LABOR SUPPLY FACTORS AND ECONOMIC FLUCTUATIONS

Autor:	Claudia Foroni, Francesco Furlanetto, Antoine Lepetit
Rok vydání:	2018
Předmět:	Economics and Econometrics Supply shock Short run media_common.quotation_subject 05 social sciences Monetary economics Great recession 0502 economics and business Unemployment Economics New Keynesian economics 050207 economics 050205 econometrics Wage bargaining media_common
Zdroj:	International Economic Review. 59:1491-1510
ISSN:	0020-6598
DOI:	10.1111/iere.12311
Popis:	We propose a new V AR identication scheme that enables us to disentangle labor supply shocks from wage bargaining shocks. Identication is achieved by imposing robust sign- restrictions that are derived from a New Keynesian model with endogenous labor force par- ticipation. According to our analysis on US data over the period 1985-2014, labor supply shocks and wage bargaining shocks are important drivers of output and unemployment both in the short run and in the long run. These results suggest that identication strategies used in estimated New Keynesian models to disentangle labor market shocks may be misguided. We also analyze the behavior of the labor force participation rate through the lenses of our model. Wend that labor supply shocks are the main drivers of the participation rate and account for about half of its decline in the aftermath of the Great Recession.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::ccac47d98f40eb0520b42ae4745f76a9 https://doi.org/10.1111/iere.12311 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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