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IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA) >
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http://hdl.handle.net/10419/35911
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Dufourt, Frédéric | | en_US |
| dc.contributor.author | | Lloyd-Braga, Teresa | | en_US |
| dc.contributor.author | | Modesto, Leonor | | en_US |
| dc.date.accessioned | | 2009-10-27 | | en_US |
| dc.date.accessioned | | 2010-07-07T12:04:07Z | | - |
| dc.date.available | | 2010-07-07T12:04:07Z | | - |
| dc.date.issued | | 2009 | | en_US |
| dc.identifier.pi | | urn:nbn:de:101:1-20090825106 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/35911 | | - |
| dc.description.abstract | | We 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.iso | | eng | | en_US |
| dc.publisher | | Forschungsinst. zur Zukunft der Arbeit Bonn | | en_US |
| dc.relation.ispartofseries | | IZA Discussion Papers 4302 | | en_US |
| dc.subject.jel | | J60 | | en_US |
| dc.subject.jel | | E32 | | en_US |
| dc.subject.jel | | E37 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Unemployment fluctuations | | en_US |
| dc.subject.keyword | | sunspots equilibria | | en_US |
| dc.subject.keyword | | expected inflation | | en_US |
| dc.subject.keyword | | wage bargaining | | en_US |
| dc.subject.stw | | Arbeitslosigkeit | | en_US |
| dc.subject.stw | | Volatilität | | en_US |
| dc.subject.stw | | Hysteresis | | en_US |
| dc.subject.stw | | Inflationserwartung | | en_US |
| dc.subject.stw | | Sunspot | | en_US |
| dc.subject.stw | | Lohnverhandlungen | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.subject.stw | | Schätzung | | en_US |
| dc.subject.stw | | EU-Staaten | | en_US |
| dc.title | | Expected inflation, sunspots equilibria and persistent unemployment fluctuations | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 609425552 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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