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Lindenlaub, Ilse; Oh, Ryungha; Peters, Michael - National Bureau of Economic Research - 2022

We study the importance of firm sorting for spatial inequality. If productive locations are able to attract the most productive firms, then firm sorting acts as an amplifier of spatial inequality. We develop a novel model of spatial firm sorting, in which heterogeneous firms first choose a...

Persistent link: https://www.econbiz.de/10013462686

An Analysis of Pandemic-Era Inflation in 11 Economies

Blanchard, Olivier; Bernanke, Ben - National Bureau of Economic Research - 2024

In a collaborative project with ten central banks, we have investigated the causes of the post-pandemic global inflation, building on our earlier work for the United States. Globally, as in the United States, pandemic-era inflation was due primarily to supply disruptions and sharp increases in...

Persistent link: https://www.econbiz.de/10014544809

House Prices and Rents in the 21st Century

Loewenstein, Lara; Willen, Paul - National Bureau of Economic Research - 2023

We study the joint evolution of prices and rents of residential property. After constructing rent and price indices for renter- and owner-occupied properties, we decompose the change in the price of occupant-owned property into (1) changes in rent, (2) changes in the relative prices of investor-...

Persistent link: https://www.econbiz.de/10014247934

The Drivers of Post-Pandemic Inflation

Giannone, Domenico; Primiceri, Giorgio E. - National Bureau of Economic Research - 2024

Post-covid inflation was predominantly driven by unexpectedly strong demand forces, not only in the United States, but also in the Euro Area. In comparison, the inflationary impact of adverse supply shocks was less pronounced, even though these shocks significantly constrained economic activity....

Persistent link: https://www.econbiz.de/10015056186

Merger Guidelines for the Labor Market

Berger, David; Hasenzagl, Thomas; Herkenhoff, Kyle; … - National Bureau of Economic Research - 2023

While the labor market implications of mergers have been historically ignored as "out of market" effects, recent actions by the Department of Justice (DOJ) place buyer market power (i.e., monopsony) at the forefront of antitrust policy. We develop a theory of multi-plant ownership and monopsony...

Persistent link: https://www.econbiz.de/10014250165

State Dependent Government Spending Multipliers : Downward Nominal Wage Rigidity and Sources of Business Cycle Fluctuations

Jo, Yoon J.; Zubairy, Sarah - National Bureau of Economic Research - 2022

We consider a New Keynesian model with downward nominal wage rigidity (DNWR) and show that government spending is much more effective in stimulating output in a low-inflation recession relative to a high-inflation recession. The government spending multiplier is large when DNWR binds, but the...

Persistent link: https://www.econbiz.de/10013210053

u* = √uv

Michaillat, Pascal; Saez, Emmanuel - National Bureau of Economic Research - 2022

vacancies, u + v. Through the Beveridge curve, the number of vacancies is inversely related to the number of jobseekers. With … such symmetry, the labor market is efficient when there are as many jobseekers as vacancies (u = v), too tight when there … are more vacancies than jobseekers (v > u), and too slack when there are more jobseekers than vacancies (u > v …

Persistent link: https://www.econbiz.de/10013334429

Heterogeneous Downward Nominal Wage Rigidity : Foundations of a Static Wage Phillips Curve

Schmitt-Grohé, Stephanie; Uribe, Martín - National Bureau of Economic Research - 2022

We introduce a form of downward nominal wage rigidity that can vary in intensity across a continuum of labor varieties. The model delivers a static wage Phillips curve linking current wage inflation to current unemployment. For standard parameterizations, the dynamics of the model are...

Persistent link: https://www.econbiz.de/10013477266

Bonus Question : Does Flexible Incentive Pay Dampen Unemployment Dynamics?

Gaur, Meghana; Grigsby, John R.; Hazell, Jonathon; … - National Bureau of Economic Research - 2023

We introduce dynamic incentive contracts into a model of unemployment dynamics and present three results. First, wage cyclicality from incentives does not dampen unemployment dynamics: the response of unemployment to shocks is first-order equivalent in an economy with flexible incentive pay and...

Persistent link: https://www.econbiz.de/10014372479

Spending and Job-Finding Impacts of Expanded Unemployment Benefits : Evidence from Administrative Micro Data

Ganong, Peter; Greig, Fiona E.; Noel, Pascal J.; … - National Bureau of Economic Research - 2022

We show that the largest increase in unemployment benefits in U.S. history had large spending impacts and small job-finding impacts. This finding has three implications. First, increased benefits were important for explaining aggregate spending dynamics--but not employment dynamics--during the...

Persistent link: https://www.econbiz.de/10013361970

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