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Financial Structure and Macroeconomic Volatility: Theory and Evidence

Huizinga, Harry; Zhu, Dantao - C.E.P.R. Discussion Papers - 2006

This paper presents a simple model capturing differences between debt and equity finance to examine how financial structure matters for macroeconomic volatility. Debt finance is relatively cheap in the sense that debt holders need to verify relatively few profitability states, but debt finance...

Persistent link: https://www.econbiz.de/10005498044

The Anatomy of Unemployment Dynamics

Abbring, Jaap H; den Berg, Gerard J van; Ours, Jan C van - C.E.P.R. Discussion Papers - 1995

aggregate unemployment duration data, in which we allow for unobserved heterogeneity and correlated measurement errors. We do … not make parametric assumptions on the genuine duration dependence pattern or the unobserved heterogeneity distribution …

Persistent link: https://www.econbiz.de/10005123747

Economic Conditions at Birth, Birth Weight, Ability, and the Causal Path to Cardiovascular Mortality

Modin, Bitte; den Berg, Gerard J van - C.E.P.R. Discussion Papers - 2013

We analyze interaction effects of birth weight and the business cycle at birth on individual cardiovascular (CV) mortality later in life. In addition, we examine to what extent these long-run effects run by way of cognitive ability and education and to what extent those mitigate the long-run...

Persistent link: https://www.econbiz.de/10011084641

Business Cycles and Compositional Variation in US Unemployment

Abbring, Jaap H; den Berg, Gerard J van; Ours, Jan C van - C.E.P.R. Discussion Papers - 1997

of research was on the duration of unemployment. In later studies the cyclicality of incidence and duration …, compositional effects and duration dependence of the exit rate out of unemployment have been investigated. Unlike the partial … composition of the inflow into unemployment. We also find negative duration dependence of the unemployment exit rate, which can be …

Persistent link: https://www.econbiz.de/10005791265

The Stock Market Crash Really Did Cause the Great Recession

Farmer, Roger E A - C.E.P.R. Discussion Papers - 2013

This note shows that a big stock market crash, in the absence of central bank intervention, will be followed by a major recession one to four quarters later. I establish this fact by studying the forecasting ability of three models of the unemployment rate. I show that the connection between...

Persistent link: https://www.econbiz.de/10011083701

Local Bias and Stock Market Conditions

Giannetti, Mariassunta; Laeven, Luc - C.E.P.R. Discussion Papers - 2012

We show that the local bias in U.S. mutual fund portfolios varies significantly over time and is more pronounced at times of heightened market uncertainty, such as during financial crises. Similarly, the local bias is less pronounced in periods when market sentiment is strong. These results do...

Persistent link: https://www.econbiz.de/10011084583

The 1920s and the 1990s in Mutual Reflection

Gordon, Robert J - C.E.P.R. Discussion Papers - 2005

This paper develops a new analysis of the U. S. economy in the 1920s that is illuminated by contrasts with the 1990s, and it also re examines the causes of the Great Depression. In both the 1920s and the 1990s the acceleration of productivity growth linked to the delayed effects of previously...

Persistent link: https://www.econbiz.de/10005792478

The Savings Behaviour of Temporary and Permanent Migrants in Germany

Bauer, Thomas; Sinning, Mathias - C.E.P.R. Discussion Papers - 2005

This paper examines the relative savings position of migrant households in West Germany, paying particular attention to differences between temporary and permanent migrants. Utilizing household level data from the German Socio-Economic Panel (GSOEP), our findings reveal significant differences...

Persistent link: https://www.econbiz.de/10005124460

Changes in the Distribution of Male and Female Wages Accounting for Employment Composition Using Bounds

Blundell, Richard William; Gosling, Amanda; Ichimura, … - C.E.P.R. Discussion Papers - 2004

This Paper examines changes in the distribution of wages using bounds to allow for the impact of non-random selection into work. We show that bounds constructed without any economic or statistical assumptions can be informative. Since employment rates in the UK are often low they are not...

Persistent link: https://www.econbiz.de/10005497856

Blinder-Oaxaca Decomposition for Tobit Models

Bauer, Thomas; Sinning, Mathias - C.E.P.R. Discussion Papers - 2005

In this paper, a decomposition method for Tobit-models is derived, which allows the differences in a censored outcome variable between two groups to be decomposed into a part that is explained by differences in observed characteristics and a part attributable to differences in the estimated...

Persistent link: https://www.econbiz.de/10005656118

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