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* 13 Results

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    • Publications (13)
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  • Tags: labor market frictions
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  1. Publication

    Endogenous Growth, Skill Obsolescence and Optimal Monetary Policy

    30.11.2021

    We analyze Ramsey optimal monetary policy in a New-Keynesian model with search and matching frictions featuring (i) training costs due to skill loss from long-term unemployment and (ii) endogenous growth through learning-by-doing externalities.

  2. Publication

    A Note on Trend Growth, Unemployment and Optimal Monetary Policy

    03.06.2019

    We analyze the implications of trend growth for optimal monetary policy in the presence of search and matching unemployment. We show that trend growth inter- acts importantly with the inefficiencies stemming from the labor market. Higher trend growth...

  3. Publication

    Optimal Fiscal Policy with Labor Selection

    09.04.2019

    This paper characterizes long-run and short-run optimal fiscal policy in the labor selection framework. In a calibrated non-Ramsey decentralized equilibrium, labor market volatility is inefficient. Keeping fixed the structural parameters, the Ramsey...

  4. Publication

    Efficiency and Labor Market Dynamics in a Model of Labor Selection

    01.11.2016

    This paper characterizes e fficient labor-market allocations in a labor selection model. The model's crucial aspect is cross-sectional heterogeneity for new job contacts, which leads to an endogenous selection threshold for new hires. With...

  5. Publication

    The Vanishing Procyclicality of Labor Productivity

    01.08.2010

    We document three changes in postwar US macroeconomic dynamics: (i) the procyclicality of labor productivity has vanished, (ii) the relative volatility of employment has risen, and (iii) the relative (and absolute) volatility of the real wage has...

  6. Publication

    Tax Smoothing in Frictional Labor Markets

    01.10.2012

    The optimality of tax smoothing is re-examined from the point of view of frictional labor markets. The main result is that, in a calibrated matching model that generates empirically- relevant labor-market uctuations conditional on exogenous fiscal...

  7. Publication

    Labor Turnover Costs, Workers' Heterogeneity and Optimal Monetary Policy

    01.07.2009

    We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to a right to manage bargaining where the firms’ counterpart is given by currently employed workers. Our model captures...

  8. Publication

    Labor Selection, Turnover Costs and Optimal Monetary Policy

    01.01.2014

    We study optimal monetary policy and welfare properties of a DSGE model with a labor selection process, labor turnover costs and Nash bargained wages. We show that our model implies ineffciencies which cannot be offset in a standard wage bargaining...

  9. Publication

    Comparative Advantage and Skill-specific Unemployment

    01.01.2011

    We introduce unemployment and endogenous selection of workers into different skill-classes in a trade model with two sectors and heterogeneous firms. This allows us to identify three different channels through which trade liberalization can affect...

  10. Publication

    Comparative Advantage and Skill-specific Unemployment

    01.08.2009

    We introduce unemployment and endogenous selection of workers into different skill-classes in a trade model with two sectors and heterogeneous firms. This allows us to study the distributional consequences and the skill-specific unemployment effects...

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