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A Theory of Targeted Search
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
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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
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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
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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
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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
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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
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Uniform working hours and structural unemployment
Liu, Haoming (contributor); Wen, Yi (contributor);  … - 2005
working schedules. This simple model can generate unemployment, even if wages adjust instantaneously, firms are perfectly … alternative explanation for why unskilled workers are a primary source of structural unemployment"--Federal Reserve Bank of St …
Persistent link: https://www.econbiz.de/10002956728
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A Bayesian approach to counterfactual analysis of structural change
Kim, Chang-jin (contributor); Morley, James C. (contributor) - 2004 - [Elektronische Ressource], rev.
Persistent link: https://www.econbiz.de/10002496905
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U. S. regional business cycles and the natural rate of unemployment
Wall, Howard J.; Zoega, Gylfi - Federal Reserve Bank of St. Louis - 2003
Estimates of the natural rate of unemployment are important in many macroeconomic models used by economists and policy … cycles do not move in lockstep and greater dispersion among regions can affect estimates of the natural rate of unemployment … constant, the reduction in the dispersion of regional unemployment rates between 1982 and 2000 would have meant a two …
Persistent link: https://www.econbiz.de/10005360582