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A Gains from Trade Perspective on Macroeconomic Fluctuations
Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011
Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into the potential mechanisms driving economic...
Persistent link: https://www.econbiz.de/10009221567
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Urban Accounting and Welfare
Desmet, Klaus; Rossi-Hansberg, Esteban - C.E.P.R. Discussion Papers - 2010
distribution into three main components: efficiency, amenities, and frictions. Higher efficiency and better amenities lead to … larger cities, but also to greater frictions through congestion and other negative effects of agglomeration. Using data on … MSAs in the United States, we parametrize the model and empirically estimate efficiency, amenities and frictions …
Persistent link: https://www.econbiz.de/10008784710
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Slow Moving Capital
Mitchell, Mark; Pedersen, Lasse Heje; Pulvino, Todd - C.E.P.R. Discussion Papers - 2007
-to-market losses. Our findings suggest that real world frictions impede arbitrage capital. …
Persistent link: https://www.econbiz.de/10005788922
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Asset Pricing with Liquidity Risk
Acharya, Viral V; Pedersen, Lasse Heje - C.E.P.R. Discussion Papers - 2004
contemporaneous returns and high predicted future returns. The model provides a simple, unified framework for understanding the …
Persistent link: https://www.econbiz.de/10005791242
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Inefficient employment decisions, entry costs, and the cost of fluctuations
Den Haan, Wouter; Sedlacek, Petr - C.E.P.R. Discussion Papers - 2009
Fluctuations in firms' revenues reduce firms' viability and are costly from a social welfare point of view even when agents are risk neutral if (i) the decision to continue operating a firm is not efficient at the margin so that fluctuations shorten firms' life expectancy (because they increase...
Persistent link: https://www.econbiz.de/10008528536
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Explaining Forward Exchange Bias .... Intra-day
Lyons, Richard K; Rose, Andrew K - C.E.P.R. Discussion Papers - 1994
Intra-day interest rates are zero. Consequently, a foreign exchange dealer can short a vulnerable currency in the morning, close this position in the afternoon, and never face an interest cost. This tactic might seem especially attractive in times of crisis, since it suggests an immunity to the...
Persistent link: https://www.econbiz.de/10005124023
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Rare Events, Financial Crises, and the Cross-Section of Asset Returns
Bianchi, Francesco - C.E.P.R. Discussion Papers - 2015
-value stocks. This helps to explain the cross section of asset returns when risk is priced according to a version of the "Bad Beta …
Persistent link: https://www.econbiz.de/10011213314
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Reforming an Insider-Outsider Labor Market: The Spanish Experience
Bentolila, Samuel; Dolado, Juan J.; Jimeno, Juan F - C.E.P.R. Discussion Papers - 2011
This paper presents a case study on reforming a very dysfunctional labour market with a deep insider-outsider divide, namely the Spanish case. We show how a dual market, with permanent and temporary employees makes real reform much harder, and leads to purely marginal changes that do not alter...
Persistent link: https://www.econbiz.de/10009364997
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What Explains the German Labor Market Miracle in the Great Recession?
Burda, Michael C; Hunt, Jennifer - C.E.P.R. Discussion Papers - 2011
Germany experienced an even deeper fall in GDP in the Great Recession than the United States, with little employment loss. Employers’ reticence to hire in the preceding expansion, associated in part with a lack of confidence it would last, contributed to an employment shortfall equivalent to...
Persistent link: https://www.econbiz.de/10009246610
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The Great Recession was not so Great
Ours, Jan C van - C.E.P.R. Discussion Papers - 2015
The Great Recession is characterized by a GDP-decline that was unprecedented in the past decades. This paper discusses the implications of the Great Recession analyzing labor market data from 20 OECD countries. Comparing the Great Recession with the 1980s recession it is concluded that there is...
Persistent link: https://www.econbiz.de/10011165672