Search results for "e24"
showing 5 items of 15 documents
The role of Institutions in explaining wage determination in the Euro Area: a panel cointegration approach
2016
Over the last 15 years, the evolution of labor costs has been very diverse across EMU countries. Since wages have important second-round effects on prices and competitiveness, and EMU countries do not have the tool of the nominal exchange rate to correct for such imbalances, understanding the determinants of the wage is a matter of increasing concern and debate. We estimate the equilibrium wage equation for the Euro Area over the period 1995-2011 using panel cointegration techniques that allow for cross-section dependence and structural breaks. The results show that the equilibrium wage has a positive relation with productivity and negative relation with unemployment, as expected. We also i…
THE NEED FOR THE BALANCE BETWEEN WORK AND PERSONAL LIFE IN THE CONTEXT OF ECONOMIC CRISIS AND THE ENHANCE QUALITY OF LIFE
2012
The professional life of the individual in society should become a major goal of the employment policies and strategies, a goal considered science and art. Starting from the Europe`s demographic paradox, it is concluded the need to use at full capacity the human resources of the EU27, by maximizing the efficiency of each individual of the society. Based on criteria of choice a caree and of the satisfaction - productivity report it is detailed the importance of counselling to optimize the relationship skills / utility in the society. In the end, a series of conclusions and suggestions are presented on the current and future way of addressing employment, education, continuous lifelong profess…
Labor Market Search, Housing Prices and Borrowing Constraints.
2010
Mortgage market deregulation in the early 1980s coincided in time with a sharp break in the cyclical behavior of many variables related to housing and to the labor market. This paper analyses the joint dynamics of labor market variables, output and housing prices in a search model with efficient bargaining and financial frictions. In a setting of household heterogeneity, only mortgaged-backed loans are available for impatient households, whose borrowing cannot exceed a proportion of the expected value of their real estate holdings. This feature of the credit market, together with search and matching frictions in the labor market, establish a strong link between credit constraints and consum…
Job Creation in Spain: Productivity Growth, Labour Market Reforms or both?
2010
The benefits implied by changing the growth model are at the heart ofthe heated political and economic debate in Spain. Increases in productivity and the reallocation of employment towards more innovative sectors are defended as the panacea for most of the ills afflicting the Spanish economy. In this paper we use a DSGE model with price rigidities, and labour market search frictions a la Mortensen-issarides, to assess the effects of the change in the growth model onunemployment. In so doing, we assume that the vigorous demand shock which has been mostly responsible for recent economic growth in Spain will be successfully substituted by a productivity shock as the main driver of Spain‘s…
Search, Nash Bargaining and Rule of Thumb Consumers
2009
This paper analyses the effects of introducing typical Keynesian features, namely rule-of-thumb consumers and consumption habits, into a standard labour market search model. It is a well-known fact that labour market matching with Nash-wage bargaining improves the ability of the standard real business cycle model to replicate some of the cyclical properties featuring the labour market. However, when habits and rule-of-thumb consumers are taken into account, the labour market search model gains extra power to reproduce some of the stylised facts characterising the US labour market, as well as other business cycle facts concerning aggregate consumption and investment behaviour.