دانلود رایگان مقاله لاتین اصطکاک بازار کار و تورم حالت ثابت مطلوب از سایت الزویر
عنوان فارسی مقاله:
اصطکاک های بازار کار و تورم حالت ثابت بهینه
عنوان انگلیسی مقاله:
Labor market frictions and optimal steady-state inflation
سال انتشار : 2016
بخشی از مقاله انگلیسی:
4. Quantitative evaluation
We now turn to the calibration of the model and the quantitative evaluation of the mechanism. 4.1. Calibration For our quantitative evaluation, we assume log preferences in consumption and leisure. The baseline calibration of the structural parameters is chosen to represent the U.S. economy on a quarterly basis and is presented in Table 1. We set β to 0.9928 as in Khan et al. (2003). This generates a real interest rate of slightly below 3 percent and is motivated by data on one-year T-bill rates and the GDP deflator. Note that this is a key parameter for governing the strength of the monetary distortion. For σ we use a baseline value of 10, generating a markup of around 11 percent. Our calibration of σ is based on work of e.g. Basu and Fernald (1995, 1997), Basu and Kimball (1997), and Basu (1996), and is the same value chosen by for example Chari et al. (2000). However, markup estimates from the industrial organization literature is typically larger (see e.g. Berry et al., 1995). We will return to the markup in robustness exercises. We set the bargaining power φ¼0.5, implying symmetrical bargaining in the baseline calibration. For the job separation rate 1ρ, we follow Hall (2005) and set ρ¼0.9. The value of σa is set to 1.27 following Den Haan et al. (2000). We set hours worked to 0.2 and Z to 5 in order to normalize output per employee to unity. To calibrate the share of new hires that get rebargained wages, there are several sources of evidence. Micro-data studies, summarized in Pissarides (2009), seem to indicate that newly hired workers' wages are substantially more flexible than incumbents' wages speaking against the idea that a large share of entrants enter into an existing wage structure. However, the studies summarized in Pissarides (2009) generally fail to control for effects stemming from variations in the composition of firms and match quality over the cycle. Thus, it might be that the empirical evidence just reflects that workers move from low-wage firms (low-quality matches) to high-wage firms (high-quality matches) in boom periods and vice versa in recessions. The approach taken to address this issue is to introduce job-specific fixed effects in a regression of individual wages on the unemployment rate and the interaction of the unemployment rate and dummy variable indicating if the tenure of the worker is short, see Gertler and Trigari (2009). This dummy structure controls for composition effects in workers, firms and match quality. Importantly, the results reported by Gertler and Trigari (2009) no longer indicate that wages are more sensitive to labor market conditions at the beginning than later in the span of a match, contrasting Pissarides (2009). This finding is thus in line with a low calibration of s new. 13 Moreover, if we turn to survey evidence, like Bewley (1999, 2007) for the U.S. and the study performed within the Eurosystem Wage Dynamics Network (WDN) covering about 15,000 firms in 15 European countries, we see strong evidence that the wages of new hires are tightlylinked to those of incumbents. As reported by Galuscak et al. (2012), about 80% percent of the firms in the WDN survey respond that internal factors (like the internal pay structure) are more important in driving wages of new hires than market conditions. Taken together the results points towards a non-negligible share of new hires that enters into an existing wage structure. However, lacking any sharp evidence on the exact value of this parameter we set s new to 0.5 in the baseline calibration and vary the parameter between 0 and 1 in the robustness exercises.
Labor-Market Frictions and Optimal Inflation by Mikael Carlsson ... https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2092516 by M Carlsson - 2012 - Cited by 1 - Related articles Jun 27, 2012 - In central theories of monetary non-neutrality the Ramsey optimal inflation rate varies between the negative of the real interest rate and zero. Labor market frictions and optimal steady-state inflation - ResearchGate https://www.researchgate.net/.../291554277_Labor_market_frictions_and_optimal_stead... On Jan 22, 2016 Mikael Carlsson (and others) published: Labor market frictions and optimal steady-state inflation. [PDF]Ramsey monetary policy with labour market frictions https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp707.pdf?... Keywords: optimal monetary policy, matching frictions, wage rigidity. ... frictions a' la Mortensen and Pissarides (1999) in the labor market allows to consider ... [PDF]Labor Market Frictions and Optimal Monetary Policy www.boi.org.il/en/Research/DiscussionPapers1/dp1302e.pdf by A Binyamini - 2013 - Related articles Labor Market Frictions and Optimal Monetary Policy. Alon Binyamini. Discussion Paper No. 2013.02. January 2013. The views expressed in the Discussion ...