Unemployment in an Estimated New Keynesian Model

We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (2011a,b). We estimate the resulting model using postwar U.S. data, while treating the unemployment rate as an additional observable variable. Our approach overcomes the lack of identification of wage markup and labor supply shocks highlighted by Chari, Kehoe and McGrattan (2008) in their criticism of New Keynesian models, and allows us to estimate a "correct" measure of the output gap. In addition, the estimated model can be used to analyze the sources of unemployment fluctuations.nominal rigidities, unemployment fluctuations, Phillips curve, wage markups shocks, output gap.

Unemployment in an estimated new Keynesian model

We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (2011a,b). We estimate the resulting model using postwar U.S. data, while treating the unemployment rate as an additional observable variable. Our approach overcomes the lack of identification of wage markup and labor supply shocks highlighted by Chari, Kehoe and McGrattan (2008) in their criticism of New Keynesian models, and allows us to estimate a "correct" measure of the output gap. In addition, the estimated model can be used to analyze the sources of unemployment fluctuations.nominal rigidities, unemployment fluctuations, Phillips curve, wage markups shocks, output gap

Dynamics and monetary policy in a fair wage model of the business cycle

We first build a fair wage model in which effort varies over the business cycle. This mechanism decreases the need for other sources of sluggishness to explain the observed high inflation persistence. Second, we confront empirically our fair wage model with a New Keynesian model based on the standard assumption of monopolistic competition in the labor market. We show that, in terms of overall fit, the fair wage model outperforms the New Keynesian one. The extension of the fair wage model with lagged wage is judged insignificant by the data, but the extension based on a rent sharing argument including firm’s productivity gains in the fair wage is not. Looking at the implications for monetary policy, we conclude that the additional trade-off problem created by the inefficient real wage behavior significantly affects nominal interest rates and inflation outcomesEfficiency wage, effort, inflation persistence, monetary policy

Dynamics and monetary policy in a fair wage model of the business cycle

We first build a fair wage model in which effort varies over the business cycle. This mechanism decreases the need for other sources of sluggishness to explain the observed high inflation persistence. Second, we confront empirically our fair wage model with a New Keynesian model based on the standard assumption of monopolistic competition in the labor market. We show that, in terms of overall fit, the fair wage model outperforms the New Keynesian one. The extension of the fair wage model with lagged wage is judged insignificant by the data, but the extension based on a rent sharing argument including firm’s productivity gains in the fair wage is not. Looking at the implications for monetary policy, we conclude that the additional trade-off problem created by the inefficient real wage behavior significantly affect nominal interest rates and inflation outcomesEfficiency wage, effort, inflation persistence, monetary policy

Unemployment in an Estimated New Keynesian Model

We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (2011a,b). We estimate the resulting model using postwar U.S. data, while treating the unemployment rate as an additional observable variable. Our approach overcomes the lack of identification of wage markup and labor supply shocks highlighted by Chari, Kehoe and McGrattan (2008) in their criticism of New Keynesian models, and allows us to estimate a "correct" measure of the output gap. In addition, the estimated model can be used to analyze the sources of unemployment fluctuations.

Guest satisfaction in relation to food services at resorts in the Caribbean and Brazil

A satisfação com os serviços de alimentação compõe parte importante das Online Travel Reviews (OTRs) de resorts. Estes serviços podem tanto atrair e fidelizar os hóspedes quanto afastá-los, além de influenciar a percepção de satisfação para com o meio de hospedagem propriamente. O objetivo deste estudo é analisar a satisfação de hóspedes em hotéis resort, com relação aos serviços de alimentação oferecidos durante a hospedagem. A metodologia deste estudo quali-quantitativo consistiu na análise da satisfação dos serviços de alimentação, a partir de 1.600 OTRs feitas por hóspedes, no site TripAdvisor, de 10 resorts localizados no Brasil e no Caribe. A análise compreendeu os serviços de café da manhã, almoço, jantar e de bar, em relação à satisfação geral com a alimentação. As OTR foram analisadas por meio de 4 categorias que compreendem a satisfação com a alimentação: os aspectos físicos do estabelecimento, os aspectos de qualidade dos alimentos, os aspectos de qualidade do serviço e os aspectos de qualidade dos prestadores. A análise demonstrou que não existem diferenças nos aspectos observados por hóspedes em resorts no Caribe e no Brasil. As OTRs não apresentam variação nas respostas destas duas regiões, sendo os serviços de bar, de jantar e de almoço os mais lembrados pelos hóspedes. Tanto aspectos físicos quanto de qualidade da alimentação e dos prestadores são relevantes nas OTRs. Os gestores de resorts devem estar atentos sobretudo aos serviços de bar, os resultados indicaram que grande parte da percepção de satisfação com a alimentação está relacionada ao bar. Para aumentar as chances de uma OTR positiva, o serviço de bar deve ser de excelência.Satisfaction with food services is an important part of Online Travel Reviews (OTR) of resorts. These services can attract and retain guests, or drive them away, as well as influencing perceived satisfaction with the accommodation itself. The aim of this study is to analyze guest satisfaction in resort hotels, in relation to the food services offered during their stay. The methodology used in this qualitative and quantitative study was an analysis of satisfaction with the food services, based on 1600 OTRs posted on the TripAdvisor website, by guests of ten resorts located in Brazil and the Caribbean. The analysis focused on guests’ overall satisfaction, with breakfast, lunch, dinner, and bar services. The OTR were analyzed based in four categories: physical aspects of the establishment, quality of the food, quality of the service, and quality of the providers. The analysis showed that there are no differences in the aspects observed by guests of resorts in the Caribbean and Brazil. The OTRs show no variations in responses between these two regions, with bar, dinner and lunch services being the ones most remembered by guests. Both physical and quality aspects of the food and the providers are relevant in the OTR. Resort managers should be especially attentive to their bar services, as the results indicated that much of the perception of food satisfaction is related to this aspect. To increase the chances of a positive OTR, the bar service should be excellent

Congenital Neosporosis in Goats from the State of Minas Gerais, Brazil

Congenital Neospora caninum infection was diagnosed in two Saanen goat kids from two distinct herds with a history of abortion and weak newborn goat kids in the Southern region of the State of Minas Gerais, Brazil. The first kid was weak at birth, had difficulty to rise and was unable to nurse. Gross lesions of porencephaly and hydrocephalus ex vacuo were seen. Multifocal necrosis, gliosis and non-supurative encephalitis were observed in the brain. Several parasitic cysts with a thick wall that reacted strongly only with polyclonal antiserum to Neospora caninum were seen in the cerebral cortex, brain stem and cerebellum. The second kid was born from a Neospora caninum seropositive mother that aborted in the last pregnancy. It was born without clinical signs. The diagnosis of neosporosis was based on antibody titer of 1:800 to N. caninum by indirect fluorescence antibody test obtained from blood collected before the goat kid ingested the colostrum and Neospora caninum DNA was detected by polymerase chain reaction and sequenced from placenta. This is the first report of neosporosis in goats in the southeast region of Brazil