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Fiscal multipliers in the COVID-19 recession

Auerbach, Alan J.; Gorodnichenko, Yuriy; McCrory, Peter B. - 2021

In response to the record-breaking COVID19 recession, many governments have adopted unprecedented fiscal stimuli. While countercyclical fiscal policy is effective in fighting conventional recessions, little is known about the effectiveness of fiscal policy in the current environment with...

Persistent link: https://www.econbiz.de/10012705410

Measuring what employers really do about entry wages over the business cycle

Martins, Pedro S.; Solon, Gary; Thomas, Jonathan P. - 2010

unemployment rate is one percentage point lower. Like most recent evidence on other aspects of wage cyclicality, our results … suggest that the cyclical elasticity of wages is similar to that of employment. -- Real wage cyclicality ; entry wages …

Persistent link: https://www.econbiz.de/10003940317

Amerisclerosis? : the puzzle of rising US unemployment persistence

Coibion, Olivier; Gorodnichenko, Yuriy; Koustas, Dmitri - 2013

consistent with four other cyclical patterns which have evolved since the early 1980s: a rising cyclicality in long …-term unemployment, lower regional convergence after downturns, rising cyclicality in disability claims, and missing disinflation. These …

Persistent link: https://www.econbiz.de/10010207304

Real and nominal wage rigidity in a model of equal-treatment contracting

Martins, Pedro S.; Snell, Andy; Thomas, Jonathan P. - 2009

Following insights by Bewley (1999a), this paper analyses a model with downward rigidities in which firms cannot pay discriminate based on a year of entry to a firm, and develops an equilibrium model of wages and unemployment. We solve for the dynamics of wages and unemployment under conditions...

Persistent link: https://www.econbiz.de/10003879380

Demand stimulus as social policy

Auerbach, Alan J.; Gorodnichenko, Yuriy; Murphy, Daniel P. - 2022

We exploit a panel of city-level data with rich demographic information to estimate the distributional effects of Department of Defense spending and its effects on a range of social outcomes. The income generated by defense spending accrues predominantly to households without a bachelor's...

Persistent link: https://www.econbiz.de/10013380443

The finnish great depression : from Russia with love

Gorodnichenko, Yuriy; Mendoza, Enrique G.; Tesar, Linda L. - 2009

During the period 1991-93, Finland experienced the deepest economic downturn in an industrialized country since the 1930s. We argue that the culprit behind this Great Depression was the collapse of Finnish trade with the Soviet Union, because it induced a costly restructuring of the...

Persistent link: https://www.econbiz.de/10003831152

The subjective inflation expectations of households and firms : measurement, determinants, and implications

Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - 2022

Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households' and firms' economic...

Persistent link: https://www.econbiz.de/10013271201

How did U.S. consumers use their stimulus payments

Coibion, Olivier; Gorodnichenko, Yuriy; Weber, Michael - 2020

Using a large-scale survey of U.S. consumers, we study how the large one-time transfers to individuals from the CARES Act affected their consumption, saving and labor supply decisions. Most respondents report that they primarily saved or paid down debts with their transfers, with only about 15...

Persistent link: https://www.econbiz.de/10012266918

Heterogeneity in real wage cyclicality

Martins, Pedro S. (contributor) - 2007

This paper presents evidence that real wage cyclicality can be a particularly heterogeneous parameter, depending on … than during expansions, resulting in relatively moderate overall levels of cyclicality (about -0.6). However, most of the … business cycle. Moreover, movers between firms typically display higher cyclicality than workers that stay in the same firm …

Persistent link: https://www.econbiz.de/10003591478

Should the maximum duration of fixed-term contracts increase in recessions? : evidence from a law reform

Martins, Pedro S. - 2016

Fixed-term contracts (FTCs) may be an important tool to promote hirings and employment, particularly in recessions or when permanent contracts are costly. Therefore, it may be useful to let some of the legal parameters of FTCs (as well as those of other labour market institutions) vary...

Persistent link: https://www.econbiz.de/10011532552