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How well equipped are today's macroprudential regimes to deal with a re-run of the factors that led to the global financial crisis? We argue that a large proportion of the fall in US GDP associated with the crisis can be explained by two factors: the fragility of financial sector — represented...
Persistent link: https://www.econbiz.de/10012913372
Using matched microdata for the UK, I estimate two distinct channels via which credit supply shocks affect mortgage debt: one that operates through price conditions in credit markets; and another that operates through non-price credit conditions and affects the quantity of credit supplied by...
Persistent link: https://www.econbiz.de/10013220989
' ‘search intensity' that is recovered from micro-data on individual unemployment-to-employment transitions, in line with recent …
Persistent link: https://www.econbiz.de/10012950327
that long-term unemployment is only weakly related to inflation depends on the assumption of linearity in the Phillips … curve. Specifically, once convexity is allowed for during the estimation process, long-term unemployment appears to have a … significant negative influence on wage inflation, whereas in a linear Phillips curve model it is only the short-term unemployment …
Persistent link: https://www.econbiz.de/10013039936
When the economy is in a liquidity trap and households have a precautionary motive to save against unemployment risk … unemployment risk and decline in demand. As a result, market incompleteness may alleviate contractions in output and inflation …
Persistent link: https://www.econbiz.de/10013226757
fluctuations of vacancies and unemployment in our model can replicate those observed in the US data, with labour market tightness … for the new hires and the calibration is consistent with the estimated elasticity of unemployment to unemployment benefits …
Persistent link: https://www.econbiz.de/10013142668
Skill erosion during unemployment was of particular concern as unemployment duration increased in the Great Recession … unemployment pool's skill composition, and hence the output produced by other firms' new hires. As a consequence, job creation is …
Persistent link: https://www.econbiz.de/10013048390
When workers are exposed to human capital depreciation during periods of unemployment, hiring affects the unemployment … during unemployment into an otherwise standard New Keynesian model with search frictions in the labour market leads to the …
Persistent link: https://www.econbiz.de/10013045106
Household debt and house prices in the United Kingdom rose substantially between 1987 and 2006. In this paper we use a calibrated overlapping generations model of the household sector to examine the extent to which changes in demographics, lower inflation, and a lower long-run real interest rate...
Persistent link: https://www.econbiz.de/10013146979
Using a long span of expenditure survey data and a new narrative measure of exogenous income tax changes for the United Kingdom, we show that households with mortgage debt exhibit large and persistent consumption responses to changes in their income. Homeowners without a mortgage, in contrast,...
Persistent link: https://www.econbiz.de/10013055930