Arbeitspapier
Involuntary unemployment and the business cycle
Can a model with limited labor market insurance explain standard macro- and labor market data jointly? We seek to construct a monetary model in which: i) the unemployed are worse off than the employed, i.e. unemployment is involuntary and ii) the labor force participation rate varies with the business cycle. To illustrate key features of our model, we start with the simplest possible New Keynesian framework with no capital. We then integrate the model into a medium sized DSGE model and show that the resulting model does as well as existing models at accounting for the response of standard macroeconomic variables to monetary policy shocks and two technology shocks. In addition, the model does well at accounting for the response of the labor force and unemployment rate to these three shocks.
- Sprache
-
Englisch
- Erschienen in
-
Series: Sveriges Riksbank Working Paper Series ; No. 238
- Klassifikation
-
Wirtschaft
- Thema
-
DSGE
unemployment
labor force participation
business cycles
monetary policy
Bayesian estimation
Dynamisches Gleichgewicht
Unfreiwillige Arbeitslosigkeit
Konjunktur
Phillips-Kurve
Geldpolitik
Bayes-Statistik
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Christiano, Lawrence J.
Trabrandt, Mathias
Walentin, Karl
- Ereignis
-
Veröffentlichung
- (wer)
-
Sveriges Riksbank
- (wo)
-
Stockholm
- (wann)
-
2012
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Christiano, Lawrence J.
- Trabrandt, Mathias
- Walentin, Karl
- Sveriges Riksbank
Entstanden
- 2012
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