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The 2007-2009 recession is characterized by: a large drop in employment, an unprecedented decline in firm entry, and a … slow recovery. Using confidential firm-level data, I show that financial constraints reduced employment growth in small …
Persistent link: https://www.econbiz.de/10010886223
Heterogeneity between unemployed and employed individuals matters for optimal fiscal policy. This paper considers the consequences of welfare heterogeneity between these two groups for the determination of optimal capital and labor income taxes in a model with matching frictions in the labor...
Persistent link: https://www.econbiz.de/10005368396
data from the 2003 Survey of Small Business Finances, we model the firm's decision to use alternative employment … establishment-level studies that have examined the use of these types of employment arrangements. However, many of these previous …) firms may be using alternative employment arrangements (AEA) in an attempt to generate cost savings by substituting standard …
Persistent link: https://www.econbiz.de/10005721264
unemployment and underemployment, employment, workweeks, wages, vacancies, hiring, layoffs, quits, and surveys of consumers' and … payroll employment and the unemployment rate. Other influential indicators include the insured unemployment rate, consumers …
Persistent link: https://www.econbiz.de/10011119857
domestic firm-level aggregate employment, output, wages and productivity. Consistent with heterogenous firm models where …-offshorer. After initiating offshoring, firms experience large declines in employment (46.2 per cent), output (38.5 per cent) and …
Persistent link: https://www.econbiz.de/10011075150
We study the existence and economic significance of bank lending channels that affect employment in U.S. manufacturing … access to bank loans matters more for employment than firm access to local bank loans. Our results suggest that, over the … about a quarter of the drop in employment in the manufacturing sector. In addition, a decrease in the availability of home …
Persistent link: https://www.econbiz.de/10010784163
have a large impact on employees. There are sharp and substantial employment cuts following loan covenant violations, when … creditors exercise their ex post control rights. The negative impact of violations on employment is stronger for firms that face … more severe agency and financing frictions and those whose employees have weaker bargaining power. Employment cuts …
Persistent link: https://www.econbiz.de/10010892305
In this paper, we document that mortgage-backed securities (MBS) held by the Federal Reserve exhibit faster principal prepayment rates than MBS held by the rest of the market. Next, we show that this stylized fact persists even when controlling for factors that affect prepayment behavior, and...
Persistent link: https://www.econbiz.de/10011273692
We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...
Persistent link: https://www.econbiz.de/10011255343
We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky (so that the supply-side effects of tax changes are more complex than in standard fiscal analyses) and the only available sources of government revenue are...
Persistent link: https://www.econbiz.de/10005368129