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Author: Tong Wang
Publisher:
ISBN:
Category :
Languages : de
Pages : 81
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Author: Tong Wang
Publisher:
ISBN:
Category :
Languages : de
Pages : 81
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Author: Neil Ware White (IV)
Publisher:
ISBN:
Category :
Languages : en
Pages : 276
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This dissertation examines the impacts on the labor market of monetary policy and macroeconomic uncertainty. The first chapter examines how monetary policy shocks in the U.S. affect the flows of workers among three labor market categories--employment, unemployment, and non-participation--and assesses each flow's relative importance to changes in labor market "stock'' variables like the unemployment rate. I find that job loss accounts for the largest portion of monetary policy's effect on labor markets. I develop a New Keynesian model that incorporates these channels and show how a central bank can achieve welfare gains from targeting job loss, rather than output, in an otherwise standard Taylor rule. The second chapter examines the role of monetary policy in "job polarization.'' I argue that contractionary monetary policy has accelerated the decline of employment in routine occupations, which largely affected workers with a high-school degree but no college. In part by disproportionately affecting industries with high shares of routine occupations, contractionary monetary policy shocks lead to large and persistent shifts away from routine employment. Expansionary shocks, on the other hand, have little effect on these industries. Indeed, monetary policy's effect on overall employment is concentrated in routine jobs. These results highlight monetary policy's role in generating fluctuations not only in the level of employment, but also the composition of employment across occupations and industries. The third chapter introduces new direct measures of uncertainty derived from the Michigan Survey of Consumers. The series underlying these new measures are more strongly correlated with economic activity than many other series that are the basis for uncertainty proxies. The survey also facilitates comparison with response dispersion or disagreement, a commonly used proxy for uncertainty in the literature. Dispersion measures have low or negative correlation with direct measures of uncertainty and often have causal effects of opposite sign, suggesting that they are poor proxies for uncertainty. For the measures based on series most closely correlated with economic activity, positive uncertainty shocks are mildly expansionary. This result is robust across identification and estimation strategies and is consistent with "growth options'' theories of the effects of uncertainty.
Author: Sebastian Diz
Publisher:
ISBN:
Category :
Languages : en
Pages : 118
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This thesis consists of three self-contained essays. The first chapter investigates the redistributive role minimum wages can play over the cycle and the implied effects on macroeconomic stability. To this end, I develop a two-agent model fea-turing idiosyncratic uncertainty and limited asset markets participation. I find that the minimum wage has the potential to redistribute against the minimum wage earners during an economic decline due to employment losses it originates. In ad-dition to its detrimental effects on low income individuals' welfare, redistribution can have a quantitatively relevant impact on spending, and hence, on the severity of recessions. The second chapter explores the optimal design of monetary policy in a multisector model where agents' preferences are characterized by sector spe-cific minimum consumption requirements. We find that this specification of pref-erences alters the optimal measure of inflation that the monetary authority should target. The third chapter studies wage flexibility as a means to absorb adverse shocks. Our focus is on economies with unequal access to financial markets and where the monetary authority is constrained by the zero lower bound. We show that in this particular setting the economy becomes more volatile when wages are less rigid, and hence, the usual recommendation of making labor markets more flexible to restore high output levels is misleading.
Author: Antonella Trigari
Publisher:
ISBN:
Category :
Languages : en
Pages : 298
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Author: Thomas Coudert
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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This thesis contributes to both theoretical and empirical aspects of the literature on the labor market in macroeconomics. On the theoretical side, I provide insights both on the impact of labor market institutions on monetary policy and on the efficiency of fiscal policy according to the business cycle position. On the empirical side, I discuss the spillover effects of the Germany's labor market reforms on its trade partners. How do labor markets institutions affect monetary policy? Has fiscal policy the same effect on labor market during economic downturns than during economic upturns? Can the German labor market and fiscal reforms account for Germany's new trading performances?
Author: Pau Rabanal
Publisher:
ISBN:
Category :
Languages : en
Pages : 342
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Author: Clark Kerr
Publisher: Univ of California Press
ISBN: 9780520030701
Category : Business & Economics
Languages : en
Pages : 236
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USA. Compilation of essays on labour market analysis and wage determination after 1946 - discusses the disaggregation of the labour market, effects of trade unionism on wage determination and income distribution, the impact of wage policy restraints on labour relations, etc. References and statistical tables.
Author: Karl Brunner
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 338
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Author: Pierrick Clerc
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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The starting point of this PhD dissertation is related to the Shimer puzzle, i.e. the unability of the search and matching model to reproduce the high volatility of the unemployment rate. Real wage rigidities were considered as the main solution to this puzzle. Nevertheless, Sveen and Weinke (2008) argue that those rigidities would not have any impact on the unemployment volatility when hours per worker are determined by the firms. In the first chapter, we argue that the capacity of real wage rigidities to solve the puzzle critically depends on the way that rigidities are introduced. When real wage stickiness results from the «credible bargaining» (Hall and Milgrom ,2008), we show that the unemployment volatility is magnified, even for hours being firms' decisions. A significant stabilization trade-off between inflation and unemployment is moreover restituted. However, we stress in the second chapter that the credible bargaining delivers a moderate degree of wage rigidity and then requires unrealistic values for some parameters to completely replicate the unemployment volatility. We integrate asymmetric information into this framework and show that the resulting higher wage stickiness fully reproduces the volatility for a plausible calibration. ln the last chapter, we emphasize that it is possible to solve the puzzle without resting on real wage stickiness, by considering a particular calibration of the model with endogenous separations. We also highlight a central mechanism of this framework, for which the volatility of the separation rate amplifies that of the job finding rate.
Author:
Publisher:
ISBN: 9781339401652
Category :
Languages : en
Pages : 232
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The Great Recession of 2008-09 in the U.S. was characterized by high and persistent unemployment and lack of bank lending due to liquidity issues. The recession was preceded by a housing crisis that quickly spread to the banking and broader financial sectors. We attempt to account for the depth and persistence of unemployment by considering the relationship between credit and firm hiring explicitly. To do so, we introduce search and matching frictions to characterize the dynamics of credit markets in a series of macroeconomic models that present different types of distortions in the labor market as well as in the interbank market. We obtain a novel propagation and amplification mechanism of a financial crisis associated to an inefficiency wedge that affects the aggregate production function of the economy and depends directly on credit conditions.
