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Groupthink: Collective Delusions in Organizations and Markets
Benabou, Roland - Institute for the Study of Labor (IZA) - 2013
This paper investigates collective denial and willful blindness in groups, organizations and markets. Agents with anticipatory preferences, linked through an interaction structure, choose how to interpret and recall public signals about future prospects. Wishful thinking (denial of bad news) is...
Persistent link: https://www.econbiz.de/10010704406
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Output-Employment Relationship across Sectors: A Long- versus Short-Run Perspective
Sahin, Afsin; Tansel, Aysit; Berument, Hakan - Institute for the Study of Labor (IZA) - 2013
This paper investigates the nature of the output-employment relationship by using the Turkish quarterly data for the period 1988-2008. Even if we fail to find a long-run relationship between aggregate output and total employment, there are long-run relationships for the aggregate output with...
Persistent link: https://www.econbiz.de/10010884236
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The Dynamics of Entrepreneurship: Hysteresis, Business Cycles and Government Policy
Congregado, Emilio; Golpe, Antonio A.; Parker, Simon C. - Institute for the Study of Labor (IZA) - 2009
This paper estimates an unobserved components model to explore the macro dynamics of entrepreneurship in Spain and the US. We ask whether entrepreneurship exhibits hysteresis, defined as a macro dynamic structure in which cyclical fluctuations have persistent effects on the natural rate of...
Persistent link: https://www.econbiz.de/10005233799
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China's Emergence in the World Economy and Business Cycles in Latin America
Cesa-Bianchi, Ambrogio; Pesaran, Hashem; Rebucci, Alessandro - Institute for the Study of Labor (IZA) - 2011
The international business cycle is very important for Latin America’s economic performance as the recent global crisis vividly illustrated. This paper investigates how changes in trade linkages between China, Latin America, and the rest of the world have altered the transmission mechanism of...
Persistent link: https://www.econbiz.de/10009225765
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Real Wages and the Business Cycle in Germany
Marczak, Martyna; Beissinger, Thomas - Institute for the Study of Labor (IZA) - 2010
This paper establishes stylized facts about the cyclicality of real consumer wages and real producer wages in Germany. As detrending methods we apply the deterministic trend model, the Beveridge-Nelson decomposition, the Hodrick-Prescott filter, the Baxter-King filter and the structural time...
Persistent link: https://www.econbiz.de/10008678691
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Global Business Cycles: Convergence or Decoupling?
Kose, M. Ayhan; Otrok, Christopher; Prasad, Eswar - Institute for the Study of Labor (IZA) - 2008
This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups – industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then...
Persistent link: https://www.econbiz.de/10005566406
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Macroeconomic Volatilities and the Labor Market: First Results from the Euro Experiment
Merkl, Christian; Schmitz, Tom - Institute for the Study of Labor (IZA) - 2010
This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone …
Persistent link: https://www.econbiz.de/10008611512
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Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data
Coibion, Olivier; Gorodnichenko, Yuriy; Kudlyak, Marianna; … - Institute for the Study of Labor (IZA) - 2014
-income households increased their demand for credit to finance higher consumption expenditures in order to "keep up" with higherincome … the underlying type of the applicant, so that banks ultimately channel more credit toward lower-income applicants in low …
Persistent link: https://www.econbiz.de/10010884200
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The Macroeconomics of Labor and Credit Market Imperfections
Wasmer, Etienne; Weil, Philippe - Institute for the Study of Labor (IZA) - 2000
Labor market frictions are not the only possible factor responsible for high unemployment. Credit market imperfections …. This paper shows that labor and credit market imperfections interact in a complementary way - which may explain why … develop this idea, we build a search model that treats credit and labor market imperfections in a symmetrical way. We …
Persistent link: https://www.econbiz.de/10005822324
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The US Inflation-Unemployment Tradeoff: Methodological Issues and Further Evidence
Karanassou, Marika; Sala, Hector - Institute for the Study of Labor (IZA) - 2009
This paper addresses the various methodological issues surrounding vector autoregressions, simultaneous equations, and chain reactions, and provides new evidence on the long-run inflation-unemployment tradeoff in the US. It is argued that money growth is a superior indicator of the monetary...
Persistent link: https://www.econbiz.de/10005030883