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A Theory of Labor Markets with Inefficient Turnover

Blanco, Andrés; Drenik, Andres; Moser, Christian; … - National Bureau of Economic Research - 2024

We develop a theory of labor markets with four features: search frictions, worker productivity shocks, wage rigidity, and two-sided lack of commitment. Inefficient job separations occur in the form of endogenous quits and layoffs that are unilaterally initiated whenever a worker's...

Persistent link: https://www.econbiz.de/10014544688

Managing an Energy Shock : Fiscal and Monetary Policy

Auclert, Adrien; Monnery, Hugo; Rognlie, Matthew; … - National Bureau of Economic Research - 2023

This paper studies the macroeconomic effects of energy price shocks in energy-importing economies using a heterogeneous-agent New Keynesian model. When MPCs are realistically large and the elasticity of substitution between energy and domestic goods is realistically low, increases in energy...

Persistent link: https://www.econbiz.de/10014337777

Navigating by Falling Stars : Monetary Policy with Fiscally Driven Natural Rates

Campos, Rodolfo G.; Fernández-Villaverde, Jesús; … - National Bureau of Economic Research - 2024

We study a new type of monetary-fiscal interaction in a heterogeneous-agent New Keynesian model with a fiscal block. Due to household heterogeneity, the stock of public debt affects the natural interest rate, forcing the central bank to adapt its monetary policy rule to the fiscal stance to...

Persistent link: https://www.econbiz.de/10014512073

Optimal Monetary and Fiscal Policies in Disaggregated Economies

Cox, Lydia; Feng, Jiacheng; Müller, Gernot J.; Pasten, … - National Bureau of Economic Research - 2024

The jointly optimal monetary and fiscal policy mix in a multi-sector New Keynesian model with sectoral government spending and productivity shocks entails a separation of roles: Sectoral government spending optimally adjusts to sectoral output gaps and inflation rates---a policy supported by...

Persistent link: https://www.econbiz.de/10015072856

A labor market view on the risks of a U.S. hard landing

Domash, Alex; Summers, Lawrence Henry - National Bureau of Economic Research - 2022

This paper uses historical labor market data to assess the plausibility that the Federal Reserve can engineer a soft landing for the economy. We first show that the labor market today is significantly tighter than implied by the unemployment rate: the vacancy and quit rates currently experienced...

Persistent link: https://www.econbiz.de/10013191004

The Alpha Beta Gamma of the Labor Market

Gregory, Victoria; Menzio, Guido; Wiczer, David G. - National Bureau of Economic Research - 2021

Based on patterns of employment transitions, we identify three different types of workers in the US labor market: α's β's and γ's. Workers of type α make up over half of all workers, are most likely to remain on the same job for more than 2 years and, when they become unemployed, typically...

Persistent link: https://www.econbiz.de/10012510542

Liquidity Traps : A Unified Theory of the Great Depression and Great Recession

Eggertsson, Gauti B.; Egiev, Sergey K. - National Bureau of Economic Research - 2024

.S. Great Recession, and Japan's Long Recession. Temporary economic disruptions, such as banking crises and excessive debt … natural interest rate and the zero lower bound (ZLB) are necessary conditions for a liquidity trap. Credible monetary policy … can counteract the adverse effects of short-run liquidity traps. Diminished monetary policy credibility or persistent …

Persistent link: https://www.econbiz.de/10015145146

Corporate Governance und Unternehmenserfolg : eine empirische Analyse des Zusammenhangs zwischen den Führungs-, Kontroll- und Anreizstrukturen und der Geschäftsentwicklung deutscher Banken

Steinbrecher, Johannes - 2016

Das internationale Bankensystem stand in den vergangenen Jahren im Fokus des öffentlichen Interesses. Bei der Diskussion möglicher Optionen zur Verbesserung der Finanzsystemstabilität rückt zunehmend die Corporate Governance in Banken in den Fokus. Der vorliegende Forschungsbericht widmet...

Persistent link: https://www.econbiz.de/10011448727

Corporate Governance und Unternehmenserfolg : eine empirische Analyse des Zusammenhangs zwischen den Führungs-, Kontroll- und Anreizstrukturen und der Geschäftsentwicklung deutscher Banken

Steinbrecher, Johannes - 2016

Persistent link: https://www.econbiz.de/10011742813

Bankruptcy Resolution and Credit Cycles

Kornejew, Martin; Lian, Chen; Ma, Yueran; Ottonello, Pablo - National Bureau of Economic Research - 2024

We study how the macroeconomic dynamics following credit cycles vary with business bankruptcy institutions. Using data on bankruptcy efficiency and business credit around the world, we document that business credit booms are followed by severe declines in output, investment, and consumption in...

Persistent link: https://www.econbiz.de/10014576584