Labor market effects of COVID-19 shocks

• Autorzy: Michael Frenkel , Georg Stadtmann , Lilli Zimmermann
• Języki publikacji: EN

Abstrakty

EN

We study the impact of several Covid-19 related supply shocks. We use a standard wage setting-price setting model of the labor market and analyze the transmission of the shocks to the natural rate of unemployment and production. In a first step, the shocks are analyzed in a general way, graphically and algebraically. In a second step, numerical examples illustrate the effects on the real wage and the labor market equilibrium as well as output. Our theoretical results indicate that the negative supply shocks related to the Covid-19 pandemic are associated with a decline in the natural level of output and employment. Our results are supported by empirical evidence across various countries. However, limitations of the theoretical model can be considerable.(original abstract)

Słowa kluczowe

EN

Labour market; Natural interest rate; Supply; COVID-19

PL

Rynek pracy; Naturalna stopa procentowa (NSP); Podaż; COVID-19

• Czasopismo: International Journal of Management and Economics
• Rocznik: 2023
• Tom: 59
• Numer: nr 1
• Strony: 3--12

Twórcy

autor

Michael Frenkel

• WHU - Otto Beisheim School of Management, Vallendar, Germany

autor

Georg Stadtmann

• Europa-Universität Viadrina, Germany

autor

Lilli Zimmermann

• Deutsche Bundesbank; University of Applied Sciences, Germany

Bibliografia

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Identyfikatory

DOI

https://doi.org/10.2478/ijme-2023-0001