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  1. Nonlinear unemployment effects of the inflation tax
    Autor*in: Lahcen, Mohammed Ait; Baughman, Garth; Rabinovich, Stanislav; Buggenum, Hugo van
    Erschienen: June 2021
    Verlag:  University of Zurich, Department of Economics, Zurich

    We argue that long-run inflation has nonlinear and state-dependent effects on unemployment, output, and welfare. Using panel data from the OECD, we document three correlations. First, there is a positive long-run relationship between anticipated... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 191
    Fernleihe:
    keine Fernleihe

     

    We argue that long-run inflation has nonlinear and state-dependent effects on unemployment, output, and welfare. Using panel data from the OECD, we document three correlations. First, there is a positive long-run relationship between anticipated inflation and unemployment. Second, there is also a positive correlation between anticipated inflation and unemployment volatility. Third, the long-run inflation-unemployment relationship is not only positive, but also stronger when unemployment is higher. We show that these correlations arise in a standard monetary search model with two shocks - productivity and monetary - and frictions in labor and goods markets. Inflation lowers the surplus from a worker-firm match, in turn making it sensitive to productivity shocks or to further increases in inflation. We calibrate the model to match the US postwar labor market and monetary data and show that it is consistent with observed cross-country correlations. The model implies that the welfare cost of inflation is nonlinear in the level of inflation and is amplified by the presence of aggregate shocks.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/243114
    Auflage/Ausgabe: This version: June 3, 2021
    Schriftenreihe: Working paper series / University of Zurich, Department of Economics ; no. 390
    Schlagworte: Money; search; inflation; unemployment; unemployment volatility; fundamental surplus; product-labor market interaction
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  2. Nonlinear unemployment effects of the inflation tax
    Autor*in: Lahcen, Mohammed Ait; Baughman, Garth; Rabinovich, Stanislav; Buggenum, Hugo van
    Erschienen: June 25, 2021
    Verlag:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 412
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    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Auflage/Ausgabe: This version: June 25, 2021
    Schriftenreihe: Finance and economics discussion series ; 2021, 040
    Schlagworte: money; search; inflation; unemployment; unemployment volatility; fundamen-tal surplus; product-labor market interaction
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  3. A model of endogenous financial inclusion
    implications for inequality and monetary policy
    Autor*in: Lahcen, Mohammed Ait; Gomis-Porqueras, Pedro
    Erschienen: July 2019
    Verlag:  University of Zurich, Department of Economics, Zurich

    We propose a monetary model with endogenous credit market participation to study the impact of financial inclusion on inequality and welfare. We find that consumption inequality results from differences in agents' decision to access financial... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 191
    Fernleihe:
    keine Fernleihe

     

    We propose a monetary model with endogenous credit market participation to study the impact of financial inclusion on inequality and welfare. We find that consumption inequality results from differences in agents' decision to access financial services. This heterogeneity generates a pecuniary externality, potentially resulting in some agents over-consuming. Moreover, monetary policy has distributional consequences. To quantify these effects, we calibrate our model to India, accounting for a third of observed consumption inequality. Finally, we analyze various policies aimed at increasing financial inclusion and find that a direct transfer to bank account holders yields the highest welfare and lowest consumption inequality.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/202429
    Schriftenreihe: Working paper series / University of Zurich, Department of Economics ; no. 310
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  4. A model of endogenous financial inclusion
    implications for inequality and monetary policy
    Autor*in: Lahcen, Mohammed Ait; Gomis-Porqueras, Pedro
    Erschienen: December 2018
    Verlag:  University of Zurich, Department of Economics, Zurich

    We propose a monetary dynamic general equilibrium model with endogenous credit market participation to study the impact of financial inclusion on welfare and inequality. We find that significant consumption inequality can result from limited access... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 191
    Fernleihe:
    keine Fernleihe

     

    We propose a monetary dynamic general equilibrium model with endogenous credit market participation to study the impact of financial inclusion on welfare and inequality. We find that significant consumption inequality can result from limited access to basic financial services. In this environment, monetary policy has distributional consequences as agents face different liquidity constraints. This heterogeneity generates a pecuniary externality which can result in overconsumption of financially included agents above the socially efficient level. We conduct a quantitative assessment for the case of India. Our simple model is able to account for approximately a third of the observed consumption inequality. We analyze various policies aimed at increasing financial inclusion. As a result of pecuniary externalities, interest rate policies can result in a decrease in welfare and an increase in consumption inequality. Moreover, we find that a direct benefit transfer to bank account owners is superior to interest rate policies as it can increase welfare and reduce consumption inequality despite a decrease in individual consumption.

     
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    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/195162
    Auflage/Ausgabe: This version: December 17, 2018
    Schriftenreihe: Working paper series / University of Zurich, Department of Economics ; no. 310
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen