MONETARY POLICY AND UNEMPLOYMENT PERSISTENCE PDF Download
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Author: Gunnar JONSSON
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Christopher J. Erceg
Publisher: International Monetary Fund
ISBN: 1484302605
Category : Business & Economics
Languages : en
Pages : 60
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Book Description
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.
Author: Gunnar JONSSON
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Gunnar Jonsson
Publisher:
ISBN:
Category :
Languages : en
Pages : 54
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Author: Mr.Lorenzo E. Bernal-Verdugo
Publisher: International Monetary Fund
ISBN: 146394893X
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
Using a sample of 97 countries spanning the period 1980?2008, we estimate that financial crises have a large negative impact on unemployment in the short term, but that this effect rapidly disappears in the medium term in countries with flexible labor market institutions, whereas the impact of financial crises is less pronounced but more persistent in countries with more rigid labor market institutions. These effects are even larger for youth unemployment in the short term and long-term unemployment in the medium term. Conversely, large upfront, or gradual but significant, comprehensive labor market policies have a positive impact on unemployment, albeit only in the medium term.
Author: Paromita Guha
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Mr.Dennis J. Snower
Publisher: International Monetary Fund
ISBN: 9781557755780
Category : Business & Economics
Languages : en
Pages : 228
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Book Description
This book, edited by S.G.B. Henry and Dennis J. Snower, examines the high unemployment that has plagued five European countries- France, Germany, Italy, Spain, and the United Kingdom- for more than a decade. Its methodology focuses on the mechanisms that prevent employers and employees from adjusting promptly to changing market opportunities. Chief among these mechanisms are outdated economic structures, the power of labor unions, rising nonwage labor costs, and the disparity between unemployed workers and available jobs. Although cross-country differences indicate that there is no common cause for joblessness in Europe, the book discusses a unique characteristic of the European labor market- that unemployment not only rises during recessions, but does not fall when economic weaknesses are overcome.
Author: Dennis J. Snower
Publisher:
ISBN:
Category : Industrial productivity
Languages : en
Pages : 24
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Author: Mr. Luis Brandão-Marques
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 32
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Book Description
When uncertain about inflation persistence, central banks are well-advised to adopt a robust strategy when setting interest rates. This robust approach, characterized by a "better safe than sorry" philosophy, entails incurring a modest cost to safeguard against a protracted period of deviating inflation. Applied to the post-pandemic period of exceptional uncertainty and elevated inflation, this strategy would have called for a tightening bias. Specifically, a high level of uncertainty surrounding wage, profit, and price dynamics requires a more front-loaded increase in interest rates compared to a baseline scenario which the policymaker fully understands how shocks to those variables are transmitted to inflation and output. This paper provides empirical evidence of such uncertainty and estimates a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model for the euro area to derive a robust interest rate path for the ECB which serves to illustrate the case for insuring against inflation turning out to have greater persistence.
Author: Bertil Holmlund
Publisher:
ISBN:
Category : Hard-core unemployed
Languages : en
Pages : 48
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Book Description
Author: Wallace C. Peterson
Publisher: Routledge
ISBN:
Category : Biography & Autobiography
Languages : en
Pages : 264
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Book Description
"Wallace Peterson addresses the great economic puzzle of our time: the stubborn persistence of excessive inflation and unemployment. This condition, often described by the unlovely term "stagflation," is symptomatic of deeply rooted ills in the way our system of market capitalism operates. It is not a condition that can be cured by use of conventional economic tools--fiscal and monetary policies. Experience since the mid-1960s shows that such efforts usually make the situation worse. The answer to the problem lies elsewhere"--Book jacket.
