The calibration of the model implies low …
Persistent link: https://www.econbiz.de/10011604969
paper, we present a model with equilibrium unemployment which has three distinctive properties. First, using a search and …, which allows the model to reproduce the fluctuations of unemployment over the business cycle. And third, the model implies a … reasonable elasticity of steady state unemployment with respect to changes in benefits. The calibration of the model implies low …
Persistent link: https://www.econbiz.de/10012770794
-cycle-frequency fluctuations in unemployment and job vacancies, given shocks of a plausible magnitude. We use data on the cost of vacancy creation …
Persistent link: https://www.econbiz.de/10013316636
, this allows the model to generate fluctuations of unemployment, vacancies, and labor productivity whose magnitudes are lose …
Persistent link: https://www.econbiz.de/10013318926
Since the advent of Heterogeneous Agent New Keynesian (HANK) models, countercyclical unemployment risk has been deemed … an important amplification mechanism for business cycles shocks. Yet, the aggregate effects of such "unemployment fears … model. While unemployment fears can exert noticeable aggregate effects, we find their magnitude to depend importantly on the …
Persistent link: https://www.econbiz.de/10015199489
-run Phillips curve between inflation and unemployment and a trade-off between price distortions and output hysteresis that change … hysteresis effects on unemployment and output. Price level targeting or a Taylor-rule responding to the unemployment rate can …
Persistent link: https://www.econbiz.de/10012819049
This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that … skilled workers increases the natural rate of unemployment and reduces total factor productivity with long- run effects on the … unemployment are affected differently across skill types. Also, the model generates sideward shifts of the Beveridge curve …
Persistent link: https://www.econbiz.de/10013272142
This paper develops a model with multiple steady states (low tax and unemployment rate versus high tax and unemployment … European unemployment rates observed during the seventies. The explanation given is that even if the unemployment rate would … job creation remains low making the return to a low unemployment rate impossible. The paper shows that in some cases …
Persistent link: https://www.econbiz.de/10011604285
Persistent link: https://www.econbiz.de/10011604317
unemployment. The results suggest that the elasticity is indeed negative, i.e. that real wages are lower in local labour markets … with higher unemployment. The size of the elasticity for the euro area is similar to that found in previous studies for a … number of countries, including the United States. Furthermore, there is some variation in the unemployment elasticity by …
Persistent link: https://www.econbiz.de/10011604517