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Measuring Job-Finding Rates and Matching Efficiency with Heterogeneous Jobseekers

Hall, Robert E. - 2015

Matching efficiency is the productivity of the process for matching jobseekers to available jobs. Job-finding is the … output; vacant jobs and active jobseekers are the inputs. Measurement of matching efficiency follows the same principles as … measuring an index of productivity of production. We develop a framework for measuring matching productivity when the population …

Persistent link: https://www.econbiz.de/10013028544

Cointegration and Tests of Present Value Models

Campbell, John Y. - 2010

In a model where a variable Y[sub t] is proportional to the present value, with constant discount rate, of expected future values of a variable y[sub t] the quot;spreadquot; S[sub t]= Y[sub t] - [theta sub t] will be stationary for some [theta] whether or not y[sub t]must be differenced to...

Persistent link: https://www.econbiz.de/10012763269

Asset Prices, Consumption, and the Business Cycle

Campbell, John Y. - 2010

This paper reviews the behavior of financial asset prices in relation to consumption. The paper lists some important stylized facts that characterize US data, and relates them to recent developments in equilibrium asset pricing theory. Data from other countries are examined to see which features...

Persistent link: https://www.econbiz.de/10012763609

Does Saving Anticipate Declining Labor Income? an Alternative Test of the Permanent Income Hypothesis

Campbell, John Y. - 2021

any other forecast that can be constructed from publicly available information.The paper tests this hitherto ignored …

Persistent link: https://www.econbiz.de/10013224398

A Theory of the Natural Unemployment Rate and the Duration of Employment

Hall, Robert E. - 2021

employers, the efficiency of matching jobs and workers, and the cost of unemployment to workers are likely to influence the …

Persistent link: https://www.econbiz.de/10013213097

Labor Supply and Aggregate Fluctuations

Hall, Robert E. - 2021

cause workers to make inappropriate intertemporal shifts in labor supply, because they lack complete information about the …

Persistent link: https://www.econbiz.de/10013218728

A Multivariate Model of Strategic Asset Allocation

Campbell, John Y. - 2001

Much recent work has documented evidence for predictability of asset returns. We show how such predictability can affect the portfolio choices of long-lived investors who value wealth not for its own sake but for the consumption their wealth can support. We develop an approximate solution method...

Persistent link: https://www.econbiz.de/10012787560

Bad Beta, Good Beta

Campbell, John Y. - 2010

This paper explains the size and value anomalies' in stock returns using an economically motivated two-beta model. We break the CAPM beta of a stock with the market portfolio into two components, one reflecting news about the market's future cash flows and one reflecting news about the market's...

Persistent link: https://www.econbiz.de/10012762857

Valuation Ratios and the Long-Run Stock Market Outlook : An Update

Campbell, John Y. - 2010

The use of price earnings ratios and dividend-price ratios as forecasting variables for the stock market is examined using aggregate annual US data 1871 to 2000 and aggregate quarterly data for twelve countries since 1970. Various simple efficient-markets models of financial markets imply that...

Persistent link: https://www.econbiz.de/10012763169

Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk

Campbell, John Y. - 2010

This paper uses a disaggregated approach to study the volatility of common stocks at the market, industry, and firm levels. Over the period 1962-97 there has been a noticeable increase in firm-level volatility relative to market volatility. Accordingly correlations among individual stocks and...

Persistent link: https://www.econbiz.de/10012763341