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Investors' and Central Bank's Uncertainty Embedded in Index Options

David, Alexander - 2011

Shocks to equity options' ATM implied volatility (ATMIV) are followed by persistently lower short-term rates. Shocks to the ratio of OTM puts' over OTM calls' implied volatilities (P/C) are followed by persistently higher rates. The stock's and Treasury-bond's ATMIV indices, which measure market...

Persistent link: https://www.econbiz.de/10012461893

Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics

Khan, Aubhik - 2007

We study a model of lumpy investment wherein establishments face persistent shocks to common and plant-specific productivity, and nonconvex adjustment costs lead them to pursue generalized (S,s) investment rules. We allow persistent heterogeneity in both capital and total factor productivity...

Persistent link: https://www.econbiz.de/10012465811

Portfolio Rebalancing in General Equilibrium

Kimball, Miles S. - 2018

. After a negative macroeconomic shock, relatively risk tolerant investors sell risky assets while more risk averse investors … risk after a negative macroeconomic shock and lower exposure after a positive shock …

Persistent link: https://www.econbiz.de/10012452998

Productivity and Misallocation in General Equilibrium

Baqaee, David Rezza - 2017

impact of a shock can be boiled down into two components: its "pure" technology effect; and its effect on allocative …

Persistent link: https://www.econbiz.de/10012453706

Generalized Compensation Principle

Tsyvinski, Aleh - 2017

compensated requires accounting for the endogenous wage adjustments induced by the initial shock. The other two effects arise …

Persistent link: https://www.econbiz.de/10012455173

Price Setting with menu cost for Multi-product firms

Alvarez, Fernando E. - 2012

impulse response of aggregate prices and output to a monetary shock. The size of the output response and its duration increase …

Persistent link: https://www.econbiz.de/10012460733

Monopsony and Employer Mis-optimization Explain Why Wages Bunch at Round Numbers

Dube, Arindrajit - 2018

We show that administrative hourly wage data exhibits considerable bunching at round numbers that cannot be explained by rounding of survey respondents. We consider two explanations--worker left-digit bias and employer optimization frictions. We experimentally rule out left-bunching by...

Persistent link: https://www.econbiz.de/10012480644

Rethinking the Area Approach : Immigrants and the Labor Market in California, 1960-2005

Peri, Giovanni - 2010

employment (rather than wage) response by skill to immigration in a state, I can estimate the substitutability … of the Mexican Population to predict immigration by skill level within California. Looking at immigration to California …, in turn, explains the counter-intuitive fact that there is a zero correlation between immigration and wage and employment …

Persistent link: https://www.econbiz.de/10012462438

When Does Labor Scarcity Encourage Innovation?

Acemoglu, Daron - 2009

This paper studies the conditions under which the scarcity of a factor (in particular, labor) encourages technological progress and technology adoption. In standard endogenous growth models, which feature a strong scale effect, an increase in the supply of labor encourages technological...

Persistent link: https://www.econbiz.de/10012463838

Margins of Labor Market Adjustment to Trade

Dix-Carneiro, Rafael - 2017

We use both longitudinal administrative data and cross-sectional household survey data to study the margins of labor market adjustment following Brazil's early 1990s trade liberalization. We document how workers and regional labor markets adjust to trade-induced changes in local labor demand,...

Persistent link: https://www.econbiz.de/10012455087