The co-movements of labor productivity with output, total hours, vacancies and unemployment have changed since the mid … borrowers’ equity requirements are low, the impact of a positive technology shock on the marginal utility of consumption is … supply discourages fi rms from opening vacancies, reducing the impact of the shock on employment. …

the unemployment, this paper tries to answer the following question: Is a nominal permanent disinflation compatible with … short-run unemployment costs but also with long-run output benefits? The answer to this question crucially depends on the …

We study the size of fiscal multipliers in response to a government spending shock under different household leverage … more likely to find output multipliers higher than one; and (b) a positive government expenditure shock always produces a … that output (employment) multipliers decrease (increase) markedly with the degree of shock persistence and increase with …