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unemployment, and negative growth forecasting errors in a panel of 30 countries from 1960 to 2012. Consistent with the "credit …
Persistent link: https://www.econbiz.de/10012457088
of key variables-potential GDP, the natural rate of unemployment, and the equilibrium real interest rate, need to solve a … them. Further, low-frequency movements of unemployment suggest a failure of the basic idea that departures from the …-frequency movements of unemployment. I conclude that monetary policymakers should not try to discern neutral values of real variables …
Persistent link: https://www.econbiz.de/10012467025
We empirically and theoretically examine how consumer credit access affects displaced workers. Empirically, we link administrative employment histories to credit reports. We show that an increase in credit limits worth 10% of prior annual earnings allows individuals to take .15 to 3 weeks longer...
Persistent link: https://www.econbiz.de/10012456401
We propose that the natural rate of unemployment has an active role in the business cycle, in contrast to the … Phillips-curve framework of low---often extremely low---response of inflation to unemployment could be the result of fairly … most Phillips-curve studies, that conclude that inflation has little relation to unemployment. We suggest that the flat …
Persistent link: https://www.econbiz.de/10014436979
a burst of layoffs. Unemployment rises because jobs are hard to find, not because an unusual number of people are thrown … into unemployment …
Persistent link: https://www.econbiz.de/10012467502
illustrate that the dynamic behavior of unemployment seems to change over the business cycle, with the unemployment rate rising …
Persistent link: https://www.econbiz.de/10012467524
-cycle-frequency fluctuations in unemployment and job vacancies in response to shocks of a plausible magnitude. In the U.S., the vacancy-unemployment … vacancy-unemployment ratio and labor productivity have nearly the same variance. I establish this claim both using analytical … small movement along a downward sloping Beveridge curve (unemployment-vacancy locus). A shock to the job destruction rate …
Persistent link: https://www.econbiz.de/10012469164
We show that the largest increase in unemployment benefits in U.S. history had large spending impacts and small job …
Persistent link: https://www.econbiz.de/10013361970
We study how an economy's production structure determines the response of aggregate output and employment to sectoral financial shocks. In our framework, economic production is organized in an input-output network in which firms face financial constraints on their working capital. We show how...
Persistent link: https://www.econbiz.de/10012456463
We propose a new business cycle theory. Firms need to randomize over firing or keeping workers who have performed poorly in the past, in order to give them an ex-ante incentive to exert effort. Firms have an incentive to coordinate the outcome of their randomizations, as coordination allows them...
Persistent link: https://www.econbiz.de/10012456927