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作者：den Haan, WJ; Ramey, G; Haefke, C
作者单位：University of London; London Business School; Pompeu Fabra University; University of California System; University of California San Diego
摘要：According to Ljungqvist and Sargent (1998), high European unemployment since the 1980s can be explained by a rise in economic turbulence, leading to greater numbers of unemployed workers with obsolete skills. These workers refuse new jobs due to high unemployment benefits. In this paper we reassess the turbulence-unemployment relationship using a matching model with endogenous job destruction. In our model, higher turbulence reduces the incentives of employed workers to leave their jobs. If tu...
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作者：Lalive, R; Zweimüller, J; van Ours, JC
作者单位：University of Zurich; Tilburg University
摘要：This paper investigates the effectiveness of unemployment benefit sanctions in reducing unemployment duration. Swiss data on benefit sanctions allow us to separate the effect of a warning that a person is not complying with eligibility requirements from the effect of the actual enforcement of a benefit sanction. Moreover, public employment services are given substantial leeway in setting the monitoring intensity. Results indicate that both warning and enforcement have a positive effect on the ...
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作者：Erceg, CJ; Gust, C; Guerrieri, L
摘要：Gali's innovative approach of imposing long-run restrictions on a vector autoregression (VAR) to identify the effects of a technology shock has become widely utilized. In this paper, we investigate its reliability through Monte Carlo simulations using calibrated business cycle models. Overall, Gali's methodology appears to be fruitful: the impulse responses derived from the artificial data generally have the same sign and qualitative pattern as the true responses, and the approach can be infor...
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作者：Benigno, P; Woodford, M
作者单位：New York University; Columbia University
摘要：This paper considers the appropriate stabilization objectives for monetary policy in a micro-founded model with staggered price-setting. Rotemberg and Woodford (1997) and Woodford (2002) have shown that under certain conditions, a local approximation to the expected utility of the representative household in a model of this kind is related inversely to the expected discounted value of a conventional quadratic loss function, in which each period's loss is a weighted average of squared deviation...
