Events
We host different speakers at our Economic Theory & Policy Seminar.
Upcoming topics and speakers will be posted below.
05. December 2025, 13:00 until 14:00
Brown Bag Seminar / A. Grimaud (OeNB) / Plucking the Phillips curve
Seminar
“Plucking the Phillips curve”
Alex Grimaud, opens an external URL in a new window (Oesterreichische Nationalbank)
joint with Maximilian Boeck (Friedrich-Alexander University Erlangen-Nuremberg) and Francesco Zanetti (University of Oxford)
This paper studies the implications of labor market-driven asymmetries on the business cycle. We document that monetary policy generates large real effects in slack markets but more muted responses --- except for prices --- in tight markets. We develop and estimate, under full information, a nonlinear search-and-matching New Keynesian model with endogenous separations and adjustments along both extensive and intensive employment margins. The model generates plucking-type dynamics, including the positive skewness of unemployment, changes in unemployment, and inflation. The model reproduces the empirical evidence that the transmission of monetary policy shocks varies with labor market tightness through state dependent shifts in the steepness of the Phillips curve --- flatter in slack markets and steeper in tight ones. Consistent with these asymmetries, we show that the sacrifice ratio is highly state-dependent, with disinflation requiring substantially larger unemployment adjustments when the labor market is slack.
Event details
- Event location
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TU Wien
1040 Vienna
Wiedner Hauptstr. 8-10, Seminarroom: DBgelb10 (Freihaus building, yellow area, 10th floor) - Organiser
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ECON
Julia Hutter
julia.hutter@tuwien.ac.at - Public
- Yes
- Entrance fee
- No
- Registration required
- No