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Author:Hornstein, Andreas 

Journal Article
Introduction to the New Keynesian Phillips curve

In most industrialized economies inflation tends to be pro-cyclical; that is, inflation is high during times of high economic activity. When economic activity is measured by the unemployment rate this statistical relationship is known as the Phillips curve.
Economic Quarterly , Volume 94 , Issue Fall , Pages 301-309

Journal Article
Implementation of optimal monetary policy

Economic Quarterly , Volume 92 , Issue Spr , Pages 113-133

Briefing
How Did Pandemic UI Benefits Affect Employment Recovery in Local Industry Markets?

We analyze the employment recovery of low-wage establishments relative to the employment recovery of high-wage establishments within local labor markets, and we find a slower recovery in low-wage establishments. We associate the difference with the expanded generosity of pandemic unemployment insurance (UI) supplements, which have a larger negative effect on the job-filling rate of low-paying establishments. We use a model of labor search to translate our establishment-level observations into a disincentive effect of pandemic UI benefits at the worker level.
Richmond Fed Economic Brief , Volume 22 , Issue 44

Conference Paper
Vintage capital as an origin of inequalities

Does capital-embodied technological change play an important role in shaping labor market inequalities? This paper addresses the question in a model with vintage capital and search / matching frictions where costly capital investment leads to large heterogeneity in productivity among vacancies in equilibrium. The paper first demonstrates analytically how both technology growth and institutional variables affect equilibrium wage inequality, income shares and unemployment. Next, it applies the model to a quantitative evaluation of capital as an origin of wage inequality: at the current rate of ...
Proceedings , Issue Nov

Working Paper
Vintage capital as an origin of inequalities

Working Paper , Paper 02-02

Working Paper
Productivity, employment, and inventories

Marshall made at least four contributions to the classical quantity theory. He endowed it with his Cambridge cash-balance money-supply-and-demand framework to explain how the nominal money supply relative to real money demand determines the price level. He combined it with the assumption of purchasing power parity to explain (i) the international distribution of world money under metallic standards and fixed exchange rates, and (ii) exchange rate determination under floating rates and inconvertible paper currencies. He paired it with the idea of money wage and/or interest rate stickiness in ...
Working Paper , Paper 04-09

Journal Article
How Have Changing Sectoral Trends Affected GDP Growth?

Trend GDP growth has slowed about 2.3 percentage points to 1.7% since 1950. Different economic sectors have contributed to this slowing to varying degrees depending on the distinct trends of technology and labor growth in each sector. The extent to which sectors influence overall growth depends on the degree of spillovers to other sectors, which amplifies the effect of sectoral changes. Three sectors with slowing growth and linkages to other sectors?construction, nondurable goods, and professional and business services?account for 60% of the decline in trend GDP growth.
FRBSF Economic Letter

Working Paper
Home production

Studying the incentives and constraints in the non-market sector ? that is, home production ? enhances our understanding of economic behavior in the market. In particular, it helps us to understand (1) small variations of labor supply over the life cycle, (2) large variations of employment relative to wages over the business cycle, and (3) large income differences across countries.
Working Paper , Paper 06-04

Working Paper
Generalized Matching Functions and Resource Utilization Indices for the Labor Market

In the U.S. labor market unemployed individuals that are actively looking for work are more than three times as likely to become employed as those individuals that are not actively looking for work and are considered to be out of the labor force (OLF). Yet, on average, every month twice as many people make the transition from OLF to employment than do from unemployment. Based on these observations we have argued in Hornstein, Kudlyak, and Lange (2014) for an alternative measure of resource utilization in the labor market, a non-employment index, which is more comprehensive than the standard ...
Working Paper Series , Paper 2017-5

Journal Article
Unemployment and vacancy fluctuations in the matching model: inspecting the mechanism

Economic Quarterly , Volume 91 , Issue Sum , Pages 19-50

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