We build a tractable two-agent New Keynesian (TANK) model to jointly study four types of policy: conventional monetary policy, quantitative easing (QE), government expenditures, and lump-sum transfers. We find QE, transfers, and government spending can have the same effects on the aggregate...

Highly interconnected global supply chains make countries vulnerable to supply chain disruptions. In this paper, we estimate the macroeconomic effects of global supply chain shocks for the euro area. Our empirical model combines business cycle variables with data from international container...

Does income inequality affect banks' credit-risk reallocation when facing financial distress? Using novel branch-level data on Colombian banks I find that facing a large liquidity shock, exposed banks shift more credit towards low-risk borrowers in municipalities with higher income inequality....

Governments around the world have gone on a massive fiscal expansion in response to the Covid crisis, increasing government debt to levels not seen in 75 years. How will this debt be repaid? What role do conventional and unconventional monetary policy play? We investigate debt sustainability in...

It is being investigated the relationship between oil windfalls and income inequality using the subnational data of one of the resource-richest and most unequal countries in the world – Russia. While previous literature has produced contradictory findings due to the use of an aggregate measure...

European Governments made substantial efforts to reform labor market institutions when walking away from the Eurosclerosis of the 1980s. To achieve political viability, the reforms mostly entailed changing the rules only for new hires and introducing a wide array of new flexible, fixed-term,...

The workshop will bring together leading scholars and young researchers pursuing research on labor markets in emerging and transition economies with a focus on the link of institutions and informal employment. Informality and informal employment pose a major challenge to policy makers in...

Paper proposals are invited in any area of labour economics.

At this IZA topic week we will bring together economists and labor economists who have worked on the political economy of reforms in general and of labor markets reforms in transition and emerging economies. As we can perceive the transition context as a quasi-natural experiment, it is...

Lecturers: Gary Fields (Cornell University): “Modeling Labor Markets and Labor Market Policies” Eric V. Edmonds (Dartmouth College): “Child and Family Labor Supply in Low Income Economies”