Central bank research hub - Papers by Henri Sneessens
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Research hub papers by author Henri SneessensenAging, labour market dynamics and fiscal imbalances
http://www.nbp.pl/publikacje/materialy_i_studia/122_en.pdf
National Bank of Poland Working papers by Luca Marchiori, Olivier Pierrard, Henri R. SneessensAging, labour market dynamics and fiscal imbalances2012-11-30T12:37:59ZAging, labour market dynamics and fiscal imbalancesFull texthttp://www.nbp.pl/publikacje/materialy_i_studia/122_en.pdfLuca MarchioriHenri SneessensOlivier PierrardLuca Marchiori, Olivier Pierrard, Henri R. Sneessens2012Narodowy Bank Polski NBP Working PapersRisk Premiums and Macroeconomic Dynamics in a Heterogeneous Agent Model
http://www.riksbank.com/upload/Dokument_riksbank/Kat_publicerat/WorkingPapers/2010/wp236.pdf
Sveriges Riksbank Working Papers by Ferre De Graeve, Maarten Dossche, Marina Emiris, Henri Sneessens and Raf WoutersRisk Premiums and Macroeconomic Dynamics in a Heterogeneous Agent Model2010-06-18T17:44:00ZWe analyze financial risk premiums and real economic dynamics in a DSGE model with three types of agents - shareholders, bondholders and workers - that differ in participation in the capital market and in attitude towards risk and intertemporal substitution. Aggregate productivity and distribution risks are transferred across these agents via the bond market and via an efficient labor contract. The result is a combination of volatile returns to capital and a highly cyclical consumption process for the shareholders, which are two important ingredients for generating high and countercyclical risk premiums. These risk premiums are consistent with a strong propagation mechanism through an elastic supply of labor, rigid real wages and a countercyclical labor share. Based on the empirical estimates for the two sources of real macroeconomicrisk, the model generates significant and plausible time variation in both bond and equity risk premiums. Interestingly, the single largest jump in both the risk premium and the price of risk is observed during the current recession.Risk Premiums and Macroeconomic Dynamics in a Heterogeneous Agent ModelAbstracthttp://www.riksbank.com/templates/Page.aspx?id=43086Full texthttp://www.riksbank.com/upload/Dokument_riksbank/Kat_publicerat/WorkingPapers/2010/wp236.pdfFerre De GraeveHenri SneessensMarina EmirisMaarten DosscheRaf WoutersFerre De Graeve, Maarten Dossche, Marina Emiris, Henri Sneessens and Raf Wouters2010-01-14Sveriges Riksbank Working PapersE32E44G12Sequential bargaining in a New Keynesian model with frictional unemployment and staggered wage negotiation
http://www.nbb.be/doc/ts/publications/wp/wp157En.pdf
National Bank of Belgium Working Papers by Gregory de Walque, Olivier Pierrard, Henri Sneessens, Raf WoutersSequential bargaining in a New Keynesian model with frictional unemployment and staggered wage negotiation2009-03-18T18:07:00ZWe consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated for each period. The workers' bargaining power in the working time negotiations affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more firms tend to adjust on the intensive margin, reducing employment volatility, (ii) the lower the effective workers' bargaining power for wages and (iii) the more important the hourly wage in determining the marginal cost. This set-up produces realistic labour market figures together with inflation persistence. Distinguishing the probability to bargain the wage rate for existing and new jobs, we show that the intensive margin helps reduce the new entrants' wage rigidity required to match observed unemployment volatility.Sequential bargaining in a New Keynesian model with frictional unemployment and staggered wage negotiationAbstracthttp://www.nbb.be/pub/06_00_00_00_00/06_03_00_00_00/06_03_05_00_00/WP_157.htmFull texthttp://www.nbb.be/doc/ts/publications/wp/wp157En.pdfGregory de WalqueHenri SneessensOlivier PierrardRaf WoutersGregory de Walque, Olivier Pierrard, Henri Sneessens, Raf Wouters2009-02-19National Bank of Belgium Working PapersE31E32E52J64Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation
http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1007.pdf
European Central Bank Working papers by Gregory de Walque, Olivier Pierrard, Henri Sneessens, Rafael WoutersSequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation2009-02-16T12:43:00Z(JEL: E31, E32, E52, J64) We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers¿ bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more firms adjust on the intensive margin, reducing employment volatility, (ii) the lower the effective workers¿ bargaining power for wages and (iii) the more important the hourly wage in the marginal cost determination. This set-up produces realistic labor market statistics together with inflation persistence. Distinguishing the probability to bargain the wage of the existing and the new jobs, we show that the intensive margin helps reduce the new entrants wage rigidity required to match observed unemployment volatility.Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiationECBFull texthttp://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1007.pdfGregory de WalqueHenri SneessensRafael WoutersOlivier PierrardGregory de Walque, Olivier Pierrard, Henri Sneessens, Rafael Wouters2009-02-12European Central Bank Working PapersE31E32E52J64Risk premiums and macroeconomic dynamics in a heterogeneous agent model
http://www.nbb.be/doc/ts/publications/wp/wp150En.pdf
National Bank of Belgium Working Papers by Ferre De Graeve, Maarten Dossche, Marina Emiris, Henri Sneessens, Raf WoutersRisk premiums and macroeconomic dynamics in a heterogeneous agent model2008-10-20T12:37:59ZWe analyze financial risk premiums and real economic dynamics in a DSGE model with three types of agents - shareholders, bondholders and workers - that differ in participation in the capital market and in terms of risk aversion. Aggregate productivity and distribution risk are shared among these agents via the bond market and via an efficient labor contract. The result is a combination of volatile returns to capital and a highly cyclical consumption process for the shareholders, which are two important ingredients for generating high and countercyclical risk premiums. These risk premiums are consistent with a strong propagation mechanism through an elastic supply of labor, rigid real wages and a countercyclical labor share. We discuss the implications for the real and nominal component of the risk premium on equity and bonds. We show how these premiums react to changes in the volatility of the shocks, as experienced during the great moderation. We also analyze the effects of changes in monetary policy behavior and the resulting inflation dynamics.Risk premiums and macroeconomic dynamics in a heterogeneous agent modelAbstracthttp://www.nbb.be/pub/06_00_00_00_00/06_03_00_00_00/06_03_05_00_00/WP_150.htmFull texthttp://www.nbb.be/doc/ts/publications/wp/wp150En.pdfFerre De GraeveHenri SneessensMarina EmirisMaarten DosscheRaf WoutersFerre De Graeve, Maarten Dossche, Marina Emiris, Henri Sneessens, Raf Wouters2008-10-16National Bank of Belgium Working PapersE32E44G12Nominal wage rigidies in a new Keynesian model with frictional unemployment
http://www.nbb.be/pub/06_00_00_00_00/06_03_00_00_00/06_03_05_00_00/WP+97.htm?l=en
National Bank of Belgium Working Papers by Vincent Bodart, Grégory de Walque, Olivier Pierrard, Henri R. Sneessens, Raf WoutersNominal wage rigidies in a new Keynesian model with frictional unemployment2006-10-05T12:31:59ZNominal wage rigidies in a new Keynesian model with frictional unemploymentAbstracthttp://www.nbb.be/pub/06_00_00_00_00/06_03_00_00_00/06_03_05_00_00/WP+97.htm?l=enVincent BodartOlivier PierrardRaf WoutersHenri SneessensGregory de WalqueVincent Bodart, Grégory de Walque, Olivier Pierrard, Henri R. Sneessens, Raf Wouters2006-10-02National Bank of Belgium Working Papers