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The Impact of Labor Markets on the Transmission of Monetary Policy in an Estimated DSGE Model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Institute for the Study of Labor (IZA) - 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/10005762079
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Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Society for Economic Dynamics - SED - 2006
We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. We structurally model matching frictions and rigid wages in line with an...
Persistent link: https://www.econbiz.de/10005051295
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Identifying the role of labor markets for monetary policy in an estimated DSGE model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Center for Financial Studies - 2006
-euro heterogeneity in wage bargaining we take this as the first-best approximation at hand for modelling monetary policy in the presence …
Persistent link: https://www.econbiz.de/10010958792
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Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Society for Computational Economics - SCE - 2006
We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. We structurally model matching frictions and rigid wages in line with an...
Persistent link: https://www.econbiz.de/10005342905
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Real and Nominal Wage Adjustment in Open Economies
Forslund, Anders; Gottfries, Nils; Westermark, Andreas - Nationalekonomiska Institutionen, Uppsala Universitet - 2005
equation is derived from a model of wage bargaining over nominal wages; hence both long run coefficients and adjustment … theoretical model we interpret this as evidence of union bargaining power. Unemployment benefits have substantial effects on wages …
Persistent link: https://www.econbiz.de/10005642494
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Monetary Policy and Staggered Wage Bargaining when Prices are Sticky
Carlsson, Mikael; Westermark, Andreas - Nationalekonomiska Institutionen, Uppsala Universitet - 2006
In this paper, we outline a baseline DSGE model which enables a straightforward analysis of wage bargaining between …, and the consequences for welfare outcomes. Specifically, we focus on the relative bargaining power of unions. We find that … bargaining power, but that this effect can be neutralized by optimal discretionary policy. …
Persistent link: https://www.econbiz.de/10005034667
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Wage rigidities in an estimated DSGE model of the UK labour market
Faccini, Renato; Millard, Stephen; Zanetti, Francesco - Bank of England - 2011
We estimate a New Keynesian model with matching frictions and nominal wage rigidities on UK data. We are able to identify important structural parameters, recover the unobservable shocks that have affected the UK economy since 1971 and study the transmission mechanism. With matching frictions,...
Persistent link: https://www.econbiz.de/10008914256
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Monetary Policy in an Uncertain World : Probability Models and the Design of Robust Monetary Rules
Levine, Paul - East Asian Bureau of Economic Research (EABER) - 2010
The past forty years or so has seen a remarkable transformation in macro-models used by central banks, policymakers and forecasting bodies. This papers describes this transformation from reduced-form behavioural equations estimated separately, through to contemporary micro-founded dynamic...
Persistent link: https://www.econbiz.de/10009363918
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Asset Market Participation, Monetary Policy Rules and the Great Inflation
Bilbiie, Florin Ovidiu; Straub, Roland - C.E.P.R. Discussion Papers - 2011
This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price DSGE model, whereby at low enough asset market participation,...
Persistent link: https://www.econbiz.de/10009293982
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Monetary/Fiscal Policy Mix and Agents' Beliefs
Bianchi, Francesco; Ilut, Cosmin - C.E.P.R. Discussion Papers - 2013
We reinterpret post World War II US economic history using an estimated microfounded model that allows for changes in the monetary/fiscal policy mix. We find that the fiscal authority was the leading authority in the '60s and the '70s. The appointment of Volcker marked a change in the conduct of...
Persistent link: https://www.econbiz.de/10011084218