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Browsing ADEMU Working Papers Series by Subject "Unemployment"

Browsing ADEMU Working Papers Series by Subject "Unemployment"

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  • Downward wage rigidity and wage restraint
    Wolf, Martin (2018-05)
    The combination of downward nominal wage rigidity and pegged exchange rate creates an externality which leads to excessive wage inflation (Schmitt-Groh_e and Uribe, 2016). This paper re-examines this result assuming that ...
  • Fiscal consolidation in a disinflationary environment: price vs. quantity-based measures
    Pappa, Evi; Sajedi, Rana; Vella, Eugenia (2016-02)
    An important feature of the current economic conditions in the EU, which challenges the design and implementation of macroeconomic policy, is inflation uncertainty. With monetary policy at the zero lower bound, and inflation ...
  • Is the macroeconomy locally unstable and why should we care?
    Beaudry, Paul; Galizia, Dana; Portier, Franck (2016-05)
    In most modern macroeconomic models, the steady state (or balanced growth path) of the system is a local attractor, in the sense that, in the absence of shocks, the economy would converge to the steady state. In this paper, ...
  • Job uncertainty and deep recessions
    Ravn, Morten O.; Sterk, Vincent (2015-07)
    This paper proposes a theory in which aggregate shocks also produce idiosyncratic risk which in turn introduces a demand channel that we argue is relevant for understanding the Great Recession. We study a model in which ...
  • Reconciling Hayek's and Keynes' views of recessions
    Beaudry, Paul; Galizia, Dana; Portier, Franck (2016-09)
    Recessions often happen after periods of rapid accumulation of houses, consumer durables and business capital. This observation has led some economists, most notably Friedrich Hayek, to conclude that recessions often reflect ...
  • The dark corners of the labor market
    Sterk, Vincent (2016-01)
    Standard models predict that episodes of high unemployment are followed by recoveries. This paper shows, by contrast, that a large shock may set the economy on a path towards very high unemployment, with no recovery in ...

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