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Firm entry and macroeconomic dynamics : a state-level analysis

Gourio, François; Messer, Todd; Siemer, Michael - 2016

Using an annual panel of US states over the period 1982-2014, we estimate the response of macroeconomic variables to a shock to the number of new firms (startups). We find that these shocks have significant effects that persist for many years on real GDP, productivity, and population. This...

Persistent link: https://www.econbiz.de/10011500393

Downward nominal wage rigidity in the United States during and after the Great Recession

Fallick, Bruce; Lettau, Michael K.; Wascher, William L. - 2015

on wage flexibility in the United States and elsewhere has focused on the possibility of downward nominal wage rigidity … survey collected by the Bureau of Labor Statistics to investigate the extent to which downward nominal wage rigidity is … present in U.S. labor markets. We use several distinct methods proposed in the literature to test for downward nominal wage …

Persistent link: https://www.econbiz.de/10011499645

Unemployment and endogenous reallocation over the business cycle

Carrillo-Tudela, Carlos; Visschers, Ludo - 2013

We build an analytically and computationally tractable stochastic equilibrium model of unemployment in heterogeneous labor markets. Facing search frictions within markets and reallocation frictions between markets, workers endogenously separate from employment and endogenously reallocate between...

Persistent link: https://www.econbiz.de/10010291522

Green Stimulus in a Post-Pandemic Recovery : The Role of Skills for a Resilient Recovery

Chen, Ziqiao - 2020

As nations struggle to restart their economy after COVID-19 lockdowns, calls to include green investments in a pandemic-related stimulus are growing. Yet little research provides evidence of the effectiveness of a green stimulus. We begin by summarizing recent research on the effectiveness of...

Persistent link: https://www.econbiz.de/10012828122

Macro risks and the term structure of interest rates

Bekaert, Geert; Engstrom, Eric; Ermolov, Andrey - 2017

We use non-Gaussian features in U.S. macroeconomic data to identify aggregate supply and demand shocks while imposing minimal economic assumptions. Recessions in the 1970s and 1980s were driven primarily by supply shocks, later recessions were driven primarily by demand shocks, and the Great...

Persistent link: https://www.econbiz.de/10011709342

Investment Under Rational Inattention : Evidence from US Sectoral Data

Zorn, Peter - 2020

Macroeconomic and sector-specific shocks exert differential effects on investment in disaggregate sectoral data. The response to macroeconomic shocks is hump-shaped, just as in aggregate data. The effects of sectoral innovations decrease monotonically. A calibrated model of investment with...

Persistent link: https://www.econbiz.de/10012827670

Shocks, Frictions, and Inequality in US Business Cycles

Bayer, Christian - 2020

How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and...

Persistent link: https://www.econbiz.de/10012841741

Uncertainty and Monetary Policy in Good and Bad Times : A Replication of the VAR Investigation by Bloom (2009)

Caggiano, Giovanni - 2020

This paper revisits the well-known VAR evidence on the real effects of uncertainty shocks by Bloom (Econometrica 2009(3): 623-685. doi: 10.3982/ECTA6248). We replicate the results in a narrow sense using Eviews. In a wide sense, we extend his study by working with a smooth transition-VAR...

Persistent link: https://www.econbiz.de/10012824829

Earnings shocks and stabilization during COVID-19

Larrimore, Jeff; Mortenson, Jacob; Splinter, David - 2021

Persistent link: https://www.econbiz.de/10012609490

Earnings business cycles : the Covid recession, recovery, and policy response

Larrimore, Jeff; Mortenson, Jacob; Splinter, David - 2022

Persistent link: https://www.econbiz.de/10014282950