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Do firms’ wage-setting powers increase during recessions?
Sorensen, Todd A. - In: IZA World of Labor (2017)
Traditional models of the labor market typically assume that wages are set by the market, not the firm. However, over … suggest that a monopsonistic model, where individual firms and not the market set wages, may be more appropriate. This model … attributes more wage-setting power to firms, particularly during economic downturns, which helps explain why wages decrease …
Persistent link: https://www.econbiz.de/10011662673
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The role of economic policy uncertainty in predicting U.S. recessions: A mixed-frequency Markov-switching vector autoregressive approach
Balcilar, Mehmet; Gupta, Rangan; Segnon, Mawuli - In: Economics: The Open-Access, Open-Assessment E-Journal 10 (2016) 2016-27, pp. 1-20
This paper analyzes the performance of the monthly economic policy uncertainty (EPU) index in predicting recessionary regimes of the (quarterly) U.S. GDP. In this regard, the authors apply a mixed-frequency Markov-switching vector autoregressive (MF-MS-VAR) model, and compare its in-sample and...
Persistent link: https://www.econbiz.de/10011555275
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Public consumption over the business cycle
Bachmann, Rüdiger; Bai, Jinhui H. - In: Quantitative Economics 4 (2013) 3, pp. 417-451
Persistent link: https://www.econbiz.de/10011599644
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A Bayesian dynamic stochastic general equilibrium model of stock market bubbles and business cycles
Miao, Jianjun; Wang, Pengfei; Xu, Zhiwei - In: Quantitative Economics 6 (2015) 3, pp. 599-635
We present an estimated dynamic stochastic general equilibrium model of stock market bubbles and business cycles using Bayesian methods. Bubbles emerge through a positive feedback loop mechanism supported by self-fulfilling beliefs. We identify a sentiment shock that drives the movements of...
Persistent link: https://www.econbiz.de/10011599686
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Evaluating default policy: The business cycle matters
Gordon, Grey - In: Quantitative Economics 6 (2015) 3, pp. 795-823
More debt forgiveness directly benefits households but indirectly makes credit more expensive. How does aggregate risk affect this trade-off? In a calibrated general equilibrium life-cycle model, aggregate risk reduces the welfare benefit of making default very costly when the costs are borne by...
Persistent link: https://www.econbiz.de/10011599691
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Deutsche Industrie kommt mit Schwung aus der Krise
Lucke, Dorothea - In: DIW Wochenbericht 77 (2010) 47, pp. 13-20
Fast alle Branchen der deutschen Industrie haben in diesem Jahr kräftig expandiert. Die Produktion im produzierenden Gewerbe ohne Baugewerbe wird im Jahresdurchschnitt um knapp neun Prozent höher sein als 2009. Die schnelle und kräftige Erholung beruht auch darauf, dass Deutschland im...
Persistent link: https://www.econbiz.de/10011602267
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Die deutsche Industrie - ein Fels in der Brandung?
Lucke, Dorothea - In: DIW Wochenbericht 78 (2011) 49, pp. 3-11
Die Industrie in Deutschland hat dank des seit Anfang 2009 ununterbrochenen Wachstums im Sommer 2011 das Produktionsniveau von vor der Wirtschaftskrise wieder erreicht. Getrieben wurde die Erholung durch die starke in- und ausländische Nachfrage nach deutschen Investitions- und...
Persistent link: https://www.econbiz.de/10011602449
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Business cycle correlation between the Euro area and the Balkan countries
Gouveia, Sofia - In: International Journal of Economic Sciences and Applied … 7 (2014) 1, pp. 33-49
This paper examines the degree of trade integration and business cycle synchronisation between eight Balkan countries and the Euro area over the period 2000:1-2011:4. The main findings are that Slovenia and the Former Yugoslav Republic of Macedonia exhibit a high level of openness relative to...
Persistent link: https://www.econbiz.de/10011310264
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Fiscal austerity versus growth in Croatia
Škare, Marinko; Druzeta, Romina Prziklas - In: Contemporary Economics 9 (2015) 1, pp. 77-92
The role of fiscal austerity has been questioned for centuries, but a rapidly increasing deficit along with the financial crisis in 2007 / 2008 influenced a renewed debate on the economics of austerity. This paper analyzes the role of austerity versus the role of economic growth. It also...
Persistent link: https://www.econbiz.de/10011480616
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Business cycles in Bulgaria and the Baltic countries: an RBC approach
Vasilev, Aleksandar - In: International Journal of Computational Economics and … 1 (2009) 2, pp. 148-170
This paper explores the business cycle in Bulgaria and the Baltic countries: Estonia, Latvia and Lithuania during the 1993-2005 period. The paper aims at deepening the understanding of the nature of output fluctuations. The neoclassical approach will be employed, much in the spirit of the real...
Persistent link: https://www.econbiz.de/10011484209