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Asymmetric Information and Employment Fluctuations

Bruegemann, Bjoern; Moscarini, Giuseppe - Society for Economic Dynamics - SED - 2006

Shimer (2005) showed that a standard search and matching model of the labor market fails to generate fluctuations of unemployment and vacancies of the magnitude observed in US data in response to shocks to average labor productivity of plausible magnitude. He also suggested that wage...

Persistent link: https://www.econbiz.de/10005069277

The European Unemployment Experience: Theoretical Robustness

Sargent, Thomas J.; Ljungqvist, Lars - Society for Economic Dynamics - SED - 2005

Persistent link: https://www.econbiz.de/10005069374

Labor Market Dynamics under Long Term Wage Contracting

Rudanko, Leena - Society for Economic Dynamics - SED - 2005

Persistent link: https://www.econbiz.de/10005069388

The Missing Link: Product Market Regulation, Collective Bargaining and the European Unemployment Puzzle

Haefke, Christian; Ebell, Monique - Society for Economic Dynamics - SED - 2004

performance. First, we show that the choice of bargaining regime is crucial for the effect of product market competition on … institution is important, we endogenize it. When product market competition is low, collective bargaining emerges endogenously …, while individual bargaining emerges under higher competition. In the calibrated model, we find that increasing entry costs …

Persistent link: https://www.econbiz.de/10005069554

Real Price and Wage Rigidities in a Model with Matching Frictions

Kuester, Keith - Society for Economic Dynamics - SED - 2006

I reconcile macro- and micro-evidence on price-setting in a search and matching framework. Negotiation of wages substantially increases strategic complementarity of price-setting and thus real price rigidities which reduces implied price durations. This mechanism also dampens wage responses to...

Persistent link: https://www.econbiz.de/10005051218

Staggered Bargaining and Hours Worked

Danthine, Samuel; Auray, Stephane - Society for Economic Dynamics - SED - 2004

A matching model with labor/leisure choice and staggered bargaining is used to explain (i)differences in GDP per hour and GDP per capita, (ii) differences in employment, (iii) differences in the proportion of part-time work across countries. The model predicts that the higher the level of...

Persistent link: https://www.econbiz.de/10005027314

Leverage Choice and Credit Spread Dynamics when Managers Risk Shift

Carlson, Murray; Lazrak, Ali - Society for Economic Dynamics - SED - 2006

We develop a structural model of the leverage choices of risk-averse managers who are compensated with cash and stock. We further characterize credit spread dynamics over the life of the debt. Managers optimally balance the tax benefits of debt with the utility cost that results from their...

Persistent link: https://www.econbiz.de/10005090744

FDI Flows and Multinational Firm Activity

Antras, Pol; Desai, Mihir A.; Foley, Fritz - Society for Economic Dynamics - SED - 2006

How are foreign direct investment (FDI) flows and patterns of multinational firm (MNC) activity determined in a world with frictions in financial contracting and variations in institutional environments? As developers of technologies, MNCs have long been characterized as having comparative...

Persistent link: https://www.econbiz.de/10005051205

Debt Dynamics

Hennessy, Christopher; Whited, Toni - Society for Economic Dynamics - SED - 2004

We develop a dynamic model with endogenous choice of leverage, distributions, and real investment in the presence of a graduated corporate income tax, individual taxes on interest and corporate distributions, costs of financial distress, and equity flotation costs. The dynamic trade-off...

Persistent link: https://www.econbiz.de/10005051416

Capital Gains Taxes, Irreversible Investment, and Capital Structure

Schuerhoff, Norman - Society for Economic Dynamics - SED - 2004

Personal taxation can be an important determinant of corporate investment and financing decisions if the marginal investor is taxed. I develop a dynamic capital budgeting model under realization-based capital gains taxation that highlights distinct cross-sectional and time-series implications....

Persistent link: https://www.econbiz.de/10005027285

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