From micro to macro hysteresis : long-run effects of monetary policy / by Felipe Alves and Giovanni L. Violante. : FB3-5/2024-39E-PDF

"We develop a Heterogeneous Agent New Keynesian model with a three-state frictional labour market that is consistent with the empirical evidence that (i) low-skilled workers are more exposed to the business cycle, (ii) displacement leads to long-lasting earnings losses, and (iii) unemployment is a stepping stone toward exit from the labor force. In this environment, a transient contractionary monetary policy shock induces a very persistent reduction in labour force participation and labour productivity, especially among workers at the bottom of the skill distribution"--Abstract, page ii.

Lien permanent pour cette publication :
publications.gc.ca/pub?id=9.950061&sl=1

• Format MARC XML
• Format MARC HTML

Demander des formats alternatifs