Snower laid the theoretical and empirical groundwork for a reappraisal of the Phillips curve[40][41][42][43][44] – the tradeoff between inflation and unemployment – in conjunction with Liam Graham, Marika Karanassou, Hector Sala, Mewael Tessfaselassie and Andrea Vaona. This approach suggests that unemployment is not independent of inflation in the long run, but instead explores the circumstances under which there is an inverse long-run relation between inflation and unemployment. This theory calls into question the conventional claim that real economic activity is independent of monetary phenomena in the long run. The approach rests on the theory of "frictional growth," focusing on the interplay between nominal frictions and money growth. This work breaks the conventional compartmentalization of macroeconomics into short-term macroeconomic fluctuations versus long-term growth. This research has influenced work on monetary policy,[45][46]behavioral economics,[47] and macroeconomic theory.[48]
Snower developed new theories of sluggish price adjustment.[49][50] With Assar Lindbeck, Snower showed how the sluggish adjustment of prices and wages in response to macroeconomic shocks depends on lags in the production process. The longer the production lags, the more slowly prices and wages adjust. With Steffen Ahrens and Inske Pirshel, Snower examined how asymmetric price sluggishness is generated by "loss aversion," the phenomenon that people are more sensitive to utility losses from price increases than to utility gains from price decreases.
In conjunction with Wolfgang Lechthaler and Christian Merkel, Snower made seminal contributions to the macroeconomics under labor turnover costs.[51][52][53] These contributions show how labor turnover costs help explain the persistent effects of macroeconomic shocks on aggregate output and employment, as well as strong amplification effects of real and monetary shocks on unemployment and the job finding rate.
Dennis Snower was one of the originators of the macroeconomics of imperfect competition,[54][55] as he was among the first to provide imperfectly competitive microfoundations for macroeconomic models. Together with Assar Lindbeck, he also made seminal contributions to our understanding of how macroeconomic shocks are transmitted to the labor market.
Research on the economics of imperfect information
The theory of "high-low search"[56][57] in product markets, which Snower created together with Steve Alpern, shows how firms use their pricing and product supply decisions to gain information about product demand under conditions of radical uncertainty. The analysis was also extended to the labor market to explain unemployment as an "information gathering device" under uncertainty.
This research was among the early contributions to the analysis of economic decisions making under radical uncertainty, influencing various subsequent contributions to the analysis of information acquisition and the role of experimentation.[58][59][60]
Together with Alessio Brown and Christian Merkel, Snower created the incentive theory of matching.[61][62] In contrast to the conventional theory of matching in the labor market, unemployed workers and vacant jobs are not matched through an arbitrary matching function, but rather the labor market matching process is analyzed as the outcome of a two-sided search process among workers and firms facing heterogeneous economic conditions.
↑Kaiser, Tobias (January 3, 2019). "Es wird grosse soziale Konflikte geben". Die Welt (in German). Retrieved November 26, 2019.
↑Snower, Dennis; Lindbeck, Assar (1986). "Wage Setting, Unemployment and Insider-Outsider Relations". American Economic Review. 76 (2): 235–9. hdl:10419/433.
↑Snower, Dennis; Lindbeck, Assar (1988). "Cooperation, Harassment and Involuntary Unemployment: Reply". American Economic Review. 78 (1): 167–188. JSTOR1814705.
↑Snower, Dennis; Lindbeck, Assar (1989). The Insider-Outsider Theory of Employment and Unemployment. Cambridge, Mass: MIT Press.
↑Snower, Dennis; Lindbeck, Assar (2001). "Insiders versus Outsiders". Journal of Economic Perspectives. 15 (1): 165–188. doi:10.1257/jep.15.1.165.
↑Drazen, Allan; Gottfries, Nils (1990), "The Persistence of Unemployment in a Dynamic Insider-Outsider Model", in Weiss, Yoram; Fishelson, Gideon (eds.), Advances in the Theory and Measurement of Unemployment, London: Palgrave Macmillan UK, pp.323–335, doi:10.1007/978-1-349-10688-2_12, ISBN978-1-349-10688-2
↑Lindbeck, Assar; Snower, Dennis J. (2001). "Insiders versus Outsiders". Journal of Economic Perspectives. 15 (1): 165–188. doi:10.1257/jep.15.1.165. ISSN0895-3309.
↑Schwander, Hanna (2019). "Labor Market Dualization and Insider–Outsider Divides: Why This New Conflict Matters". Political Studies Review. 17 (1): 14–29. doi:10.1177/1478929918790872. ISSN1478-9299.
↑Bentolila, Samuel; Dolado, Juan J; Jimeno, Juan F (2012). "Reforming an insider-outsider labor market: the Spanish experience". IZA Journal of European Labor Studies. 1 (1): 4. doi:10.1186/2193-9012-1-4. hdl:10419/92311. ISSN2193-9012.
↑Galí, Jordi (2022). "Insider–Outsider Labor Markets, Hysteresis, and Monetary Policy"(PDF). Journal of Money, Credit and Banking. 54 (S1): 53–88. doi:10.1111/jmcb.12898. ISSN0022-2879.
↑Biegert, Thomas (2019-04-01). "Labor market institutions, the insider/outsider divide and social inequalities in employment in affluent countries". Socio-Economic Review. 17 (2): 255–281. doi:10.1093/ser/mwx025. ISSN1475-1461.
↑Lindvall, Johannes; Rueda, David (2014). "The Insider–Outsider Dilemma". British Journal of Political Science. 44 (2): 460–475. doi:10.1017/S0007123412000804. ISSN0007-1234. S2CID154374270.
↑ Rueda, David (2005). "Insider–Outsider Politics in Industrialized Democracies: The Challenge to Social Democratic Parties" . American Political Science Review . 99 (1): 61–74 . doi : 10.1017/S000305540505149X . ISSN 0003-0554 . S2CID 37685628 .
↑ Marx, Paul (2016). "The insider-outsider divide and economic voting: Testing a new theory with German electoral data" . Socio-Economic Review . 14 (1): 97– 118. doi : 10.1093/ser/mwu022 . ISSN 1475-1461 .
↑ Rovny, Allison E.; Rovny, Jan (2017-01-10). "投票箱における部外者:内部者と外部者の二元論の操作化と政治的帰結" (PDF) . Socio-Economic Review mww039. doi : 10.1093/ser/mww039 . ISSN 1475-1461 .
↑Snower, Dennis; Lindbeck, Assar (1996). "Reorganization of Firms and Labor Market Inequality". American Economic Review. 86 (2): 315–321. hdl:10419/1237.
↑Schneider, Martin (2018), "Digitalization of Production, Human Capital, and Organizational Capital", in Harteis, Christian (ed.), The Impact of Digitalization in the Workplace, Professional and Practice-based Learning, vol.21, Cham: Springer International Publishing, pp.39–52, doi:10.1007/978-3-319-63257-5_4, ISBN978-3-319-63256-8, retrieved 2022-12-13
↑Schøne, Pål (2009). "New technologies, new work practices and the age structure of the workers". Journal of Population Economics. 22 (3): 803–826. doi:10.1007/s00148-007-0158-3. ISSN0933-1433. S2CID154629229.
↑Autor, David H; Katz, Lawrence F; Kearney, Melissa S (2006-04-01). "The Polarization of the U.S. Labor Market"(PDF). American Economic Review. 96 (2): 189–194. doi:10.1257/000282806777212620. ISSN0002-8282. S2CID154818403.
↑Snower, D; Chierchia, G; Parianen Lesemann, F.H; Vogel, M; Singer, T (2017). "Caring Cooperators and Powerful Punishers: Differential Effects of Induced Care and Power Motivation on Different Types of Economic Decision Making". Scientific Reports. 7 (1): 7. Bibcode:2017NatSR...711068C. doi:10.1038/s41598-017-11580-8. PMC5594000. PMID28894206.
↑Snower, Dennis; Bosworth, Steven; Singer, Tania (2016). "Cooperation, Motivation and Social Balance". Journal of Economic Behavior and Organization. 126: 72–94. doi:10.1016/j.jebo.2015.12.005. hdl:11858/00-001M-0000-0029-32FA-D.
↑Kim, Jeffrey J.; Gerrish, Ruby; Gilbert, Paul; Kirby, James N. (2021). "Stressed, depressed, and rank obsessed: Individual differences in compassion and neuroticism predispose towards rank-based depressive symptomatology". Psychology and Psychotherapy: Theory, Research and Practice. 94 (S2): 188–211. doi:10.1111/papt.12270. ISSN1476-0835. PMID32052903. S2CID211100441.
↑Kranton, Rachel E. (2016-05-01). "Identity Economics 2016: Where Do Social Distinctions and Norms Come From?". American Economic Review. 106 (5): 405–409. doi:10.1257/aer.p20161038. ISSN0002-8282.
↑Baxter, Daniel; Pelletier, Luc G. (2020). "The roles of motivation and goals on sustainable behaviour in a resource dilemma: A self-determination theory perspective". Journal of Environmental Psychology. 69 101437. doi:10.1016/j.jenvp.2020.101437. S2CID218926108.
↑Ortiz-Riomalo, Juan Felipe; Koessler, Ann-Kathrin; Engel, Stefanie (2021). "Inducing perspective-taking for prosocial behaviour in natural resource management". Journal of Environmental Economics and Management. 110 102513. doi:10.1016/j.jeem.2021.102513.
↑Hedenigg, Silvia (2021-04-27). "Caring Economics, Cooperation, and the COVID-19 Pandemic". Interdisciplinary Journal of Partnership Studies. 8 (1): 4. doi:10.24926/ijps.v8i1.3681. ISSN2380-8969.
↑Snower, Dennis; Bosworth, Steven (2016). "Identity-Driven Cooperation versus Competition"(PDF). American Economic Review: Papers and Proceedings. 106 (5): 420–424. doi:10.1257/aer.p20161041. hdl:10419/130402. S2CID25411605.
↑Snower, Dennis; George, Akerlof (2016). "Bread and Bullets". Journal of Economic Behavior & Organization. 126: 58–71. doi:10.1016/j.jebo.2015.10.021.
↑Mukand, Sharun; Rodrik, Dani (2018). "The Political Economy of Ideas: On Ideas Versus Interests in Policymaking". NBER Working Paper No. 24467. Rochester, NY. SSRN3154249.
↑Michalopoulos, Stelios; Xue, Melanie Meng (2021-10-11). "Folklore". The Quarterly Journal of Economics. 136 (4): 1993–2046. doi:10.1093/qje/qjab003. ISSN0033-5533. PMC8505355. PMID34658674.
↑Johnson, Samuel G. B.; Bilovich, Avri; Tuckett, David (2022-05-30). "Conviction Narrative Theory: A Theory of Choice Under Radical Uncertainty". Behavioral and Brain Sciences. 46 e82. doi:10.1017/S0140525X22001157. ISSN0140-525X. PMID35634729.
↑Terzi, Alessio (2020). "Crafting an effective narrative on the green transition". Energy Policy. 147 111883. Bibcode:2020EnPol.14711883T. doi:10.1016/j.enpol.2020.111883. S2CID225027629.
↑ Snower, Dennis; Ahrens, Steffen (2014). "Envy, guilt, and the Phillips curve" (PDF) . Journal of Economic Behavior & Organization . 99 : 69– 84. doi : 10.1016/j.jebo.2013.12.015 . S2CID 10272261 .
↑ Snower, Dennis; Graham, Liam (2008). "Hyperbolic Discounting and the Phillips Curve" (PDF) . Journal of Money, Credit and Banking . 40 ( 2– 3): 427– 448. doi : 10.1111/j.1538-4616.2008.00120.x . 2017-07-05 のオリジナル(PDF)からアーカイブ済み。2018-09-01に取得。
↑Jin, Gu; Zhu, Tao (2022). "Heterogeneity, decentralized trade, and the long-run real effects of inflation"(PDF). Journal of Economic Theory. 201 105439. doi:10.1016/j.jet.2022.105439. S2CID238894069.
↑Snower, Dennis; Lindbeck, Assar (1999). "Price Dynamics and Production Lags"(PDF). American Economic Review. 89 (2): 81–88. doi:10.1257/aer.89.2.81.
↑Snower, Dennis; Ahrens, Steffen; Pirschel, Inske (2017). "A Theory of Price Adjustment under Loss Aversion". Journal of Economic Behavior and Organization. 134: 78–95. doi:10.1016/j.jebo.2016.12.008. hdl:10419/261841. S2CID216943892.
↑Snower, Dennis; Lechthaler, Wolfgang; Merkl, Christian (2010). "Monetary Persistence and the Labor Market: A New Perspective"(PDF). Journal of Economic Dynamics & Control (FTP). pp.968–983. doi:10.1016/j.jedc.2010.01.004.(To view documents see Help:FTP)
↑Snower, Dennis; Merkl, Christian (2009). "Monetary Persistence, Imperfect Competition and Staggering Complementarities"(PDF). Macroeconomic Dynamics. 13 (1): 81–106. doi:10.1017/S1365100508070417. hdl:10419/3675. S2CID13599546.
↑ Snower, Dennis; Merkl, Christian (2006). "The Caring Hand that Cripples: The East German Labor Market after Reunification". American Economic Review . 96 (2): 375– 382. doi : 10.1257/000282806777212314 . hdl : 10419/3828 . S2CID 29968 .
↑Snower, Dennis; Orszag, Mike (1998). "Anatomy of Policy Complementarities". Swedish Economic Policy Review. 5 (2): 303–345. hdl:10419/1043.
↑Bell, Brian; Blundell, Richard; Reenen, John Van (1999). "Getting the Unemployed Back to Work: The Role of Targeted Wage Subsidies". International Tax and Public Finance. 6 (3): 339–360. doi:10.1023/A:1008787013977.
↑Sørensen, P. B. (1997). "Public finance solutions to the European unemployment problem?". Economic Policy. 12 (25): 221–264. doi:10.1111/1468-0327.00021.
↑Fay, Robert G. (1996). "Enhancing the Effectiveness of Active Labour Market Policies: Evidence from Programme Evaluations in OECD Countries". OECD Labour Market and Social Policy Occasional Papers. doi:10.1787/560806166428.{{cite journal}}: Cite journal requires |journal= (help)
↑Neumark, David; Wascher, William (2004). "Minimum Wages, Labor Market Institutions, and Youth Employment: A Cross-National Analysis". ILR Review. 57 (2): 223–248. doi:10.1177/001979390405700204. ISSN0019-7939. S2CID18722692.
↑Baert, Stijn (2016). "Wage subsidies and hiring chances for the disabled: some causal evidence". The European Journal of Health Economics. 17 (1): 71–86. doi:10.1007/s10198-014-0656-7. hdl:1854/LU-5749320. ISSN1618-7598. PMID25501259. S2CID10657050.
↑Snower, D; Brown, A; Orszag, J.M (2008). "Unemployment Accounts and Employment Incentives". European Journal of Political Economy. 24 (3): 587–604. doi:10.1016/j.ejpoleco.2008.06.006. hdl:10419/3810.
↑ Snower, Dennis; Folster, Stefan; Gidehag, Robert; Orszag, J. Michael (2003). "福祉会計の評価" . Alternatives for Welfare Policy: Coping with Internationalisation and Demographic Change : 255– 275.
↑ Snower, Dennis (1993). "The Future of the Welfare State". Economic Journal . 103 (418): 700–717 . doi : 10.2307/2234543 . JSTOR 2234543 .
↑ Snower, Dennis (2017). "Beyond Capital and Wealth" (PDF) . Economics e-Journal . 91 : 1– 14.
↑ Kelly, Colm; Snower, Dennis J (2021). "Capitalism recoupled" . Oxford Review of Economic Policy . 37 (4): 851–863 . doi : 10.1093/oxrep/grab025 . ISSN 0266-903X .
↑ Lima de Miranda, Katharina; Snower, Dennis (2020). "経済的繁栄と社会的繁栄の再結合" . CESifoワーキングペーパーNo. 8133 . ロチェスター、ニューヨーク。SSRN 3548365 .
↑ Lima de Miranda, Katharina; Snower, Dennis J. (2022-06-21). "COVID-19に対する社会の対応:G7諸国からの証拠" . Proceedings of the National Academy of Sciences . 119 (25) e2117155119. Bibcode : 2022PNAS..11917155L . doi : 10.1073/pnas.2117155119 . ISSN 0027-8424 . PMC 9231467 . PMID 35714290 .
↑ Lindbeck, A.; Snower, DJ (1984). Involuntary Unemployment as an Insider-outsider Dilemma . Institute for International Economic Studies . 2015年3月27日取得。
↑Bosworth, Steven J.; Singer, Tania; Snower, Dennis J. (2016). "Cooperation, motivation and social balance". Journal of Economic Behavior & Organization. Thriving through Balance. 126: 72–94. doi:10.1016/j.jebo.2015.12.005. hdl:11858/00-001M-0000-0029-32FA-D. ISSN0167-2681.
↑Snower, Dennis J.; Bosworth, Steven J. (2016). "Identity-Driven Cooperation versus Competition". American Economic Review. 106 (5): 420–424. doi:10.1257/aer.p20161041. hdl:10419/126082. ISSN0002-8282. S2CID25411605.
↑Akerlof, George A.; Snower, Dennis J. (2016). "Bread and bullets". Journal of Economic Behavior & Organization. Thriving through Balance. 126: 58–71. doi:10.1016/j.jebo.2015.10.021. ISSN0167-2681.
↑Karanassou, Marika; Snower, Dennis J. (1997). "Is the natural rate a reference point?". European Economic Review. Paper and Proceedings of the Eleventh Annual Congress of the European Economic Association. 41 (3): 559–569. doi:10.1016/S0014-2921(97)00022-6. hdl:10419/924. ISSN0014-2921.