Hysteresis Via Endogenous Rigidity In Wages And Participation
DOWNLOAD
Download Hysteresis Via Endogenous Rigidity In Wages And Participation PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Hysteresis Via Endogenous Rigidity In Wages And Participation book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Hysteresis Via Endogenous Rigidity In Wages And Participation
DOWNLOAD
Author : Cynthia Doniger
language : en
Publisher:
Release Date : 2020
Hysteresis Via Endogenous Rigidity In Wages And Participation written by Cynthia Doniger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
We document that the past three ?jobless? recoveries also featured asymmetries in labor force participation and labor compensation, with each falling to new lows during each cycle. We model these asymmetries as resulting from a strategic complementarity in firms' wage setting and workers' job search strategies. Strategic complementarity results in a continuum of possible equilibria with higher-wage equilibria welfare dominating lower-wage equilibria. Assuming that no economic agent deviates from an existing strategy unless deviation is a unilateral best response, the model exhibits (1) periods of endogenous rigidity in wages and participation, (2) persistent changes in wages, participation, and output in response to transitory movements in labor productivity, (3) sluggish recoveries including both a ?jobless " phase, in which productivity recovers while unemployment remains elevated, and a ?wageless " phase, in which employment recovers but wages remain depressed Calibrating the model suggests that the U.S. unemployment rate may need to fall to around 3 percent before labor compensation recovers to pre-Financial Crisis levels.
Hysteresis Via Endogenous Rigidity In Wages And Participation
DOWNLOAD
Author : Cynthia L. Doniger
language : en
Publisher:
Release Date : 2018
Hysteresis Via Endogenous Rigidity In Wages And Participation written by Cynthia L. Doniger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Hysteresis (Economics) categories.
We document that the past three "jobless" recoveries also featured asymmetries in labor force participation and labor compensation, with each falling to new lows during each cycle. We model these asymmetries as resulting from a strategic complementarity in firms' wage setting and workers' job search strategies. Strategic complementarity results in a continuum of possible equilibria with higher-wage equilibria welfare dominating lower-wage equilibria. Assuming that no economic agent deviates from an existing strategy unless deviation is a unilateral best response, the model exhibits (1) periods of endogenous rigidity in wages and participation, (2) persistent changes in wages, participation, and output in response to transitory movements in labor productivity, (3) sluggish recoveries including both a "jobless" phase, in which productivity recovers while unemployment remains elevated, and a "wageless" phase, in which employment recovers but wages remain depressed. Calibrating the model suggests that the U.S. unemployment rate may need to fall to as low as 2.8 percent before labor compensation recovers to pre-Financial Crisis levels.
Hysteresis And Business Cycles
DOWNLOAD
Author : Ms.Valerie Cerra
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29
Hysteresis And Business Cycles written by Ms.Valerie Cerra and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Unemployment In Greece
DOWNLOAD
Author : Dimitri G. Demekas
language : en
Publisher:
Release Date : 1997
Unemployment In Greece written by Dimitri G. Demekas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Greece categories.
Nber Macroeconomics Annual 1986
DOWNLOAD
Author :
language : en
Publisher:
Release Date : 1986
Nber Macroeconomics Annual 1986 written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with categories.
Monopolistic Competition And Macroeconomic Theory
DOWNLOAD
Author : Robert M. Solow
language : en
Publisher: Cambridge University Press
Release Date : 1998-11-28
Monopolistic Competition And Macroeconomic Theory written by Robert M. Solow and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-11-28 with Business & Economics categories.
Much of today's conventional macroeconomic theory presumes that markets for goods approach the state of perfect competition. Monopolistic Competition and Macroeconomic Theory assumes that markets are imperfect, so that sellers have some power over price, and must therefore form quantity expectations about the location of the firm's demand curve. The question is then about the macroeconomic implications of imperfect competition in goods markets. The first chapter is a brief survey of ideas proposed in economics including multiple equilibria. The second chapter describes a particular micro-based macro model that allows several families of equilibria. The third chapter shows how a standard locational model can be used to describe a sample macroeconomy when firms have close rivals. In this volume derived from his Federico Caffe Lecture, Nobel Laureate Robert Solow shows that there are simple and tractable micro-based models that offer the possibility of a richer and more intuitive macroeconomics.
Taxation And Unemployment
DOWNLOAD
Author : Howell H. Zee
language : en
Publisher:
Release Date : 2006
Taxation And Unemployment written by Howell H. Zee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper reviews conceptual linkages between taxation and unemployment, available empirical evidence and country policies that may have a bearing on these linkages in the OECD and in a sample of developing and transitional economies, Fund policy advice on these issues, and tax policy options in addressing the unemployment problem. It concludes that the emphasis in policy should be placed on minimizing tax distortions, rather than on formulating activist tax policies to reduce unemployment.
Dominant Currency Paradigm A New Model For Small Open Economies
DOWNLOAD
Author : Camila Casas
language : en
Publisher: International Monetary Fund
Release Date : 2017-11-22
Dominant Currency Paradigm A New Model For Small Open Economies written by Camila Casas and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-22 with Business & Economics categories.
Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.
Reducing Inequalities
DOWNLOAD
Author : Rémi Genevey
language : en
Publisher: The Energy and Resources Institute (TERI)
Release Date : 2013-01-01
Reducing Inequalities written by Rémi Genevey and has been published by The Energy and Resources Institute (TERI) this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-01 with Architecture categories.
The reduction of inequalities within and between countries stands as a policy goal, and deserves to take centre stage in the design of the Sustainable Development Goals agreed during the Rio+20 Summit in 2012.The 2013 edition of A Planet for Life represents a unique international initiative grounded on conceptual and strategic thinking, and – most importantly – empirical experiments, conducted on five continents and touching on multiple realities. This unprecedented collection of works proposes a solid empirical approach, rather than an ideological one, to inform future debate.The case studies collected in this volume demonstrate the complexity of the new systems required to accommodate each country's specific economic, political and cultural realities. These systems combine technical, financial, legal, fiscal and organizational elements with a great deal of applied expertise, and are articulated within a clear, well-understood, growth- and job-generating development strategy.Inequality reduction does not occur by decree; neither does it automatically arise through economic growth, nor through policies that equalize incomes downward via ill conceived fiscal policies. Inequality reduction involves a collaborative effort that must motivate all concerned parties, one that constitutes a genuine political and social innovation, and one that often runs counter to prevailing political and economic forces.
Brookings Papers On Economic Activity 2002
DOWNLOAD
Author : William C. Brainard
language : en
Publisher: Brookings Institution Press
Release Date : 2010-12
Brookings Papers On Economic Activity 2002 written by William C. Brainard and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12 with Business & Economics categories.
Subscribe to "Brookings Papers on Economic Activity" For almost thirty years, Brookings Papers on Economic Activity (BPEA) has provided academic and business economists, government officials, and members of the financial and business communities with timely research of current economic issues.