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Restrepo-Echavarria, Paulina; Cheremukhin, Anton A.; … - Federal Reserve Bank of St. Louis - 2013

We present a theory of targeted search, where people with a finite information processing capacity search for a match. Our theory explicitly accounts for both the quantity and the quality of matches. It delivers a unique equilibrium that resides in between the random matching and the directed...

Persistent link: https://www.econbiz.de/10010951612

Universal Basic Income versus Unemployment Insurance

Zimmermann, Christian; Fabre, Alice; Pallage, Stéphane - Federal Reserve Bank of St. Louis - 2014

In this paper we compare the welfare effects of unemployment insurance (UI) with an universal basic income (UBI) system … shocks. While the unemployment insurance program should do a better job at protecting the unemployed, it suffers from moral …

Persistent link: https://www.econbiz.de/10010961580

Explaining Educational Attainment across Countries and over Time

Vandenbroucke, Guillaume; Restuccia, Diego - Federal Reserve Bank of St. Louis - 2014

Consider the following facts. In 1950, the richest countries attained an average of 8 years of schooling whereas the poorest countries 1.3 years, a large 6-fold difference. By 2005, the difference in schooling declined to 2-fold because schooling increased faster in poor than in rich countries....

Persistent link: https://www.econbiz.de/10011075148

A State-Level Analysis of the Great Moderation

Owyang, Michael T.; Piger, Jeremy; Wall, Howard J. - Society for Computational Economics - SCE; Federal … - 2006

A number of studies have documented a reduction in aggregate macroeconomic volatility beginning in the early 1980s. Using an empirical model of business cycles, we extend this line of research to state-level employment data, find significant heterogeneity in the timing and magnitude of the...

Persistent link: https://www.econbiz.de/10005342964

The Impact of Trade on Labor Market Dynamics

Dvorkin, Maximiliano Ariel; Caliendo, Lorenzo; Parro, … - Federal Reserve Bank of St. Louis - 2015

We develop a dynamic labor search model where production and consumption take place in spatially distinct labor markets with varying exposure to domestic and international trade. The model recognizes the role of labor mobility frictions, goods mobility frictions, geographic factors, and...

Persistent link: https://www.econbiz.de/10011274550

Institutions Do Not Rule: Reassessing the Driving Forces of Economic Development

Wen, 文一; Luo, Jinfeng - Federal Reserve Bank of St. Louis - 2015

We use cross-country data and instrumental variables widely used in the literature to show that (i) institutions (such … countries have entirely different determinants for income levels. In particular, geography, rather than institutions, explains … the income differences among agrarian countries, while institutions appear to matter only for income variations in …

Persistent link: https://www.econbiz.de/10011124402

Hawks, doves, bubbles, and inflation targets

Bullard, James - Federal Reserve Bank of St. Louis - 2012

April 16, 2012. "Hawks, Doves, Bubbles, and Inflation Targets" Presented at the George S. Eccles Distinguished Lecture, Jon M. Huntsman School of Business, Utah State University.

Persistent link: https://www.econbiz.de/10010727321

Some unpleasant implications for unemployment targeters

Bullard, James - Federal Reserve Bank of St. Louis - 2013

April 17, 2013. Presentation. "Some Unpleasant Implications for Unemployment Targeters." 22nd Annual Hyman P. Minsky …

Persistent link: https://www.econbiz.de/10010727362

Foreclosure delay and U.S. unemployment

Herkenhoff, Kyle F.; Ohanian, Lee - Federal Reserve Bank of St. Louis - 2012

extra source of "informal" unemployment insurance during the 2007 recession and the subsequent recovery. In a dynamic model … conservative parameterization, we find that the observed foreclosure delays increase the unemployment rate by an additional 1 … mortgage as “informal" unemployment insurance borrow at a real rate of at least 18%.> …

Persistent link: https://www.econbiz.de/10011027326

Informal unemployment insurance and labor market dynamics

Herkenhoff, Kyle F. - Federal Reserve Bank of St. Louis - 2012

How do job losers use default -- a phenomenon 6x more prevalent than bankruptcy --as a type of “informal" unemployment … the policies, however, is a .2-.5% higher unemployment rate during recessions that persists throughout the recovery. …

Persistent link: https://www.econbiz.de/10011027344