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We provide empirical support for an analytical DSGE model with nominal wage stickiness where growth is driven by learning-by-doing and money shocks and their variance are allowed to impact on long-run output growth. In our theoretical model the variance of monetary shocks has a negative effect...
Persistent link: https://www.econbiz.de/10010826214
Persistent link: https://www.econbiz.de/10005702875
We provide empirical support for a DSGE model with nominal wage stickiness where growth is driven by learning-by-doing and money shocks and their variance are allowed to impact on long-run output growth. In our theoretical model the variance of monetary shocks has a negative effect on growth,...
Persistent link: https://www.econbiz.de/10005341894
We study the implications of having different sources of nominal rigidities on the relationship between productivity growth and shocks volatility in a model with pro-cyclical R&D and imperfect competition in goods and labour markets. We show that the effects of uncertainty on long-term growth...
Persistent link: https://www.econbiz.de/10010742266
We consider the optimal factor income taxation in a standard R&D model with technical change represented by an increase in the variety of intermediate goods. Redistributing the tax burden from labor to capital will increase the employment rate in equilibrium. This has opposite effects on two...
Persistent link: https://www.econbiz.de/10010614532
We introduce easy to implement regression-based methods for predicting quarterly real economic activity that use daily financial data and rely on forecast combinations of MIDAS regressions. Our analysis is designed to elucidate the value of daily information and provide real-time forecast...
Persistent link: https://www.econbiz.de/10008738778
This paper presents business cycle stylized facts for the US, UK and German economies. We examine whether financial variables (interest rates, stock market price indices, dividend yields and monetary aggregates) predict economic activity over the business cycle, and we investigate the nature of...
Persistent link: https://www.econbiz.de/10005161501
The paper studies the dynamic behaviour of the conditional mean and volatility of weekly financial variables in relation to the business cycle for the USA and UK economies. The mean US S&P stock returns steadily increases before a recession, then declines approximately six weeks prior to the...
Persistent link: https://www.econbiz.de/10009196085
Persistent link: https://www.econbiz.de/10007816781
Demographic change is expected to affect labour markets in very different ways on a regional scale. The objective of this paper is to explore the spatio-temporal patterns of recent distributional changes in the workers age structure, innovation output and skill composition for German regions by...
Persistent link: https://www.econbiz.de/10011161056