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dc.contributor.authorDufourt, Frédéricen_US
dc.contributor.authorLloyd-Braga, Teresaen_US
dc.contributor.authorModesto, Leonoren_US
dc.date.accessioned2009-10-27en_US
dc.date.accessioned2010-07-07T12:04:07Z-
dc.date.available2010-07-07T12:04:07Z-
dc.date.issued2009en_US
dc.identifier.piurn:nbn:de:101:1-20090825106en_US
dc.identifier.urihttp://hdl.handle.net/10419/35911-
dc.description.abstractWe propose and estimate a model where unemployment fluctuations result from self-fulfilling changes in expected inflation (sunspot shocks) affecting nominal wage bargaining. Since the estimated parameters fall near the locus of Hopf bifurcations, country-specific expected inflation shocks can replicate the strong persistence and heterogeneity observed in European unemployment rates. They also generate positive comovements in macroeconomic variables and a large relative volatility of consumption. All these features, hardly accounted for by standard sunspot-driven models, are explained here by the fact that liquidity constrained workers, facing earnings uncertainty in the context of imperfect unemployment insurance, choose to consume their current income.en_US
dc.language.isoengen_US
dc.publisherForschungsinst. zur Zukunft der Arbeit Bonnen_US
dc.relation.ispartofseriesIZA Discussion Papers 4302en_US
dc.subject.jelJ60en_US
dc.subject.jelE32en_US
dc.subject.jelE37en_US
dc.subject.ddc330en_US
dc.subject.keywordUnemployment fluctuationsen_US
dc.subject.keywordsunspots equilibriaen_US
dc.subject.keywordexpected inflationen_US
dc.subject.keywordwage bargainingen_US
dc.subject.stwArbeitslosigkeiten_US
dc.subject.stwVolatilitäten_US
dc.subject.stwHysteresisen_US
dc.subject.stwInflationserwartungen_US
dc.subject.stwSunspoten_US
dc.subject.stwLohnverhandlungenen_US
dc.subject.stwTheorieen_US
dc.subject.stwSchätzungen_US
dc.subject.stwEU-Staatenen_US
dc.titleExpected inflation, sunspots equilibria and persistent unemployment fluctuationsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn609425552en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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