NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Luca Sala

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

Working Papers and Chapters

October 2012Structural and Cyclical Forces in the Labor Market During the Great Recession: Cross-Country Evidence
with Ulf Söderström, Antonella Trigari: w18434
We use an estimated monetary business cycle model with search and matching frictions in the labor market and nominal price and wage rigidities to study four countries (the U.S., the U.K., Sweden, and Germany) during the financial crisis and the Great Recession. We estimate the model over the period prior to the financial crisis and use the model to interpret movements in GDP, unemployment, vacancies, and wages in the period from 2007 until 2011. We show that contractionary financial factors and reduced efficiency in labor market matching were largely responsible for the experience in the U.S. Financial factors were also important in the U.K., but less so in Sweden and Germany. Reduced matching efficiency was considerably less important in the U.K. and Sweden than in the U.S., but matching ...

Published:

August 2012Structural and Cyclical Forces in the Labor Market during the Great Recession: Cross-Country Evidence
with Ulf Söderstrom, Antonella Trigari
in NBER International Seminar on Macroeconomics 2012, Francesco Giavazzi and Kenneth D. West, organizers
April 2005Monetary Policy in Real Time
with Domenico Giannone, Lucrezia Reichlin
in NBER Macroeconomics Annual 2004, Volume 19, Mark Gertler and Kenneth Rogoff, editors

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

 
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