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Business cycle effects of credit and technology shocks in a DSGE model with firm defaults
Pesaran, M. Hashem; Xu, TengTeng - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle dynamics, where firms rely on banks and households for capital financing. Firms are identical ex ante but differ ex post due to different realizations of firm specific technology...
Persistent link: https://www.econbiz.de/10009488413
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How does the economic uncertainty affect asset prices under normal and financial distress times?
Balcilar, Mehmet; Ozdemir, Zeynel Abidin; Ozdemir, Huseyin - 2022
By using a nonlinear VAR model, we investigate whether the response of the US stock and housing markets to uncertainty shocks depends on financial conditions. Our model allows us to change the response of the US financial markets to volatility shocks in periods of normal and financial distress....
Persistent link: https://www.econbiz.de/10013198932
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Uncovering the mechanism(s): financial constraints and wages
Arabzadeh, Hamzeh; Balleer, Almut; Gehrke, Britta - 2020
How do wages respond to financial recessions? Based on a dynamic macroeconomic model with frictions in the labor and the financial market, we address two prominent mechanism through which firms' financial constraints amplify unemployment and explore their effect on wages. First, the financial...
Persistent link: https://www.econbiz.de/10012389827
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Produce or speculate? : asset bubbles, occupational choice and efficiency
Cahuc, Pierre; Challe, Edouard - 2009
We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading requires specialized intermediaries and where agents freely choose between working in the production or in the financial sector. Frictions in the market for deposits create...
Persistent link: https://www.econbiz.de/10003926432
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The long run earnings effects of a credit market disruption
Adamopoulou, Effrosyni; De Philippis, Marta; Sette, Enrico - 2020
This paper studies the long term consequences on workers' labour earnings of the credit crunch induced by the 2007-2008 financial crisis. We study the evolution of both employment and wages in a large sample of Italian workers followed for nine years after the start of the crisis. We rely on a...
Persistent link: https://www.econbiz.de/10012207357
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Who bears the welfare costs of monopoly?the case of the credit card industry
Herkenhoff, Kyle; Raveendranathan, Gajendran - 2019
How are the welfare costs from monopoly distributed across U.S. households? We answer this question for the U.S. credit card industry, which is highly concentrated, charges interest rates that are 3.4 to 8.8 percentage points above perfectly competitive pricing, and has repeatedly lost antitrust...
Persistent link: https://www.econbiz.de/10012147023
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Wage rigidity and disinflation in emerging countries
Messina, Julián; Sanz de Galdeano, Anna - 2011
, Brazil and Uruguay, relying on high quality matched employer-employee administrative data. Downward nominal wage rigidities … are more important in Uruguay, while wage indexation is dominant in Brazil. Two regime changes are observed during the … sample period, 1995-2004: (i) in Uruguay wage indexation declines, while workers' resistance to nominal wage cuts becomes …
Persistent link: https://www.econbiz.de/10009309697
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Equality under threat by the talented : evidence from worker-managed firms
Burdín, Gabriel - 2013
Are high-ability individuals more likely to quit egalitarian regimes? Does the threat of exit by talented individuals restrict the redistributive capacity of democratic organizations? This paper revisits that long-standing debate by analyzing the interplay between compensation structure and quit...
Persistent link: https://www.econbiz.de/10010229493
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The effect of access to information and communication technology on household labor income : evidence from one laptop per child in Uruguay
Marandino, Joaquin; Wunnava, Phanindra V. - 2014
This paper examines the effect of the One Laptop Per Child program in Uruguay [Plan Ceibal] on household labor income … Statistics in Uruguay, a difference-in-difference model is estimated to capture the effect of the plan of giving laptops on labor …
Persistent link: https://www.econbiz.de/10010398724
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The impact of a one laptop per child program on learning : evidence from Uruguay
Melo, Gioia de; Machado, Alina; Miranda, Alfonso - 2014
program and the only one implemented at a national scale: Plan Ceibal in Uruguay. Unlike previous work in the field, we have … located in Montevideo and the rest of Uruguay. Our results suggest that the program had no effects on math and reading scores …
Persistent link: https://www.econbiz.de/10010408820