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Does Labor Supply Matter During a Recession? Evidence from the Seasonal Cycle
Mulligan, Casey - National Bureau of Economic Research (NBER) - 2010
Every year has large demand and supply shifts associated with the seasons, regardless of the phase of the business cycle. Based on measures dating back to the 1940s, the seasonal shifts reject the hypotheses that demand shifts affect employment outcomes significantly more in recession years than...
Persistent link: https://www.econbiz.de/10008565077
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Confidence, Crashes and Animal Spirits
Farmer, Roger E. A. - National Bureau of Economic Research (NBER) - 2009
General Theory. The first is that there may be a continuum of steady state unemployment rates. The second is that beliefs …-fulfilling. The paper reconciles Keynesian economics with general equilibrium theory without invoking the assumption of frictions that …
Persistent link: https://www.econbiz.de/10005720521
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The Heterogeneous State of Modern Macroeconomics: A Reply to Solow
Chari, Varadarajan; Kehoe, Patrick J. - National Bureau of Economic Research (NBER) - 2007
macroeconomics is firmly grounded in economic theory. We disagree and explain why. …
Persistent link: https://www.econbiz.de/10005778451
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Keynesian Macroeconomics without the LM Curve
Romer, David - National Bureau of Economic Research (NBER) - 2000
Changes in both the macroeconomy and in macroeconomics suggest that the IS-LM-AS model is no longer the best baseline model of short-run fluctuations for teaching and policy analysis. This paper presents an alternative model that replaces the assumption that the central bank targets the money...
Persistent link: https://www.econbiz.de/10005049944
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The Cyclical Response of Advertising Refutes Counter-Cyclical Profit Margins in Favor of Product-Market Frictions
Hall, Robert E. - National Bureau of Economic Research (NBER) - 2012
According to the standard model, advertising is remarkably sensitive to profit margins. Firms advertise to stimulate demand for their products. They advertise high-margin products aggressively and low-margin ones hardly at all. In macroeconomics, variations in profit margins over the business...
Persistent link: https://www.econbiz.de/10010592552
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Clashing Theories of Unemployment
Hall, Robert E. - National Bureau of Economic Research (NBER) - 2011
rate in particular contain implicit theories of unemployment. In some cases, the theory is explicit. When the nominal rate …-developed account of turnover, wage determination, and unemployment. The DMP model is a clashing theory of unemployment, in the sense …
Persistent link: https://www.econbiz.de/10009147968
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The General Theory of Employment, Interest, and Money After 75 Years: The Importance of Being in the Right Place at the Right Time
Ohanian, Lee Edward; Luzzetti, Matthew N. - National Bureau of Economic Research (NBER) - 2010
This paper studies why the General Theory had so much impact on the economics profession through the 1960s, why that … impact began to wane in the 1970s, and why many economic policymakers cling to many of the tenets of the General Theory. We … qualitatively to patterns discussed in the General Theory, that econometric developments in the area of simultaneous equations made …
Persistent link: https://www.econbiz.de/10008776826
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Aggregate Demand, Idle Time, and Unemployment
Saez, Emmanuel; Michaillat, Pascal - National Bureau of Economic Research (NBER) - 2013
This paper develops a model of unemployment fluctuations. The model keeps the architecture of the general-disequilibrium model of Barro and Grossman (1971) but takes a matching approach to the labor and product markets instead of a disequilibrium approach. On the product and labor markets, both...
Persistent link: https://www.econbiz.de/10011144242
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Wealth and Volatility
Heathcote, Jonathan; Perri, Fabrizio - National Bureau of Economic Research (NBER) - 2015
Periods of low household wealth in United States macroeconomic history have also been periods of high business cycle volatility. This paper develops a simple model that can exhibit self-fulfilling fluctuations in the expected path for unemployment. The novel feature is that the scope for...
Persistent link: https://www.econbiz.de/10011189093
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The Idea of Antipoverty Policy
Ravallion, Martin - National Bureau of Economic Research (NBER) - 2013
How did we come to think that eliminating poverty is a legitimate goal for public policy? What types of policies have emerged in the hope of attaining that goal? The last 200 years have witnessed a dramatic change in thinking about poverty. Mainstream economic thinking in the 18th century held...
Persistent link: https://www.econbiz.de/10010951259