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dc.contributor.authorThomas Borao, Carlos
dc.contributor.authorZanetti, Francesco
dc.coverage.spatialZona euro
dc.date.accessioned2019-08-10T17:52:51Z
dc.date.available2019-08-10T17:52:51Z
dc.date.issued2008
dc.identifier.issn0213-2710 (en papel)
dc.identifier.issn1579-8666 (en línea)
dc.identifier.urihttps://repositorio.bde.es/handle/123456789/6949
dc.description.abstractThis paper studies the effect of labor market reform, in the form of reductions in firing costs and unemployment benefits, on inflation volatility. With this purpose, we build a New Keynesian model with search and matching frictions in the labor market, and estimate it using Euro Area data. Qualitatively, changes in labor market policies alter the volatility of inflation in response to shocks, by affecting the volatility of the three components of real marginal costs (hiring costs, firing costs and wage costs). Quantitatively, we find however that neither policy is likely to have an important effect on inflation volatility, due to the small impact of changes in the volatility of the labor market on inflation dynamics
dc.format.extent38 p. : fórmulas
dc.language.isoeng
dc.publisherBanco de España
dc.relation.ispartofDocumentos de trabajo / Banco de España, 0818
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
dc.rights.urihttp://rightsstatements.org/vocab/InC-NC/1.0/
dc.subjectLabor market policies
dc.subjectSearch and matching frictions
dc.subjectNew Keynesian model
dc.titleLabor market reform and price stability : an application to the euro area
dc.typeLibro
dc.identifier.bdebib000212500
dc.identifier.bdepubDTRA-200818-eng
dc.subject.bdeMétodos matemáticos y cuantitativos
dc.subject.bdePrecios, inflación, deflación
dc.subject.bdeMercado de trabajo
dc.publisher.bdeMadrid : Banco de España, 2008
dc.subject.jelE31
dc.subject.jelE32
dc.subject.jelJ64
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