Labor Supply Shocks Labor Force Entry And Monetary Policy
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Labor Supply Shocks Labor Force Entry And Monetary Policy
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Author : Takushi Kurozumi
language : en
Publisher:
Release Date : 2022
Labor Supply Shocks Labor Force Entry And Monetary Policy written by Takushi Kurozumi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with 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 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.
The Response Of Wages And Labor Supply Movements To Employment Shocks Across Europe And The United States
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Author : Mr.Alun H. Thomas
language : en
Publisher: International Monetary Fund
Release Date : 1994-12-01
The Response Of Wages And Labor Supply Movements To Employment Shocks Across Europe And The United States written by Mr.Alun H. Thomas 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 1994-12-01 with Business & Economics categories.
This paper assesses the responsiveness of wages and labor force movements to employment shocks across British and U.S. regions and across Europe using a multivariate vector autoregression technique. The paper finds inflexible real wages in all three areas in that each area’s real wage responds very little to employment shocks. However, the response of the labor force to employment shocks is much greater in the United States compared to Europe. The strong labor force response in the United States prevents any persistence in relative regional unemployment rates whereas the lack of mobility in Europe results in persistent unemployment rate differentials across British regions and European nations. Europe must therefore adopt measures to reduce barriers to immobility if it is to succeed in moderating the persistence in relative unemployment rates.
The Labor Demand And Labor Supply Channels Of Monetary Policy
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Author : Sebastian Graves
language : en
Publisher:
Release Date : 2023
The Labor Demand And Labor Supply Channels Of Monetary Policy written by Sebastian Graves and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
Hysteresis In Labor Markets Evidence From Professional Long Term Forecasts
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Author : Mr.John C Bluedorn
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-24
Hysteresis In Labor Markets Evidence From Professional Long Term Forecasts written by Mr.John C Bluedorn 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 2019-05-24 with Business & Economics categories.
We explore the long-term impact of economic booms on labor market outcomes using a novel approach based on revisions to professional forecasts over the past 30 years for 34 advanced economies. We find that when employment rises unexpectedly, forecasters typically raise their long-term forecasts of employment by more than one-for-one and also expect a strong rise in labor force participation, suggesting more persistent effects than is traditionally assumed. Economic booms associated with changes in aggregate demand, when inflation is rising and unemployment falling unexpectedly, also come with persistent long-term effects on expected employment and labor force participation, suggesting positive hysteresis. Our forecast evaluation tests indicate that forecasters are, on average, unbiased in their assessment of these positive, persistent effects.
Monetary Policy And Labor Supply
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Author : Patrick Burke
language : en
Publisher:
Release Date : 2022
Monetary Policy And Labor Supply written by Patrick Burke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Electronic dissertations categories.
The first chapter gives an overview of the current literature on participation in the labor market. Special attention is paid to trends in participation since 2000. The role of demographic change in those trends is compared against other explanations. With the increasing focus on labor market participation at the United States Federal Reserve, the history of monetary policy changes and participation is also examined. The second chapter estimates a labor market matching model to get a more accurate measure of the market tightness elasticity of the job finding rate and unexplained residual. The estimation strategy in the second chapter follows the approach in Borowczyk-Martins et al. (2013) which models the autocorrelation structure of the unobserved component in the matching function to address simultaneity bias. This chapter then uses asset data present in the Survey of Income and Program Participation. This allows for the use of average household debt as an additional instrument to correct for measurement error. These results help characterize the recent shifts in the Beveridge curve and the decline of the matching rate between job seekers and job openings between 2008-2013. How important is labor supply for the ability of monetary policy to influence inflation and employment? Hiring costs alter the response of inflation to monetary policy. As shown in Kurozumi and Van Zandweghe (2010), adjustments in employment can make it difficult for monetary policy to reach its price stability and full employment targets. As the policy response is more vigorous in maintaining inflation around a target, that target becomes impossible to maintain. Recent fluctuations in the participation rate have led to a growing concern about the role of labor supply in monetary policy. This chapter shows that as labor supply becomes more elastic, the monetary authority is more likely to be able to stabilize the economy around its steady state targets. The central bank's response to cyclical unemployment is important for price level stability regardless of business cycle goals. Journal of Economic Literature codes: E12 E24 E31 E32 E52.
Labor Supply Factors And Economic Fluctuations
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Author : Claudia Foroni
language : en
Publisher:
Release Date : 2018
Labor Supply Factors And Economic Fluctuations written by Claudia Foroni and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
We propose a new Vector Autoregressive identification scheme that enables us to disentangle labor supply shocks from wage bargaining shocks. Identification is achieved by imposing sign restrictions on the responses of the unemployment rate and the labor force participation rate to the two shocks. According to our analysis on United States data over the period 1985-2014, labor supply shocks and wage bargaining shocks are important drivers of output and unemployment both in the short run and in the long run. These results suggest that identification strategies used in estimated new Keynesian models to disentangle labor market shocks may be misguided.
Supply Shocks Wage Indexation And Monetary Accomodation
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Author :
language : en
Publisher:
Release Date : 1985
Supply Shocks Wage Indexation And Monetary Accomodation written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with categories.
The Labor Market And Economic Adjustment
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Author : Pierre-Richard Agénor
language : en
Publisher: International Monetary Fund
Release Date : 1995-11-01
The Labor Market And Economic Adjustment written by Pierre-Richard Agénor 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 1995-11-01 with Business & Economics categories.
This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on economic flexibility and the channels through which labor market imperfections alter the effects of structural adjustment measures are discussed next. The last part of the paper identifies a variety of issues that may require further investigation, such as the link between changes in relative wages and the distributional effects of adjustment policies.