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The Negative Mean Output Gap

The Negative Mean Output Gap »

Volume/Issue: 2019/183

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Simon Voigts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

DOI: http://dx.doi.org/10.5089/9781513511740.001

ISBN: 9781513511740

Keywords: Accounting systems, Bank rates, Bond yields, Business cycles, Capital, Capital stocks, Central banking, Central banks, Consumption, Cost of capital

We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns...

What (Really) Accounts for the Fall in Hours After a Technology Shock?

What (Really) Accounts for the Fall in Hours After a Technology Shock? »

Volume/Issue: 2012/211

Series: IMF Working Papers

Author(s): Nooman Rebei

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2012

DOI: http://dx.doi.org/10.5089/9781475505610.001

ISBN: 9781475505610

Keywords: Firm entry and exit, Habit in consumption, Labor market frictions, Permanent technology shocks, Leontief production, Bayesian estimation., wages, wage, autocorrelation, standard deviation

The paper asks how state of the art DSGE models that account for the conditional response of hours following a positive neutral technology shock compare in a marginal likelihood race. To that end we construct and e...

The Negative Mean Output Gap

The Negative Mean Output Gap »

Source: The Negative Mean Output Gap

Volume/Issue: 2019/183

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Simon Voigts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

ISBN: 9781513511740

Keywords: Accounting systems, Bank rates, Bond yields, Business cycles, Capital, Capital stocks, Central banking, Central banks, Consumption, Cost of capital

We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns...

What (Really) Accounts for the Fall in Hours After a Technology Shock?

What (Really) Accounts for the Fall in Hours After a Technology Shock? »

Source: What (Really) Accounts for the Fall in Hours After a Technology Shock?

Volume/Issue: 2012/211

Series: IMF Working Papers

Author(s): Nooman Rebei

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2012

ISBN: 9781475505610

Keywords: Firm entry and exit, Habit in consumption, Labor market frictions, Permanent technology shocks, Leontief production, Bayesian estimation., wages, wage, autocorrelation, standard deviation

The paper asks how state of the art DSGE models that account for the conditional response of hours following a positive neutral technology shock compare in a marginal likelihood race. To that end we construct and e...