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On the neutrality of credit-driven asset bubbles

Reicher, Christopher Phillip - 2011

This paper proposes and tests a theory of credit-driven asset bubbles which are neutral in their real effects. When a lender such as a government, central bank, or banking sector is willing to lend infinitely against collateral, explosive asset bubbles can form which exactly offset a bubble in...

Persistent link: https://www.econbiz.de/10008904609

The relationship between oil prices and long-term interest rates

Reicher, Christopher Phillip; Utlaut, Johannes - 2010

We estimate a seven-variable-VAR for the U.S. economy on postwar data using long-run restrictions, taking changes in long-run interest rates and inflation expectations into account. We find a strong connection between oil prices and long-run nominal interest rates which has lasted throughout the...

Persistent link: https://www.econbiz.de/10003983006

An estimated fiscal Taylor rule for the postwar United States

Reicher, Christopher Phillip - 2011

This paper documents the systematic response of postwar U.S. fiscal policy to fiscal imbalances and the business cycle using a multivariate Fiscal Taylor Rule. Adjustments to taxes and purchases both account for a large portion of the fiscal response to debt, while authorities seem reluctant to...

Persistent link: https://www.econbiz.de/10009152534

Hiring chains and the dynamic behavior of job and worker flows

Reicher, Christopher Phillip - 2011

flows are strongly related to aggregate employment growth, while worker flows are strongly related to employment growth and … employment growth. Worker flows are related to both employment growth and the unemployment rate, and quits and hires are …

Persistent link: https://www.econbiz.de/10009152777

Sticky wages in search and matching models in the short and long run

Reicher, Christopher Phillip - 2011

This paper documents the short run and long run behavior of the search and matching model with staggered Nash wage bargaining. It turns out that there is a strong tradeoff inherent in assuming that previously bargained sticky wages apply to new hires. If sticky wages apply to new hires, then the...

Persistent link: https://www.econbiz.de/10009232255

A tale of two countries: a comparison of the aggregate effects of sectoral reallocation in the United States and Germany

Reicher, Christopher Phillip - 2011

stochastic volatility model of sectoral employment growth. Reallocative shocks have no effect on the natural rate of unemployment …

Persistent link: https://www.econbiz.de/10009232258

The aggregate effects of long run sectoral reallocation

Reicher, Christopher Phillip - 2011

In this paper, I estimate a series of long run reallocative shocks to sectoral employment using a stochastic volatility … model of sectoral employment growth for the United States from 1960 through 2011. Reallocative shocks (which primarily …

Persistent link: https://www.econbiz.de/10009232259

What can a New Keynesian labor matching model match?

Reicher, Christopher Phillip - 2009

. However, it cannot explain much of the behavior of employment, vacancies, and job flows in postwar US data without resorting …. Productivity shocks can account for some of the pattern in labor's share and in employment between the late 1960s and the early …

Persistent link: https://www.econbiz.de/10003826579

A simple decomposition of the variance of output growth across countries

Reicher, Christopher Phillip - 2011

employment to cyclical output growth across a panel of countries. Measured productivity contributes more to the cycle in Europe … and Japan than in the United States. Employment contributes the largest proportion of the cycle in Europe and the United … States (but not Japan), which is inconsistent with the idea that higher levels of employment protection in Europe dampen …

Persistent link: https://www.econbiz.de/10009127619