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- W1578312953 abstract "This paper examines the rise in European unemployment since the 1970s by introducing endogenous growth into an otherwise standard New Keynesian model with capital accumulation and unemployment. We subject the model to an uncorrelated cost push shock, in order to mimic a scenario akin to the one faced by central banks at the end of the 1970s. Monetary policy implements a disin?ation by following an interest feedback rule calibrated to an estimate of a Bundesbank reaction function. 40 quarters after the shock has vanished, unemployment is still about 1.8 percentage points above its steady state. Our model also broadly reproduces cross country differences in unemployment by drawing on cross country di¤erences in the size of cost push shock and the associated disinflation, the monetary policy reaction function and the wage setting structure." @default.
- W1578312953 created "2016-06-24" @default.
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- W1578312953 date "2009-05-15" @default.
- W1578312953 modified "2023-09-27" @default.
- W1578312953 title "Shocks, Monetary Policy and Institutions: Explaining Unemployment Persistence in Europe and the United States" @default.
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