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By introducing search and matching frictions in both the labor and the credit markets into a cash in advance New Keynesian DSGE model, we provide a novel explanation of the incomplete pass-through from policy rates to loan rates. We show that this phenomenon is ineradicable if banks possess some...
Persistent link: https://www.econbiz.de/10010729845
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We study the e¤ects of underground activities on labour market dynamics in a RBC model with search frictions in the labor market, bargained wage and quadratic hiring costs. Underground activities, which allow agents to (partially) evade taxes, are modelled through a moonlighting production...
Persistent link: https://www.econbiz.de/10011120234
We introduce some elements of Prospect Theory into a general equilibrium model with monopolistic competition in the good market and real wage rigidities due to (right to manage or efficient) wage bargaining, or to efficiency wages. We show that, under these types of labor market frictions, an...
Persistent link: https://www.econbiz.de/10011120235
We show that in a modified Mortensen–Pissarides model the bargaining weights depend on the players’ loss-aversion parameters. These weights can hence be calibrated without resorting to an assessment of players’ bargaining powers, which have proved difficult to empirically establish.
Persistent link: https://www.econbiz.de/10010608072
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We analyse the results of a survey conducted by the Bank of Italy in the spring of 2012 on Italian science and technology parks. First we describe the main features of science parks in Italy. Then we investigate whether they have been effective in improving the economic performance and...
Persistent link: https://www.econbiz.de/10011099612
This paper depicts � from a variety of viewpoints � the degree of indebtedness and potential financial vulnerabilities of households across the Italian regions. Micro-data from several sources suggest that the financial situation of Italian households shows striking differences at...
Persistent link: https://www.econbiz.de/10011100383
Financial frictions have become fundamental for studying the business cycle and credit market dynamics. This work adds to the existing literature by introducing a search and matching scheme in the financial market into a cash in advance New Keynesian DSGE theoretical model. We provide an...
Persistent link: https://www.econbiz.de/10011105130
This paper adds to the large literature on the e¤ects of technology shocks empirically and theoretically. Using a SVEC model, we …rst show that not only hours but also investment decline temporarily following a technology improvement. This result is robust with respect to important data and...
Persistent link: https://www.econbiz.de/10011095367