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Labor Misallocation Across Firms and Regions
Heise, Sebastian; Porzio, Tommaso - National Bureau of Economic Research - 2022
We develop a frictional labor market model with multiple regions and heterogeneous firms to study how frictions impeding labor mobility across space affect the joint allocation of labor across firms and regions. Bringing the model to matched employer-employee data from Germany, we find that...
Persistent link: https://www.econbiz.de/10013334515
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A Theory of Labor Markets with Inefficient Turnover
Blanco, Andrés; Drenik, Andres; Moser, Christian; … - National Bureau of Economic Research - 2024
We develop a theory of labor markets with four features: search frictions, worker productivity shocks, wage rigidity, and two-sided lack of commitment. Inefficient job separations occur in the form of endogenous quits and layoffs that are unilaterally initiated whenever a worker's...
Persistent link: https://www.econbiz.de/10014544688
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What about Japan?
Chien, YiLi; Cole, Harold L.; Lustig, Hanno - National Bureau of Economic Research - 2023
Japan's low-rate policies on its government and households. Because of the duration mismatch on the government balance sheet …
Persistent link: https://www.econbiz.de/10014436981
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The Impacts of Crises on the Trilemma Configurations
Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - National Bureau of Economic Research - 2022
important policy instrument, insuring against liquidity shortages. We find that countries' policy mixes are diverse, and have …
Persistent link: https://www.econbiz.de/10013362059
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Liquidity Crises and the Market-Maker of Last Resort
Kahn, Charles M.; Marshall, David Aaron; McDonald, Robert L. - National Bureau of Economic Research - 2025
liquidity crises. The government can improve welfare by acting as a "market-maker of last resort" (MMLR), purchasing assets at …
Persistent link: https://www.econbiz.de/10015361463
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Helicopter Drops and Liquidity Traps
Amador, Manuel; Bianchi, Javier - National Bureau of Economic Research - 2023
drops can be a useful stabilization tool during a liquidity trap. With commitment, even with balance sheet constraints …
Persistent link: https://www.econbiz.de/10014247967
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Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets
Acharya, Viral V.; Chauhan, Rahul S.; Rajan, Raghuram Govind - National Bureau of Economic Research - 2023
in 2017, there was no commensurate shrinkage of these claims on liquidity. Consequently, the financial sector was left … more sensitive to potential liquidity shocks, with weaker-capitalized banks most exposed. This necessitated Fed liquidity … provision in September 2019 and again in March 2020. Liquidity-risk-exposed banks suffered the most drawdowns and the largest …
Persistent link: https://www.econbiz.de/10014247971
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U.S. Liquid Government Liabilities and Emerging Market Capital Flows
Lee, Soyean; Engel, Charles - National Bureau of Economic Research - 2024
tightening. We offer new evidence to confirm these findings, and then propose a theory based on the liquidity of U.S. government … liabilities held by the public. We hypothesize that QE, by increasing liquidity, offers greater flexibility for investors that … investments in illiquid loans to emerging markets. The effect of increasing the liquidity of U.S. government liabilities on …
Persistent link: https://www.econbiz.de/10014576601
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Monetary-Fiscal Coordination with International Hegemon
Ding, Xuning; Jiang, Zhengyang - National Bureau of Economic Research - 2024
Monetary and fiscal policies require coordination to achieve desired macroeconomic outcomes. The literature since Leeper (1991) has focused on two regimes: monetary dominance and fiscal dominance. In both cases, one policy is active while the other is passive and accommodates the former. We...
Persistent link: https://www.econbiz.de/10015145074
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Managing an Energy Shock : Fiscal and Monetary Policy
Auclert, Adrien; Monnery, Hugo; Rognlie, Matthew; … - National Bureau of Economic Research - 2023
This paper studies the macroeconomic effects of energy price shocks in energy-importing economies using a heterogeneous-agent New Keynesian model. When MPCs are realistically large and the elasticity of substitution between energy and domestic goods is realistically low, increases in energy...
Persistent link: https://www.econbiz.de/10014337777