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Hyperbolic discounting and positive optimal inflation
Graham, Liam; Snower, Dennis J. - 2011
The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...
Persistent link: https://www.econbiz.de/10009306325
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Envy, guilt, and the Phillips curve
Ahrens, Steffen; Snower, Dennis J. - 2012
We incorporate inequity aversion into an otherwise standard New Keynesian dynamic equilibrium model with Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high incomes experience guilt. The former seek to raise their...
Persistent link: https://www.econbiz.de/10009530187
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Employment cyclicality and firm quality
Kahn, Lisa B.; McEntarfer, Erika - 2014
different consequences for the costs of recessions. Using U.S. employer-employee data, we find that employment growth at low … that while during recessions separations fall in both high-paying and low-paying firms, the decline is stronger among low …
Persistent link: https://www.econbiz.de/10010436157
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From mancession to shecession: women's employment in regular and pandemic recessions
Alon, Titan; Coskun, Sena; Doepke, Matthias; Koll, David; … - 2021
. Whereas recent recessions in advanced economies usually had a disproportionate impact on men's employment, giving rise to the …
Persistent link: https://www.econbiz.de/10012493353
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Lives saved during economic downturns: evidence from Australia
Atalay, Kadir; Edwards, Rebecca; Schurer, Stefanie; … - 2020
than good due to the economic contraction, despite a large literature that finds mortality rates decline during recessions …
Persistent link: https://www.econbiz.de/10012294848
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This time it's different: the role of women's employment in a pandemic recession
Alon, Titan; Doepke, Matthias; Olmstead-Rumsey, Jane; … - 2020
In recent US recessions, employment losses have been much larger for men than for women. Yet, in the current recession …
Persistent link: https://www.econbiz.de/10012258294
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The long-run effects of recessions on education and income
Stuart, Bryan A. - 2019
This paper examines the long-run effects of the 1980-1982 recession on education and income. Using confidential Census data, I estimate difference-in-differences regressions that exploit variation across counties in recession severity and across cohorts in age at the time of the recession. For...
Persistent link: https://www.econbiz.de/10012022789
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Bad times, bad jobs? : how recessions affect early career trajectories
Mahajan, Parag; Patki, Dhiren; Stüber, Heiko - 2024
Workers who enter the labor market during recessions experience lasting earnings losses, but the role of non … labor market entry during recessions generates a 5 percent reduction in earnings cumulated over the first decade of …-pay amenities. Purely pecuniary estimates can therefore overstate the welfare costs of labor market entry during recessions. …
Persistent link: https://www.econbiz.de/10014507844
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Worker churn and employment growth at the establishment level
Bachmann, Ruediger; Bayer, Christian; Merkl, Christian; … - 2017
We study the relationship between employment growth and worker flows in excess of job flows (churn) at the establishment level using the new German AWFP dataset spanning from 1975-2014. Churn is above 5 percent of employment along the entire employment growth distribution and most pronounced at...
Persistent link: https://www.econbiz.de/10011737495
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Optimal fiscal policy with labor selection
Chugh, Sanjay K.; Lechthaler, Wolfgang; Merkl, Christian - 2018
This paper characterizes long-run and short-run optimal fiscal policy in the labor selection framework. In a calibrated non-Ramsey decentralized equilibrium, labor market volatility is inefficient. Keeping fixed the structural parameters, the Ramsey government achieves efficient labor market...
Persistent link: https://www.econbiz.de/10011872840