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Measuring Job-Finding Rates and Matching Efficiency with Heterogeneous Jobseekers
Hall, Robert E.; Schulhofer-Wohl, Sam - Federal Reserve Bank of Minneapolis - 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 a Hicks-neutral index of productivity of production. We develop a framework for measuring matching productivity when …
Persistent link: https://www.econbiz.de/10011165181
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A Reassessment of Real Business Cycle Theory
McGrattan, Ellen R.; Prescott, Edward C. - Federal Reserve Bank of Minneapolis - 2014
During the downturn of 2008–2009, output and hours fell significantly, but labor productivity rose. These facts have led many to conclude that there is a significant deviation between observations and current macrotheories that assume business cycles are driven, at least in part, by...
Persistent link: https://www.econbiz.de/10010734900
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The Glass Ceiling and the Paper Floor: Gender Differences among Top Earners, 1981–2012
Guvenen, Fatih; Kaplan, Greg; Song, Jae - Federal Reserve Bank of Minneapolis - 2014
We analyze changes in the gender structure at the top of the earnings distribution in the United States over the last 30 years using a 10% sample of individual earnings histories from the Social Security Administration. Despite making large inroads, females still constitute a small proportion of...
Persistent link: https://www.econbiz.de/10010939371
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What Do Data on Millions of U.S. Workers Reveal about Life-Cycle Earnings Risk?
Guvenen, Fatih; Karahan, Fatih; Ozkan, Serdar; Song, Jae - Federal Reserve Bank of Minneapolis - 2015
We study the evolution of individual labor earnings over the life cycle using a large panel data set of earnings histories drawn from U.S. administrative records. Using fully nonparametric methods, our analysis reaches two broad conclusions. First, earnings shocks display substantial deviations...
Persistent link: https://www.econbiz.de/10011152609
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The Pass-Through of Sovereign Risk
Bocola, Luigi - Federal Reserve Bank of Minneapolis - 2015
This paper examines the macroeconomic implications of sovereign credit risk in a business cycle model where banks are exposed to domestic government debt. The news of a future sovereign default hampers financial intermediation. First, it tightens the funding constraints of banks, reducing their...
Persistent link: https://www.econbiz.de/10011261854
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The Over-the-Counter Theory of the Fed Funds Market: A Primer
Afonso, Gara M.; Lagos, Ricardo - Federal Reserve Bank of Minneapolis - 2014
We present a dynamic over-the-counter model of the fed funds market and use it to study the determination of the fed funds rate, the volume of loans traded, and the intraday evolution of the distribution of reserve balances across banks. We also investigate the implications of changes in the...
Persistent link: https://www.econbiz.de/10010765393
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Search-Based Models of Money and Finance: An Integrated Approach
Wright, Randall; Trejos, Alberto - Federal Reserve Bank of Minneapolis - 2014
Many applications of search theory in monetary economics use the Shi-Trejos-Wright model, hereafter STW, while …
Persistent link: https://www.econbiz.de/10011026889
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Trade Dynamics in the Market for Federal Funds
Afonso, Gara M.; Lagos, Ricardo - Federal Reserve Bank of Minneapolis - 2014
have to search for a suitable counterparty, and once they meet, both parties negotiate the size of the loan and the …
Persistent link: https://www.econbiz.de/10010754944
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Tax analysis in a real business cycle model: on measuring Harberger triangles and Okun gaps
Greenwood, Jeremy; Huffman, Gregory W. - Federal Reserve Bank of Minneapolis - 1991
A tax distorted real business cycle model is parameterized, calibrated, and solved numerically in an attempt to measure the size of Harberger Triangles relative to Okun Gaps. In particular, the model constructed is used to study, quantitatively, the impact of various distortional government tax...
Persistent link: https://www.econbiz.de/10005498468
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Comments on Farmer and Guo's "the econometrics of indeterminacy: an applied study."
Aiyagari, S. Rao - Federal Reserve Bank of Minneapolis - 1995
I argue that Farmer and Guo's one-sector real business cycle model with indeterminacy and sunspots fails empirically and that its failure is inherent in the logic of the model taken together with some simple labor market facts.
Persistent link: https://www.econbiz.de/10005498500