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Higher-order income risk over the business cycle
Busch, Christopher; Ludwig, Alexander - 2020
We extend the canonical income process with persistent and transitory risk to shock distributions with left-skewness and excess kurtosis, to which we refer as higher-order risk. We estimate our extended income process by GMM for household data from the United States. We find countercyclical...
Persistent link: https://www.econbiz.de/10012215285
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Monetary policy rules under bounded rationality
Dobrew, Michael; Gerke, Rafael; Kienzler, Daniel; … - 2023
We study the welfare performance of various simple monetary policy rules under bounded rationality (BR) along the lines of Gabaix (2020) in a New Keynesian model with sticky wages and an effective lower bound (ELB) on interest rates. Policy strategies with a strong history dependence lose their...
Persistent link: https://www.econbiz.de/10014320809
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On household labour supply in sticky-wage HANK models
Gerke, Rafael; Giesen, Sebastian; Lozej, Matija; … - 2024 - November 24, 2023
Heterogeneous-agent New Keynesian models with sticky nominal wages usually assume that wage-setting unions demand the … modification substantially lowers the effective stickiness of nominal wages, resulting in markedly different wage and inflation …
Persistent link: https://www.econbiz.de/10014467926
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The long-term earnings' effects of a credit market disruption
Adamopoulou, Effrosyni; De Philippis, Marta; Sette, Enrico - 2023
reallocate mostly to low capital-intensive firms, experiencing persistent wage losses. …
Persistent link: https://www.econbiz.de/10014440036
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Household search and the aggregate labor market
Mankart, Jochen; Oikonomou, Rigas - 2015
We develop a theoretical model with labor market frictions, incomplete financial markets and with households which have two members. Households face unemployment risks but their members adjust their labor supplies to insure against unemployment. We use the model to explain the cyclical...
Persistent link: https://www.econbiz.de/10011312576
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Stochastic nominal wage contracts in a cash-in-advance model
Collard, Fabrice; Ertz, Guy - 1997
Persistent link: https://www.econbiz.de/10000967666
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The rationale for wage rigidity : survey evidence from German and US firms
Franz, Wolfgang; Pfeiffer, Friedhelm - 2002
Persistent link: https://www.econbiz.de/10013428502
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A simple test of the efficiency wage hypothesis revisited
Dastani, Parsis; Laisney, François; Vouillaume, Sophie - 1997
Gerlach and Stephan (1994) proposed a test based on the idea that the wage premium, the part of the wage which is not …, which differ somewhat from theirs: in particular, we find no effect of the wage premium on career expectations. The main …
Persistent link: https://www.econbiz.de/10011621685
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Impacts of outsourcing on wage : new evidence for the Brazilian debate
Campos, André Gambier - 2016
This article brings empirical evidence for outsourcing debate in Brazil. This evidence is the result of a new methodology, which uses new microdata, recently released by the Ministry of Labour. With this methodology, it is possible to gather information about: i) 3,10 million employees with...
Persistent link: https://www.econbiz.de/10012059887
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The fall and rebound of average establishment size in West Germany
Kovalenko, Tim; Sauerbier, Timo; Schröpf, Benedikt - 2024
2000s, while the employer size wage premium followed the opposite trajectory. In this paper, we show that these two … developments are interrelated. More precisely, our results suggest that variations in the employer size wage premiums induced …-of-variety preferences for employers. Both empirics and theory reveal that higher size wage premiums decrease average establishment size by …
Persistent link: https://www.econbiz.de/10014501125