The Role Of Labor Markets For Euro Area Monetary Policy

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The Role Of Labor Markets For Euro Area Monetary Policy

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Author : Kai Christoffel
language : en
Publisher:
Release Date : 2009

The Role Of Labor Markets For Euro Area Monetary Policy written by Kai Christoffel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Bayesian statistical decision theory categories.

In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions. We first investigate to which extent a more flexible labor market would alter the business cycle behavior and the transmission of monetary policy. We find that while a lower degree of wage rigidity makes monetary policy more effective, i.e. a monetary policy shock transmits faster onto inflation, the importance of other labor market rigidities for the transmission of shocks is rather limited. Second, having estimated the model by Bayesian techniques we analyze to which extent labor market shocks, such as disturbances in the vacancy posting process, shocks to the separation rate and variations in bargaining power are important determinants of business cycle fluctuations. Our results point primarily towards disturbances in the bargaining process as a significant contributor to inflation and output fluctuations. In sum, the paper supports current central bank practice which appears to put considerable effort into monitoring euro area wage dynamics and which appears to treat some of the other labor market information as less important for monetary policy.

The Role Of Labor Markets For Euro Area Monetary Policy

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Author : Kai Philipp Christoffel
language : en
Publisher:
Release Date : 2019

The Role Of Labor Markets For Euro Area Monetary Policy written by Kai Philipp Christoffel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.

In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions. We first investigate to which extent a more flexible labor market would alter the business cycle behavior and the transmission of monetary policy. We find that while a lower degree of wage rigidity makes monetary policy more effective, i.e. a monetary policy shock transmits faster onto inflation, the importance of other labor market rigidities for the transmission of shocks is rather limited. Second, having estimated the model by Bayesian techniques we analyze to which extent labor market shocks, such as disturbances in the vacancy posting process, shocks to the separation rate and variations in bargaining power are important determinants of business cycle fluctuations. Our results point primarily towards disturbances in the bargaining process as a significant contributor to inflation and output fluctuations. In sum, the paper supports current central bank practice which appears to put considerable effort into monitoring euro area wage dynamics and which appears to treat some of the other labor market information as less important for monetary policy.

Euro Area Policies

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Author : International Monetary Fund. European Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2014-07-14

Euro Area Policies written by International Monetary Fund. European 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 2014-07-14 with Business & Economics categories.

This Selected Issues paper assesses the youth unemployment problem in advanced European economies, especially the euro area. Youth unemployment rates increased sharply in the euro area after the crisis. Much of these increases can be explained by output dynamics and the greater sensitivity of youth unemployment to economic activity compared with adult unemployment. Labor market institutions also play an important role, especially the tax wedge, minimum wages, and spending on active labor market policies. The paper highlights that policies to address youth unemployment should be comprehensive and country specific, focusing on reviving growth and implementing structural reforms.

Structural Reforms In The Euro Area

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Author : Luc Everaert
language : en
Publisher: International Monetary Fund
Release Date : 2006-06

Structural Reforms In The Euro Area written by Luc Everaert 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 2006-06 with Business & Economics categories.

Using the IMF's Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most of these gains accrue to the reforming country regardless of whether reform takes place elsewhere; conversely, spillovers of reform elsewhere are limited. Labor and services market reforms have transitional costs as they induce a temporary decline in consumption, but raising competition in goods markets can mitigate some of these costs. Thus, coordinating the timing of reforms across markets is beneficial, and the more so the more open the reforming economy. In addition, synchronizing structural reforms across large countries of the euro area could eliminate transition costs. Increased supply would allow monetary policy to ease without jeopardizing price stability objectives, though in practice uncertainty may prevent full accommodation.

Monetary And Wage Policies In The Euro Area

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Author : Michael Carlberg
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-11-24

Monetary And Wage Policies In The Euro Area written by Michael Carlberg and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-24 with Business & Economics categories.

This book studies interactions between monetary and wage policies in the Euro area, closely reviewing and discussing the process of policy competition and the structure of policy cooperation. On policy competition, the book focuses on competition between the European central bank, the American central bank, the German labour union, and the French labour union. As to policy cooperation, the focus is on the same institutions. Includes numerical simulations and solutions.

Workshop On The Role Of Labour Cost Information In Short Term Analysis In The Context Of Monetary Union

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Author :
language : en
Publisher: European Communities
Release Date : 1999

Workshop On The Role Of Labour Cost Information In Short Term Analysis In The Context Of Monetary Union written by and has been published by European Communities this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Labor costs categories.

Se analiza el coste de la mano de obra en los países de la Unión Europea. 12.

Monetary Policy And Unemployment

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Author : Willi Semmler
language : en
Publisher: Taylor & Francis
Release Date : 2004-08-02

Monetary Policy And Unemployment written by Willi Semmler and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-08-02 with Business & Economics categories.

This book pulls together papers presented at a conference in honour of the 1981 Nobel Prize Winner for Economic Science, the late James Tobin. Among the contributors are Olivier Blanchard, Edmund Phelps, Charles Goodhart and Marco Buti. One of the main aims of the conference was to discuss what potential role monetary policy has on economic activity and unemployment reduction in three key currency zones - the United States, European Union and Japan.

How To Promote Economic Growth In The Euro Area

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Author : J. Smets
language : en
Publisher:
Release Date : 2001

How To Promote Economic Growth In The Euro Area written by J. Smets and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.

The conference was called to celebrate the 150th anniversary of the National Bank of Belgium, where many of contributors work. The purpose of the gathering was to identify the fundamental mechanisms underlying the process of economic growth. The seven papers, and ensuing discussions, consider some recent developments in growth in an open economy; knowledge, evidence from OECD countries on technology, and economic growth; fiscal policy and growth in the context of European integration; labor markets; a euro-area perspective on the role of the exchange rate; the contribution of monetary policy; and monetary union. Annotation copyrighted by Book News, Inc., Portland, OR

Wage Moderation In Crises

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Author : Mr.Jörg Decressin
language : en
Publisher: International Monetary Fund
Release Date : 2015-11-17

Wage Moderation In Crises written by Mr.Jörg Decressin 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 2015-11-17 with Business & Economics categories.

The paper studies the impacts of wage moderation in the euro area. Simulation results show that if a single euro area crisis-hit economy undertakes wage moderation, the impact on output is positive for that economy and for the entire euro area. If all crisis-hit economies undertake wage moderation together, their output still expands, albeit to a lesser degree. If the wage moderation is accompanied by cuts in policy interest rates by the central bank—and by quantitative easing once interest rates hit the zero lower bound—then output for the entire euro area expands as well.

Strengthening The Euro Area

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Author : Mr.Romain A Duval
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-13

Strengthening The Euro Area written by Mr.Romain A Duval 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 2019-06-13 with Business & Economics categories.

The SDN will focus mostly on EA countries but also touch on other AEs for comparison purposes. The SDN will make several original contributions in each of the areas above based on new DSGE-model-based analysis, cross-country panel regressions, and individual-level (firm- or household-level) empirical work where appropriate.