Labor Force Participation And Monetary Policy In The Wake Of The Great Recession

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Labor Force Participation And Monetary Policy In The Wake Of The Great Recession

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Author : Christopher J. Erceg
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-16

Labor Force Participation And Monetary Policy In The Wake Of The Great Recession written by Christopher J. Erceg 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 2013-12-16 with Business & Economics categories.

In this paper, we provide compelling evidence that cyclical factors account for the bulk of the post-2007 decline in the U.S. labor force participation rate. We then proceed to formulate a stylized New Keynesian model in which labor force participation is essentially acyclical during “normal times” (that is, in response to small or transitory shocks) but drops markedly in the wake of a large and persistent aggregate demand shock. Finally, we show that these considerations can have potentially crucial implications for the design of monetary policy, especially under circumstances in which adjustments to the short-term interest rate are constrained by the zero lower bound.

Labor Force Participation And Monetary Policy In The Wake Of The Great Recession

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Author : Christopher J. Erceg
language : en
Publisher:
Release Date : 2013

Labor Force Participation And Monetary Policy In The Wake Of The Great Recession written by Christopher J. Erceg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Monetary policy categories.

In this paper, we provide compelling evidence that cyclical factors account for the bulk of the post-2007 decline in the U.S. labor force participation rate. We then proceed to formulate a stylized New Keynesian model in which labor force participation is essentially acyclical during "normal times" (that is, in response to small or transitory shocks) but drops markedly in the wake of a large and persistent aggregate demand shock. Finally, we show that these considerations can have potentially crucial implications for the design of monetary policy, especially under circumstances in which adjustments to the short-term interest rate are constrained by the zero lower bound.

Labor Force Participation And Monetary Policy In The Wake Of The Great Depression

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Author : Christopher J. Erceg
language : en
Publisher:
Release Date : 2013

Labor Force Participation And Monetary Policy In The Wake Of The Great Depression written by Christopher J. Erceg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business cycles categories.

Labor Force Participation And Monetary Policy In The Wake Of The Great Recession

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Author : Christopher J. Erceg
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-16

Labor Force Participation And Monetary Policy In The Wake Of The Great Recession written by Christopher J. Erceg 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 2013-12-16 with Business & Economics categories.

In this paper, we provide compelling evidence that cyclical factors account for the bulk of the post-2007 decline in the U.S. labor force participation rate. We then proceed to formulate a stylized New Keynesian model in which labor force participation is essentially acyclical during “normal times” (that is, in response to small or transitory shocks) but drops markedly in the wake of a large and persistent aggregate demand shock. Finally, we show that these considerations can have potentially crucial implications for the design of monetary policy, especially under circumstances in which adjustments to the short-term interest rate are constrained by the zero lower bound.

Labor Force Participation Rate

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Author : Darrel Graves
language : en
Publisher: Nova Science Publishers
Release Date : 2014-12

Labor Force Participation Rate written by Darrel Graves and has been published by Nova Science Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12 with Labor policy categories.

In 2008, the U.S. economy collided with two historic forces. The first force was the Great Recession, the most severe economic crisis in a generation. While the economy has recovered considerably over the last five years, there is little doubt that more work remains to address some of the challenges left in the wake of the Great Recession. This book analyses the evolution of the labour force participation rate since late 2007 and attempts to quantify the effects of these various forces.

International Macroeconomics In The Wake Of The Global Financial Crisis

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Author : Laurent Ferrara
language : en
Publisher: Springer
Release Date : 2018-06-13

International Macroeconomics In The Wake Of The Global Financial Crisis written by Laurent Ferrara and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-13 with Business & Economics categories.

This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

World Economic Outlook April 2018

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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-17

World Economic Outlook April 2018 written by International Monetary Fund. Research Dept. 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 2018-04-17 with Business & Economics categories.

This report describes the world economic outlook as of April 2018, projecting that advanced economies will continue to expand above their potential growth rates before decelerating, while growth in emerging markets in developing economies will rise before leveling off. It details global prospects and policies, including risks to the forecast, and essential determinants of long-term economic growth: labor force participation in advanced economies, the declining share of manufacturing jobs globally and in advanced economies, and the process through which innovative activity and technological knowledge spread across national borders.

Permanently Displaced Increasingly Disconnected Labor Force Participation In U S States And Metropolitan Areas

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Author : Benjamin Hilgenstock
language : en
Publisher: International Monetary Fund
Release Date : 2018-05-21

Permanently Displaced Increasingly Disconnected Labor Force Participation In U S States And Metropolitan Areas written by Benjamin Hilgenstock 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 2018-05-21 with Business & Economics categories.

The United States stands out among advanced economies with marked declines in labor force participation. National averages furthermore conceal considerable within-country heterogeneity. This paper explores regional differences to shed light on drivers of participation rates at the state and metropolitan area levels. It documents a broad-based decline, especially pronounced outside metropolitan areas. Using novel measures of local vulnerability to trade and technology it finds that metropolitan areas with higher exposures to routinization and offshoring experienced larger drops in participation in 2000-2016. Thus, areas with different occupational mixes can experience divergent labor market trajectories as a result of trade and technology.

Recent U S Labor Force Dynamics

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Author : Mr.Ravi Balakrishnan
language : en
Publisher: International Monetary Fund
Release Date : 2015-04-02

Recent U S Labor Force Dynamics written by Mr.Ravi Balakrishnan 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 2015-04-02 with Business & Economics categories.

The U.S. labor force participation rate (LFPR) fell dramatically following the Great Recession and has yet to start recovering. A key question is how much of the post-2007 decline is reversible, something which is central to the policy debate. The key finding of this paper is that while around 1⁄4–? of the post-2007 decline is reversible, the LFPR will continue to decline given population aging. This paper’s measure of the “employment gap” also suggests that labor market slack remains and will only decline gradually, pointing to a still important role for stimulative macro-economic policies to help reach full employment. In addition, given the continued downward pressure on the LFPR, labor supply measures will be an essential component of the strategy to boost potential growth. Finally, stimulative macroeconomic and labor supply policies should also help reduce the scope for further hysteresis effects to develop (e.g., loss of skills, discouragement).

Oecd Economic Survey Of The United States Key Research Findings

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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2019-01-08

Oecd Economic Survey Of The United States Key Research Findings written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-08 with categories.

This volume collects four studies that were prepared as background research to the 2018 OECD Economic Survey of the United States. Using micro-data survey responses, regional and sectorial data, these studies seek to provide insights into employment responds to labour market disruption ...