Now showing items 1-4 of 4
Why are labor markets in Spain and Germany so different?
(2016) Documento de trabajo / Lan gaiak,
The volatility of unemployment fluctuations has been about 3 times higher in Spain than in Germany over the recent business cycles (1996-2013). In contrast, fluctuations of the rate of wage inflation were significantly ...
An estimated new-Keynesian model with unemployment as excess supply of labor
(2010) Documento de trabajo / Lan gaiak,
As one alternative to search frictions, wage stickiness is introduced in a New-Keynesian model to generate endogenous unemployment fluctuations due to mismatches between labor supply and labor demand. The effects on an ...
Data revisions in the estimation of DSGE models
(2011) Documento de trabajo / Lan gaiak,
Revisions of US macroeconomic data are not white-noise. They are persistent, correlated with real-time data, and with high variability (around 80% of volatility observed in US real-time data). Their business cycle effects ...
The great moderation of inflation: a structural analysis of recent U.S. monetary business cycles
(2012) Documento de trabajo / Lan gaiak,
U.S. inflation has experienced a great moderation in the last two decades. This paper examines the factors behind this and other stylized facts, such as the weaker correlation of inflation and nominal interest rate (Gibson ...