1,720,960 research outputs found
The role of labour markets in fiscal policy transmission
Get PDFThis paper shows how frictions in the labour market shape the responses of the economy to government spending shocks. The open economy New Keynesian DSGE model is extended by labour market frictions of the Mortensen-Pissarides type and a detailed description of fiscal policy. The nature of offsetting fiscal measures is found to be critical for the effects of fiscal stimulus, due to the different effects of different tax instruments on the labour market. Specifically, shifting the debt-stabilizing burden towards distortionary labour taxes has detrimental effects on the labour market outcome and on overall economic performance in a flexible wage regime. The results show that wage rigidity increases the effectiveness of fiscal policy in the short term but leads to a worse longer term result including unemployment exceeding steady state levels. The analysis suggests that a closer look at the functioning of labour markets may help to identify fiscal policy transmission channels not captured by the standard New Keynesian model.search frictions; wage bargaining; wage and price rigidity; fiscal rules; debt stabilization
Essays on labour market frictions and fiscal policy
No full textThis thesis analyzes labour market fluctuations and fiscal policy from the perspective of a small monetary union member state, namely Finland.
The first essay identifies how frictions in the labour market shape the responses of the economy to government spending shocks. The nature of offsetting fiscal measures is found to be critical for the effects of fiscal stimulus, due to the different effects of different tax instruments on the labour market. Shifting the debt-stabilizing burden towards distortionary labour taxes has detrimental effects on the labour market outcome and on general economic performance in a flexible wage regime. The results indicate that wage rigidity increases the effectiveness of fiscal policy in the short term but leads to a worse longer term development including unemployment above steady state levels. The analysis suggests that a closer look at the functioning of labour markets may help to identify fiscal policy transmission channels not captured by the standard New Keynesian model.
The second essay investigates the unemployment volatility puzzle in Finland. The ability of the New Keynesian DSGE model with labour market frictions to reproduce key volatilities found in Finnish business cycle data is explored. We offer some plausible explanations of the "Shimer puzzle" for the Finnish case. Specific emphasis is put on modelling the wage bargaining framework as well as the cyclical behaviour of distortionary labour taxes. Wage rigidity is found to be a promising candidate for explaining Finnish labour market volatilities in the period 1994-2010. The much higher volatilities of the period 1981-1993 are also discussed. We find that most of the specific features that characterised the Finnish economy in that period, including during the exceptionally deep recession of the early 1990's, are such that they increase the magnitude of labour market fluctuations in the model economy.
The third essay is a first attempt to estimate a DSGE model with labour market frictions and wage rigidity for the Finnish economy. The contribution is twofold. First, estimates of nominal rigidities and wage indexation that are well in line with the existing literature are obtained, and they give an economically plausible picture of the Finnish economy. Wage rigidity is found to be empirically relevant for the business cycle. A detailed assessment of the degree of wage rigidity and indexation in different model specifications is provided. Second, the estimation approach sheds more light on the magnitude and effects of labour market shocks. Labour market shocks are found to importantly drive fluctuations of labour market variables but they also account for a non-trivial share of output fluctuations
The role of labour markets in fiscal policy transmission
No full textThis paper shows how frictions in the labour market shape the responses of the economy to government spending shocks. The open economy New Keynesian DSGE model is extended by labour market frictions of the Mortensen-Pissarides type and a detailed description of fiscal policy. The nature of offsetting fiscal measures is found to be critical for the effects of fiscal stimulus, due to the different effects of different tax instruments on the labour market. Specifically, shifting the debt-stabilizing burden towards distortionary labour taxes has detrimental effects on the labour market outcome and on overall economic performance in a flexible wage regime. The results show that wage rigidity increases the effectiveness of fiscal policy in the short term but leads to a worse longer term result including unemployment exceeding steady state levels. The analysis suggests that a closer look at the functioning of labour markets may help to identify fiscal policy transmission channels not captured by the standard New Keynesian model
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
TEM:n oman analyysitoiminnan ulkoinen arviointi
No full textTyöministeri Tuula Haatainen nimitti 21.4.2022 dosentti Olli-Pekka Ruuskasen ja kauppatieteen tohtori Meri Obstbaumin selvityshenkilöiksi arvioimaan työ- ja elinkeinoministeriön (TEM) omaa analyysitoimintaa. Tässä selvityshenkilöiden raportissa kuvataan tehtäväalueen rajausta ja oman analyysitoiminnan kytkentöjä valtionhallinnon tutkimustoimintaan. Raportissa tarkasteltava oma analyysitoiminta keskittyy talouden ja työmarkkinoiden alueelle.
Selvityshenkilöt tarkastelevat oman analyysityön resursseja ja organisoitumista, vaikutusarviointia, kansainvälistä yhteistyötä sekä analyysityön tuotoksia ja julkaisuja.
Edelleen tarkastellaan käytettyjä tietoaineistoja ja sisäistä datainfrastruktuuria.
Raportissa haetaan vastauksia siihen, kuinka analyysitoiminta vastaa sille asetettuja odotuksia, kuinka tuloksia on voitu hyödyntää politiikkavalmistelussa ja päätöksenteossa, miten tutkimuksellista laatua voidaan arvioida, vastaavatko resurssit sille asetettuja tavoitteita, miten tuloksista on onnistuttu kommunikoimaan ja onko analyysityössä substantiaalisia tai osaamiseen perustuvia aukkokohtia.
Selvityshenkilöt hakevat vastauksia näihin kysymyksiin toteuttamalla laajasti haastatteluja sekä perehtymällä eri aineistoihin ja julkaisuihin. Lopussa esitetään johtopäätökset ja toimenpidesuositukset
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