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

Angrist, Joshua D.; Kuersteiner, Guido M. - 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/10010270625

Innocent bystanders? Monetary policy and inequality in the US

Coibion, Olivier; Gorodnichenko, Yuriy; Kueng, Lorenz; … - 2012

We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures....

Persistent link: https://www.econbiz.de/10010287628

The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics

Christoffel, Kai; Linzert, Tobias - 2005

cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …

Persistent link: https://www.econbiz.de/10010267287

Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation

de Walque, Gregory; Pierrard, Olivier; Sneessens, Henri R. - 2009

We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...

Persistent link: https://www.econbiz.de/10010277123

Monetary policy and Swedish unemployment fluctuations

Alexius, Annika; Holmlund, Bertil - 2007

preferred model, almost 30 percent of the maximum effect of a shock still remains after ten years. …

Persistent link: https://www.econbiz.de/10010268210

Uniform and nonuniform staggering of wage contracts

Danziger, Leif - 2010

This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic...

Persistent link: https://www.econbiz.de/10010269942

Monetary persistence, imperfect competition, and staggering complementarities

Merkl, Christian; Snower, Dennis J. - 2007

This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are complementary in generating monetary persistence. We do so by proposing the new measure of quantitative inertia, after discussing...

Persistent link: https://www.econbiz.de/10010277971

Monetary persistence and the labor market: a new perspective

Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2008

that the employment rate is slow to converge to its steady state value after a monetary shock. The after-effects of a shock … continue to exert an effect on the labor market even long after the shock is over. The sluggishness of the labor market … translates to the product market and thus the output effects of the monetary shock become more persistent. Under reasonable …

Persistent link: https://www.econbiz.de/10010278018

How disasters affect local labor markets: the effects of hurricanes in Florida

Belasen, Ariel R.; Polachek, Solomon W. - 2007

Exogenous shocks often impact a local labor market more than at the national level. This study improves upon the standard Difference in Difference (DD) approach by examining exogenous shocks using a Generalized Difference in Difference (GDD) econometric approach that identifies the effects of...

Persistent link: https://www.econbiz.de/10010268260

Income volatility and health

Halliday, Timothy J. - 2007

We investigate the impact of exogenous income fluctuations on health using twenty years of data from the Panel Study of Income Dynamics using techniques from the literature on the estimation of dynamic panel data models. Contrary to much of the previous literature on health and socio-economic...

Persistent link: https://www.econbiz.de/10010268659