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Temporary shocks and unavoidable transitions to a high-unemployment regime

Den Haan, Wouter J. - 2003

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/10009635968

Labor market institutions and the business cycle unemployment rigidities vs. real wage rigidities

Abbritti, Mirko; Weber, Sebastian - 2010

This paper investigates the importance of labor market institutions for inflation and unemployment dynamics. Using the … Unemployment Rigidities (UR) and those that cause Real Wage Rigidities (RWR). The two types of institutions have opposite effects … and their interaction is crucial for the dynamics of inflation and unemployment. We estimate a panel VAR with …

Persistent link: https://www.econbiz.de/10009640358

Technology shocks and robust sign restrictions in a euro area SVAR

Peersman, Gert; Straub, Roland - 2004

This paper provides evidence for the impact of technology, labor supply, monetary policy and aggregate spending shocks on hours worked in the Euro area. The evidence is based on a vector autoregression identiﬁed using sign restrictions that are consistent with both sticky price and real...

Persistent link: https://www.econbiz.de/10009639427

Nominal and real wage rigidities. In theory and in Europe

Knell, Markus - 2010

In this paper I study the relation between real wage rigidity (RWR) and nominal price and wage rigidity. I show that in a standard DSGE model RWR is mainly affected by the interaction of the two nominal rigidities and not by other structural parameters. The degree of RWR is, however,...

Persistent link: https://www.econbiz.de/10009640361

Time variation in U.S. wage dynamics

Hofmann, Boris; Peersman, Gert; Straub, Roland - 2010

This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates as well as real and nominal wages. The results indicate considerable time variation in U.S. wage dynamics that can be linked to the monetary policy regime. Before and after the...

Persistent link: https://www.econbiz.de/10009640310

Understanding the effects of government spending on consumption

Galí, Jordi; López-Salido, J. David; Vallés, Javier - 2004

Recent evidence on the effect of government spending shocks on consumption cannot be easily reconciled with existing optimizing business cycle models. We extend the standard New Keynesian model to allow for the presence of rule-of-thumb (non-Ricardian) consumers. We show how the interaction of...

Persistent link: https://www.econbiz.de/10009639393

Unemployment, hysteresis and transition

León-Ledesma, Miguel; McAdam, Peter - 2003

We quantify the degree of persistence in unemployment rates of transition countries using a variety of methods … presence of unit roots in unemployment. Since this is potentially a narrow definition, we also take into account the existence … of structural breaks and non-linear dynamics in unemployment. Finally, we examine whether CEECsu0092 unemployment …

Persistent link: https://www.econbiz.de/10009635980

Comparing economic dynamics in the EU and CEE accession countries

Süppel, Ralph - 2003

This paper presents evidence for structural differences in economic growth dynamics between the current EU and the central- and eastern European accession countries. Two important results emerge from the analysis. First, accession countries have posted higher average growth and wider output...

Persistent link: https://www.econbiz.de/10009635910

Swiss monetary policy targeting 1974 - 1996

Rich, Georg - 2003

After the switch to a floating exchange rate in 1973, the Swiss National Bank at first adopted annual monetary targets and in the 1990s shifted to a medium-term targeting strategy. In this paper I review the SNBu0092s internal policy analysis, an aspect of Swiss monetary targeting that has...

Persistent link: https://www.econbiz.de/10009635971

Equilibrium unemployment, job flows and inflation dynamics

Trigari, Antonella - 2004

general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price …

Persistent link: https://www.econbiz.de/10009636527