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  1. Gender gaps in Latin American labor markets: implications from an estimated search model
    Erschienen: March 2021
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    We develop and estimate a search model that captures the specific characteristics of Latin America and Caribbean (LAC) labor markets and the crucial differences between men and women. Labor force participation decisions are integrated in the labor... mehr

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    We develop and estimate a search model that captures the specific characteristics of Latin America and Caribbean (LAC) labor markets and the crucial differences between men and women. Labor force participation decisions are integrated in the labor market dynamics, taking into account sample selection over unobservables. The model is estimated on four LAC countries (Argentina, Chile, Colombia and Mexico) and on three education levels (Primary, Secondary and Tertiary). We use the estimated model to study changes in gender gaps and in output implied by policies that increase the labor force participation of women. We focus on four policies: an increase in the provision of child care, an increase in average female productivity, a gender-based contribution rate for formal employees, and changes in formality and informality costs. We find that the impact on the extensive margin of the female labor supply is the main channel responsible for the policy-induced increase in output.

     

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    hdl: 10419/236217
    Schriftenreihe: Discussion paper series / IZA ; no. 14186
    Schlagworte: gender gaps; female labor force participation; labor market frictions; search and matching; Nash bargaining; informality
    Umfang: 1 Online-Ressource (circa 88 Seiten), Illustrationen
  2. Hartz IV and the decline of German unemployment
    a macroeconomic evaluation
    Erschienen: [2021]
    Verlag:  Institut für Höhere Studien - Institute for Advanced Studies (IHS), Wien

    This paper proposes a new approach to evaluate the macroeconomic effects of the "Hartz IV" reform, which reduced the generosity of long-term unemployment benefits. We propose a model with different unemployment durations, where the reform initiates... mehr

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    This paper proposes a new approach to evaluate the macroeconomic effects of the "Hartz IV" reform, which reduced the generosity of long-term unemployment benefits. We propose a model with different unemployment durations, where the reform initiates both a partial effect and an equilibrium effect. We estimate the relative importance of these two effects and the size of the partial effect based on the IAB Job Vacancy Survey. Our approach does not hinge on an external source for the decline in the replacement rate for long-term unemployed. We find that Hartz IV was a major driver for the decline of Germany's steady state unemployment and that partial and equilibrium effect were nearly of equal importance. In addition, we provide direct empirical evidence on labor selection, one potential dimension of recruiting intensity

     

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    hdl: 10419/232038
    Schriftenreihe: IHS working paper ; 31 (March 2021)
    Schlagworte: Unemployment benefits reform; search and matching; Hartz reforms
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  3. Hartz IV and the decline of German unemployment
    a macroeconomic evaluation
    Erschienen: March 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper proposes a new approach to evaluate the macroeconomic effects of the “Hartz IV” reform, which reduced the generosity of long-term unemployment benefits. We propose a model with different unemployment durations, where the reform initiates... mehr

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    This paper proposes a new approach to evaluate the macroeconomic effects of the “Hartz IV” reform, which reduced the generosity of long-term unemployment benefits. We propose a model with different unemployment durations, where the reform initiates both a partial effect and an equilibrium effect. We estimate the relative importance of these two effects and the size of the partial effect based on the IAB Job Vacancy Survey. Our approach does not hinge on an external source for the decline in the replacement rate for long-term unemployed. We find that Hartz IV was a major driver for the decline of Germany’s steady state unemployment and that partial and equilibrium effect were nearly of equal importance. In addition, we provide direct empirical evidence on labor selection, one potential dimension of recruiting intensity.

     

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    hdl: 10419/235303
    Schriftenreihe: CESifo working paper ; no. 8933 (2021)
    Schlagworte: unemployment benefits reform; search and matching; Hartz reforms
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  4. The geography of job creation and job destruction
    Erschienen: October 2021
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    Spatial differences in labor market performance are large and highly persistent. Using data from the United States, Germany, and the United Kingdom, we document striking similarities in spatial differences in unemployment, vacancies, job finding, and... mehr

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    Spatial differences in labor market performance are large and highly persistent. Using data from the United States, Germany, and the United Kingdom, we document striking similarities in spatial differences in unemployment, vacancies, job finding, and job filling within each country. This robust set of facts guides and disciplines the development of a theory of local labor market performance. We find that a spatial version of a Diamond-Mortensen-Pissarides model with endogenous separations and on-the-job search quantitatively accounts for all the documented empirical regularities. The model also quantitatively rationalizes why differences in job-separation rates have primary importance in inducing differences in unemployment across space while changes in the job-finding rate are the main driver in unemployment fluctuations over the business cycle.

     

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    hdl: 10419/250452
    Schriftenreihe: Discussion paper series / IZA ; no. 14791
    Schlagworte: local labor markets; unemployment; vacancies; search and matching
    Umfang: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  5. Dynamic macroeconomic implications of immigration
    Erschienen: October 2021
    Verlag:  Sveriges Riksbank, Stockholm

    International immigration ‡ows are large, volatile and have recently increased. This paper is the first to study the dynamic effects of immigration shocks on the economy within a search and matching framework. Since the microdata indicates that some... mehr

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    International immigration ‡ows are large, volatile and have recently increased. This paper is the first to study the dynamic effects of immigration shocks on the economy within a search and matching framework. Since the microdata indicates that some of the key macroeconomic effects of immigration are largest in the short run, a steady state analysis would be insufficient. To construct a quantitatively relevant general equilibrium framework, we use extensive Swedish microdata. We then study the effect of a large immigration shock on various macroeconomic aggregates. Due to compositional effects, there is a substantial negative effect on GDP per capita and the employment rate on impact that then decreases over time.

     

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    hdl: 10419/251303
    Schriftenreihe: Sveriges Riksbank working paper series ; 405
    Schlagworte: Immigration; dynamics; search and matching
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  6. Wage setting under targeted search
    Erschienen: August 2021
    Verlag:  Federal Reserve Bank of Dallas, Research Department, Dallas

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    Schriftenreihe: Working paper / Federal Reserve Bank of Dallas, Research Department ; 2111
    Schlagworte: wage posting; bargaining; search and matching; information
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  7. A unified framework for CBDC design
    remuneration, collateral haircuts and quantity constraints
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We study the macroeconomic effects of central bank digital currency (CBDC) in a dynamic general equilibrium model. Timing and information frictions create a need for inside (bank deposits) and outside money (CBDC) to finance production. To steer the... mehr

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    We study the macroeconomic effects of central bank digital currency (CBDC) in a dynamic general equilibrium model. Timing and information frictions create a need for inside (bank deposits) and outside money (CBDC) to finance production. To steer the quantity of CBDC, the central bank can set the lending and deposit rates for CBDC as well as collateral and quantity requirements. Less restrictive provision of CBDC reduces bank deposits. A positive interest spread on CBDC or stricter collateral or quantity constraints reduce welfare but can contain bank disintermediation, especially if the elasticity of substitution between bank deposits and CBDC is small.

     

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    Sprache: Englisch
    Medientyp: Ebook
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    ISBN: 9789289947640
    Weitere Identifier:
    hdl: 10419/237717
    Schriftenreihe: Working paper series / European Central Bank ; no 2578 (July 2021)
    Schlagworte: Central bank digital currency; monetary policy; search and matching
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  8. (In)efficient separations, firing costs and temporary contracts
    Erschienen: [2021]
    Verlag:  Banca d'Italia Eurosistema, [Rom]

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    Schriftenreihe: Temi di discussione / Banca d'Italia ; number 1330 (April 2021)
    Schlagworte: employment protection; temporary contracts; labor market institutions; structural reforms; general equilibrium model; search and matching
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  9. Nonlinearities and workers' heterogeneity in unemployment dynamics
    Erschienen: October 2021
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    This study demonstrates that nonlinearities, coupled with worker heterogeneity, make it possible to reconcile the Diamond-Mortensen-Pissarides model with the labor market dynamics observed in the United States. Nonlinearities, induced by firings and... mehr

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    This study demonstrates that nonlinearities, coupled with worker heterogeneity, make it possible to reconcile the Diamond-Mortensen-Pissarides model with the labor market dynamics observed in the United States. Nonlinearities, induced by firings and downward real wage rigidities, magnify adjustments in quantities, whereas heterogeneity concentrates them on the low-paid workers' submarkets. The model fits the job finding, job separation, and unemployment rates well. It also explains the Beveridge curve's dynamics and the cyclicality of the involuntary component of separations. The estimated dynamics of the aggregate shock that allows generating the US labor market fluctuations has a correlation with unemployment that changes of sign during the 80s. We also show that the differences in adjustment between submarkets predicted by the model are consistent with the data of job flows by educational attainment.

     

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    hdl: 10419/250483
    Schriftenreihe: Discussion paper series / IZA ; no. 14822
    Schlagworte: search and matching; unemployment dynamics; nonlinearities; particle filter; maximum likelihood estimation
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  10. Endogenous growth, skill obsolescence and output hysteresis in a New Keynesian model with unemployment
    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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    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).

     

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    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
  11. Hartz IV and the decline of German unemployment
    a macroeconomic evaluation
    Erschienen: March 2, 2021
    Verlag:  Friedrich-Alexander-Universität Erlangen-Nürnberg, Institute for Economics, [Nürnberg]

    This paper proposes a new approach to evaluate the macroeconomic effects of the "Hartz IV" reform, which reduced the generosity of long-term unemployment benefits. We propose a model with different unemployment durations, where the reform initiates... mehr

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    This paper proposes a new approach to evaluate the macroeconomic effects of the "Hartz IV" reform, which reduced the generosity of long-term unemployment benefits. We propose a model with different unemployment durations, where the reform initiates both a partial effect and an equilibrium effect. We estimate the relative importance of these two effects and the size of the partial effect based on the IAB Job Vacancy Survey. Our approach does not hinge on an external source for the decline in the replacement rate for long-term unemployed. We find that Hartz IV was a major driver for the decline of Germany's steady state unemployment and that partial and equilibrium effect were nearly of equal importance. In addition, we provide direct empirical evidence on labor selection, one potential dimension of recruiting intensity.

     

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    hdl: 10419/231323
    Schriftenreihe: FAU discussion papers in economics ; no. 2019, 01
    Schlagworte: Unemployment benefits reform; search and matching; Hartz reforms
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  12. The agricultural exodus in the Philippines
    are wage differentials driving the process?
    Erschienen: August 2021
    Verlag:  International Monetary Fund, [Washington, D.C.]

    Lagging labor reallocations outside agriculture amid sustained low agricultural productivity have been a key feature in the Philippines over the past 15 years. An analysis of the labor adjustments in and out of agriculture shows that a variety of... mehr

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    Lagging labor reallocations outside agriculture amid sustained low agricultural productivity have been a key feature in the Philippines over the past 15 years. An analysis of the labor adjustments in and out of agriculture shows that a variety of factors have influenced this process. We find that the widening of wage differentials with non-agricultural sectors, improvements in labor market efficiency, and better transport infrastructure are largely associated with growing outflows of labor from agriculture, whilst the lack of post-primary education and the presence of agricultural clusters hinder such outflows. In contrast to the traditional view that agricultural employment outflows are largely driven by productivity differences and wage differentials, our results emphasize the roles of education as well as transport infrastructure in facilitating labor reallocations from agriculture to non-agriculture

     

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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9781513590097
    Weitere Identifier:
    Schriftenreihe: IMF working paper ; WP/21, 220
    Schlagworte: Agricultural employment; search and matching; wage differentials; labor market efficiency; transport infrastructure; education; economic significance; Aggregate Human Capital; Employment; Intergenerational Income Distribution; Unemployment; Wages
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  13. Public employment agency reform, matching efficiency, and German unemployment
    Erschienen: [2022]
    Verlag:  Friedrich-Alexander-Universität Erlangen-Nürnberg, Institute for Economics, [Nürnberg]

    Our paper aims at improving the understanding for the role of public employment agencies in job matching. We analyze the effects of the restructuring of the Federal Employment Agency in Germany (Hartz III labor market reform) for aggregate matching... mehr

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    Our paper aims at improving the understanding for the role of public employment agencies in job matching. We analyze the effects of the restructuring of the Federal Employment Agency in Germany (Hartz III labor market reform) for aggregate matching and unemployment. Based on two microeconomic datasets, we show that the market share of the Federal Employment Agency as job intermediary declined after the Hartzreforms. We propose a macroeconomic model of the labor market with a private and a public search channel and fit the model to various dimensions of the data. We show that direct intermediation activities of the Federal Employment Agency did not contribute to the decline of unemployment in Germany. By contrast, improved activation of unemployed workers reduced unemployed by 0.7 percentage points.

     

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    hdl: 10419/248837
    Schriftenreihe: FAU discussion papers in economics ; no. 2022, 01
    Schlagworte: Hartz reforms; search and matching; reform of employment agency
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  14. Minimum wage increases and vacancies
    Erschienen: April 2022
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    Using a unique data set and a novel identification strategy, we estimate the effect of minimum wage increases on job vacancy postings. Utilizing occupation-specific county- level vacancy data from the Conference Board's Help Wanted Online for... mehr

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    Using a unique data set and a novel identification strategy, we estimate the effect of minimum wage increases on job vacancy postings. Utilizing occupation-specific county- level vacancy data from the Conference Board's Help Wanted Online for 2005-2018, we find that state-level minimum wage increases lead to substantial declines in existing and new vacancy postings in occupations with a larger share of workers who earn close to the prevailing minimum wage. We estimate that a 10 percent increase in the state-level effective minimum wage reduces vacancies by 2.4 percent in the same quarter, and the cumulative effect is as large as 4.5 percent a year later. The negative effect on vacancies is more pronounced for occupations where workers typically have lower educational attainment (high school or less) and in counties with higher poverty rates. We argue that our focus on vacancies versus on employment has a distinct advantage of highlighting a mechanism through which minimum wage hikes affect labor demand. Our finding of a negative effect on vacancies is not inconsistent with the wide range of findings in the literature about the effect of minimum wage changes on employment, which is driven by changes in both hiring and separation margins.

     

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    hdl: 10419/263470
    Schriftenreihe: Discussion paper series / IZA ; no. 15254
    Schlagworte: minimum wage; vacancies; hiring; search and matching
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  15. Technical change, task allocation, and labor unions
    Erschienen: October 2022
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    We propose a novel framework that integrates the "task approach" for a more precise production modeling into the search-and-matching model with low- and high-skilled workers, and wage setting by labor unions. We establish the relationship between... mehr

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    We propose a novel framework that integrates the "task approach" for a more precise production modeling into the search-and-matching model with low- and high-skilled workers, and wage setting by labor unions. We establish the relationship between task reallocation and changes in wage pressure, and examine how skill- biased technical change (SBTC) affects the task composition, wages of both skill groups, and unemployment. In contrast to the canonical model with a fixed task allocation, low-skilled workers may be harmed in terms of either lower wages or higher unemployment depending on the relative task-related productivity profile of both worker types. We calibrate the model to the US and German data for the periods 1995-2005 and 2010-2017. The simulated effects of SBTC on low-skilled unemployment are largely consistent with observed developments. For example, US low-skilled unemployment increases due to SBTC in the earlier period and decreases after 2010.

     

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    hdl: 10419/267369
    Schriftenreihe: Discussion paper series / IZA ; no. 15632
    Schlagworte: task approach; search and matching; labor unions; skill-biased technical change; labor demand; wage setting
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  16. Technical change, task allocation, and labor unions
    Erschienen: 2022
    Verlag:  Global Labor Organization (GLO), Essen

    We propose a novel framework that integrates the "task approach" for a more precise production modeling into the search-and-matching model with low- and high-skilled workers, and wage setting by labor unions. We establish the relationship between... mehr

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    We propose a novel framework that integrates the "task approach" for a more precise production modeling into the search-and-matching model with low- and high-skilled workers, and wage setting by labor unions. We establish the relationship between task reallocation and changes in wage pressure, and examine how skillbiased technical change (SBTC) affects the task composition, wages of both skill groups, and unemployment. In contrast to the canonical model with a fixed task allocation, low-skilled workers may be harmed in terms of either lower wages or higher unemployment depending on the relative task-related productivity profile of both worker types. We calibrate the model to the US and German data for the periods 1995-2005 and 2010-2017. The simulated effects of SBTC on low-skilled unemployment are largely consistent with observed developments. For example, US low-skilled unemployment increases due to SBTC in the earlier period and decreases after 2010.

     

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    Format: Online
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    hdl: 10419/265121
    Schriftenreihe: GLO discussion paper ; no. 1177
    Schlagworte: task approach; search and matching; labor unions; skill-biased technical change; labor demand; wage setting
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  17. Product cycles and prices
    a search foundation
    Erschienen: April 2021
    Verlag:  Tokyo Center for Economic Research, Tokyo, Japan

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    Schriftenreihe: TCER working paper series ; E-161
    Schlagworte: Phillips curve; product and price cycles; search and matching
    Umfang: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  18. Who's got the power?
    wage determination and its resilience in the Great Recession
    Erschienen: [2022]
    Verlag:  Centre for Economic Performance, London School of Economics and Political Science, London

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    Schriftenreihe: Discussion paper / Centre for Economic Performance ; no. 1885 (November 2022)
    Schlagworte: search and matching; wage determination; collective bargaining and trade unions; rent sharing; bargaining power; assortative matching; wage inequality
    Umfang: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  19. Public employment agency reform, matching efficiency, and German unemployment
    Erschienen: November 2022
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    Our paper analyzes the role of public employment agencies in job matching, in particular the effects of the restructuring of the Federal Employment Agency in Germany (Hartz III labor market reform) for aggregate matching and unemployment. Based on... mehr

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    Our paper analyzes the role of public employment agencies in job matching, in particular the effects of the restructuring of the Federal Employment Agency in Germany (Hartz III labor market reform) for aggregate matching and unemployment. Based on two microeconomic datasets, we show that the market share of the Federal Employment Agency as job intermediary declined after the Hartz-reforms. We propose a macroeconomic model of the labor market with a private and a public search channel and fit the model to various dimensions of the data. We show that direct intermediation activities of the Federal Employment Agency did not contribute to the decline of unemployment in Germany. By contrast, improved activation of unemployed workers reduced unemployed by 0.8 percentage points. Through the lens of an aggregate matching function, more activation is associated with a larger matching efficiency.

     

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    hdl: 10419/267451
    Schriftenreihe: Discussion paper series / IZA ; no. 15714
    Schlagworte: Hartz reforms; search and matching; reform of employment agency
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  20. Public employment agency reform, matching efficiency, and German unemployment
    Erschienen: March 2023
    Verlag:  CESifo, Munich, Germany

    Our paper analyzes the role of public employment agencies in job matching, in particular the effects of the restructuring of the Federal Employment Agency in Germany (Hartz III labor market reform) for aggregate matching and unemployment. Based on... mehr

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    Our paper analyzes the role of public employment agencies in job matching, in particular the effects of the restructuring of the Federal Employment Agency in Germany (Hartz III labor market reform) for aggregate matching and unemployment. Based on two microeconomic datasets, we show that the market share of the Federal Employment Agency as job intermediary declined after the Hartz reforms. We propose a macroeconomic model of the labor market with a private and a public search channel and fit the model to various dimensions of the data. We show that direct intermediation activities of the Federal Employment Agency did not contribute to the decline in unemployment in Germany. By contrast, improved activation of unemployed workers reduced unemployed by 0.8 percentage points. Through the lens of an aggregate matching function, more activation is associated with a larger matching efficiency.

     

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    Weitere Identifier:
    hdl: 10419/271972
    Schriftenreihe: CESifo working papers ; 10328 (2023)
    Schlagworte: Hartz reforms; search and matching; reform of employment agency
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  21. Public employment agency reform, matching efficiency, and German unemployment
    Erschienen: [2023]
    Verlag:  German Socio-Economic Panel (SOEP), DIW Berlin, Berlin, Germany

    Our paper analyzes the role of public employment agencies in job matching, in particular the effects of the restructuring of the Federal Employment Agency in Germany (Hartz III labor market reform) for aggregate matching and unemployment. Based on... mehr

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    Our paper analyzes the role of public employment agencies in job matching, in particular the effects of the restructuring of the Federal Employment Agency in Germany (Hartz III labor market reform) for aggregate matching and unemployment. Based on two microeconomic datasets, we show that the market share of the Federal Employment Agency as job intermediary declined after the Hartz reforms. We propose a macroeconomic model of the labor market with a private and a public search channel and fit the model to various dimensions of the data. We show that direct intermediation activities of the Federal Employment Agency did not contribute to the decline in unemployment in Germany. By contrast, improved activation of unemployed workers reduced unemployed by 0.8 percentage points. Through the lens of an aggregate matching function, more activation is associated with a larger matching efficiency.

     

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    Weitere Identifier:
    hdl: 10419/270313
    Schriftenreihe: SOEPpapers on multidisciplinary panel data research ; 1185 (2023)
    Schlagworte: Schlagwort; Hartz reforms; search and matching; reform of employment agency
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  22. CBDC and business cycle dynamics in a New Monetarist New Keynesian model
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial... mehr

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    To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the store-of-value function of money through a conventional Taylor rule while it affects the means-of-exchange function of money through CBDC operations. Peak responses to monetary policy shocks remain similar in the presence of an interest-bearing CBDC, implying that monetary transmission is not impaired. At the same time however, the provision of CBDC helps smooth responses to macroeconomic shocks. By supplying CBDC, the central bank contributes to stabilising the liquidity premium, thereby affecting bank funding conditions and the opportunity costs of money, which dampens and smoothes the reaction of investment and consumption to macroeconomic shocks.

     

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    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289960748
    Weitere Identifier:
    hdl: 10419/278572
    Schriftenreihe: Working paper series / European Central Bank ; no 2811
    Schlagworte: Central bank digital currency; monetary policy; DSGE; search and matching
    Umfang: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  23. Leveraging the disagreement on climate change
    theory and evidence
    Erschienen: [2023]
    Verlag:  Federal Reserve Bank of Richmond, Richmond

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    Schriftenreihe: Working paper series / Federal Reserve Bank of Richmond ; WP 23, 01
    Schlagworte: climate finance; sea level rise; heterogeneous beliefs; real estate; mortgage; search and matching; monetary policy
    Umfang: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  24. The agricultural exodus in the Philippines
    are wage differentials driving the process?
    Erschienen: August 2021
    Verlag:  International Monetary Fund, [Washington, D.C.]

    Lagging labor reallocations outside agriculture amid sustained low agricultural productivity have been a key feature in the Philippines over the past 15 years. An analysis of the labor adjustments in and out of agriculture shows that a variety of... mehr

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    Lagging labor reallocations outside agriculture amid sustained low agricultural productivity have been a key feature in the Philippines over the past 15 years. An analysis of the labor adjustments in and out of agriculture shows that a variety of factors have influenced this process. We find that the widening of wage differentials with non-agricultural sectors, improvements in labor market efficiency, and better transport infrastructure are largely associated with growing outflows of labor from agriculture, whilst the lack of post-primary education and the presence of agricultural clusters hinder such outflows. In contrast to the traditional view that agricultural employment outflows are largely driven by productivity differences and wage differentials, our results emphasize the roles of education as well as transport infrastructure in facilitating labor reallocations from agriculture to non-agriculture

     

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    ISBN: 9781513590097
    Weitere Identifier:
    Schriftenreihe: IMF working paper ; WP/21, 220
    Schlagworte: Agricultural employment; search and matching; wage differentials; labor market efficiency; transport infrastructure; education; economic significance; Aggregate Human Capital; Employment; Intergenerational Income Distribution; Unemployment; Wages
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  25. Efficiency in search and matching models
    a generalized Hosios condition
    Erschienen: [2016]
    Verlag:  [Monash University, Monash Business School, Department of Economics], [Canberra]

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    Sprache: Englisch
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    Format: Online
    Schriftenreihe: Discussion paper / Monash Business School, Department of Economics ; 16, 28
    Schlagworte: constrained efficiency; search and matching; directed search; competitive search; Nash bargaining; Hosios condition
    Umfang: 1 Online-Ressource (circa 49 Seiten)