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The Costs of Job Displacement over the Business Cycle and Its Sources : Evidence from Germany
Schmieder, Johannes; Wachter, Till von; Heining, Jörg - National Bureau of Economic Research - 2022
We document the sources behind the costs of job loss over the business cycle using administrative data from Germany. Losses in annual earnings after displacement are large, persistent, and highly cyclical, nearly doubling in size during downturns. A large part of the long-term earnings losses...
Persistent link: https://www.econbiz.de/10013334381
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u* = √uv
Michaillat, Pascal; Saez, Emmanuel - National Bureau of Economic Research - 2022
Most governments are mandated to maintain their economies at full employment. We propose that the best marker of full employment is the efficient unemployment rate, u*. We define u* as the unemployment rate that minimizes the nonproductive use of labor--both jobseeking and recruiting. The...
Persistent link: https://www.econbiz.de/10013334429
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The Active Role of the Natural Rate of Unemployment during Cyclical Recoveries
Hall, Robert Ernest; Kudlyak, Marianna - National Bureau of Economic Research - 2023
We propose that the natural rate of unemployment has an active role in the business cycle, in contrast to the prevailing view that the rate is essentially constant. We demonstrate that this tendency to treat the natural rate as near-constant would explain the surprisingly low slope of the...
Persistent link: https://www.econbiz.de/10014436979
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When Institutions Interact : How the Effects of Unemployment Insurance are Shaped by Retirement Policies
Gudgeon, Matthew; Guzman, Pablo; Schmieder, Johannes; … - National Bureau of Economic Research - 2023
This paper shows empirically that the non-employment effects of unemployment insurance (UI) for older workers depend in a first-order way on the structure of retirement policies. Using German data, we first present reduced-form evidence of these interactions, documenting large bunching in UI...
Persistent link: https://www.econbiz.de/10014421233
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Of Markets and Marriages : A Multidisciplinary, Multibook Review Essay of Recent Work on the Causes of U.S. Poverty
Ananat, Elizabeth Oltmans - National Bureau of Economic Research - 2024
I discuss recent books offering differing explanations for persistent U.S. poverty. Desmond (2023) argues that aid to low-income Americans is captured by more powerful market actors. I contextualize this concern as about incidence and consider both policies for changing incidence (by changing...
Persistent link: https://www.econbiz.de/10015072908
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Moral Hazard and Unemployment in Competitive Equilibrium
Rey, Patrick; Stiglitz, Joseph E. - National Bureau of Economic Research - 2024
Principal-agent models take outside options, determining participation and incentive constraints, as given. We construct a general equilibrium model where workers' reservation wages and the maximum punishment acceptable before workers quit are instead determined endogenously. We simultaneously...
Persistent link: https://www.econbiz.de/10014635663
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The Search for Good Jobs : Evidence from a Six-year Field Experiment in Uganda
Bandiera, Oriana; Bassi, Vittorio; Burgess, Robin; … - National Bureau of Economic Research - 2023
: vocational training, vocational training combined with matching youth to firms, and matching only. Training is offered in sectors … with high quality firms. The matching intervention assigns workers for interviews with such firms. At baseline, unskilled … firms. However, youth additionally offered matching become discouraged because call back rates from firm owners are far …
Persistent link: https://www.econbiz.de/10014337802
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The Marginal Propensity to Consume in Heterogeneous Agent Models
Kaplan, Greg; Violante, Giovanni L. - National Bureau of Economic Research - 2022
What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes and asset structure, we show...
Persistent link: https://www.econbiz.de/10013210041
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Price Theory for Incomplete Markets
Farhi, Emmanuel; Olivi, Alan; Werning, Iván - National Bureau of Economic Research - 2022
We provide a price theory for incomplete markets that extends the traditional Walrasian analysis. We derive formulas expressing the consumption response to current and future changes in interest rates and income. Our analysis provides a natural decomposition of these responses into substitution...
Persistent link: https://www.econbiz.de/10013210065
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Discrete Choice, Complete Markets, and Equilibrium
Mongey, Simon; Waugh, Michael E. - National Bureau of Economic Research - 2024
This paper characterizes the allocations that emerge in general equilibrium economies populated by households with preferences of the additive random utility type that make discrete consumption, employment or spatial decisions. We start with a complete markets economy where households can trade...
Persistent link: https://www.econbiz.de/10014486227