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Investor Sophistication and Capital Income Inequality
Kacperczyk, Marcin; Nosal, Jaromir B.; Stevens, Luminita - National Bureau of Economic Research (NBER) - 2014
What contributes to the growing income inequality across U.S. households? We develop an information- based general … equilibrium model that links capital income derived from financial assets to a level of investor sophistication. Our model implies … income inequality between sophisticated and unsophisticated investors that is growing in investors' aggregate and relative …
Persistent link: https://www.econbiz.de/10010821926
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Animal Spirits, Financial Crises and Persistent Unemployment
Farmer, Roger E. A. - National Bureau of Economic Research (NBER) - 2011
This paper develops a rational expectations model with multiple equilibrium unemployment rates where the price of capital may be unbounded above. I argue that this property is an important feature of any rational-agent explanation of a financial crisis, since for the expansion phase of the...
Persistent link: https://www.econbiz.de/10009147529
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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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Reconstructing Macroeconomic Theory to Manage Economic Policy
Stiglitz, Joseph E. - National Bureau of Economic Research (NBER) - 2014
theory, and behavioral economics. The paper argues that any theory of deep downturns has to answer these questions: What is …
Persistent link: https://www.econbiz.de/10010951037
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An Economical Business-Cycle Model
Saez, Emmanuel; Michaillat, Pascal - National Bureau of Economic Research (NBER) - 2014
In recent decades, advanced economies have experienced low and stable inflation and long periods of liquidity trap. We construct an alternative business-cycle model capturing these two features by adding two assumptions to a money-in-the-utility-function model: the labor market is subject to...
Persistent link: https://www.econbiz.de/10010951069
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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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Aggregate Demand and Supply
Farmer, Roger E. A. - National Bureau of Economic Research (NBER) - 2007
This paper is part of a broader project that provides a microfoundation to the General Theory of J.M. Keynes. I call … this project 'old Keynesian economics' to distinguish it from new-Keynesian economics, a theory that is based on the idea … definitions of aggregate demand and supply found in the General Theory through the lens of a search theory of the labor market. I …
Persistent link: https://www.econbiz.de/10005084591
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Improper Churn: Social Costs and Macroeconomic Consequences
Caballero, Ricardo J; Hammour, Mohamad L. - National Bureau of Economic Research (NBER) - 1998
stochastic equilibrium model anchored with US evidence on gross factor flows and on rents in worker and firm income. We develop a …
Persistent link: https://www.econbiz.de/10005828490
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Financing Labor
Benmelech, Efraim; Bergman, Nittai K.; Seru, Amit - National Bureau of Economic Research (NBER) - 2011
Financial market imperfections can have significant impact on employment decisions of firms. We illustrate the economic importance of this channel by demonstrating that the responsiveness of employment decisions to firms' financial health is quantitatively similar to the much-studied...
Persistent link: https://www.econbiz.de/10009147531
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Financial Markets and Unemployment
Quadrini, Vincenzo; Trigari, Antonella; Monacelli, Tommaso - National Bureau of Economic Research (NBER) - 2011
We study the importance of financial markets for (un)employment fluctuations in a model with searching and matching frictions where firms issue debt under limited enforcement. Higher debt allows employers to bargain lower wages which in turn increases the incentive to create jobs. The...
Persistent link: https://www.econbiz.de/10009278245