Suchergebnisse

"This paper proposes an aggregative model of Total Factor Productivity (TFP) in the spirit of Houthakker (1955--1956). It considers a frictional labor market where production units are subject to idiosyncratic shocks and jobs are created and destroyed as in Mortensen and Pissarides (1994). An aggregate production function is derived by aggregating across micro production units in equilibrium. The level of TFP is explicitly shown to depend on the underlying distribution of shocks as well as on all the characteristics of the labor market as summarized by the job-destruction decision. The model is also used to study the effects of labor-market policies on the level of measured TFP"--Federal Reserve Bank of Minneapolis web site

"Search-theoretic models of monetary exchange are based on explicit descriptions of the frictions that make money essential. However, tractable versions of these models typically need strong assumptions that make them ill-suited for studying monetary policy. We propose a framework based on explicit micro foundations within which macro policy can be analyzed. The model is both analytically tractable and amenable to quantitative analysis. We demonstrate this by using it to estimate the welfare cost of inflation. We find much higher costs than the previous literature: our model predicts that going from 10% to 0% inflation can be worth between 3% and 5% of consumption"--Federal Reserve Bank of Minneapolis web site

La Concertación de Partidos por la Democracia es la coalición política más exitosa que ha existido en Chile. La Concertación ha ganado las cuatro elecciones presidenciales que han tenido lugar desde 1990, cuando se recuperó la democracia, hasta el presente. También ha ganado las cinco elecciones parlamentarias y las cuatro municipales. Pero más importante que el triunfo electoral son las transformaciones que esta coalición ha logrado para Chile. ; The Coalition of Parties for Democracy is the most successful political coalition that has existed in Chile. The Agreement has won the past four presidential elections that were held in 1990, when democracy was recovered up to the present. Also, the political agreement has won the five last parliamentary elections and the four local elections. But more important than this electoral triumph is the changes that this coalition has brought to Chile.

This paper introduces a standard neoclassical production function in an equilibrium search model of the labour market, in order to analyse the effects that changes in the (exogenous) rental rate of capital have on the unemployment rate. When the number of firms is kept fixed, an increase in the rental rate affects unemployment only through its impact on selectivity, with the direction of the change depending on the size of the worker's unemployment benefits relative to the firm's search costs. Regardless of the behaviour of selectivity, when the number of firms is determined endogenously, an increase in the rental rate always increases unemployment through a process of job destruction.