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  1. Endogenous growth, skill obsolescence and output hysteresis in a New Keynesian model with unemployment
    Autor*in: Lechthaler, Wolfgang; Tesfaselassie, Mewael F.
    Erschienen: [2021]
    Verlag:  Institute for Monetary and Financial Stability, Goethe University Frankfurt, Frankfurt am Main

    We embed human capital-based endogenous growth into a New-Keynesian model with search and matching frictions in the labor market and skill obsolescence from long-term unemployment. The model can account for key features of the Great Recession: a... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 464
    Fernleihe:
    keine Fernleihe

     

    We embed human capital-based endogenous growth into a New-Keynesian model with search and matching frictions in the labor market and skill obsolescence from long-term unemployment. The model can account for key features of the Great Recession: a decline in productivity growth, the relative stability of inflation despite a pronounced fall in output (the "missing disinflation puzzle"), and a permanent gap between output and the pre-crisis trend output. In the model, lower aggregate demand raises unemployment and the training costs associated with skill obsolescence. Lower employment hinders learning-by-doing, which slows down human capital accumulation, feeding back into even fewer vacancies than justified by the demand shock alone. These feedback channels mitigate the disinflationary effect of the demand shock while amplifying its contractionary effect on output. The temporary growth slowdown translates into output hysteresis (permanently lower output and labor productivity).

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/228742
    Schriftenreihe: Working paper series / Institute for Monetary and Financial Stability ; no. 149 (2021)
    Schlagworte: endogenous growth; search and matching; unemployment; nominal rigidity; output hysteresis; monetary policy
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  2. Monetary policy implications of state-dependent prices and wages
    Autor*in: Costain, James; Nakov, Anton; Petit, Borja
    Erschienen: 2019
    Verlag:  Banco de España, Madrid

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 470
    Fernleihe:
    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Documentos de trabajo / Banco de España, Eurosistema ; no. 1910
    Schlagworte: nominal rigidity; state-dependent adjustment; logit equilibrium; near rationality; control costs
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen