, Gibbons and Murphy (2002). -- aggregate welfare ; theory of the firm ; relational contracting ; firm heterogeneity …

market sorting, and aggregate shocks. In response to a positive productivity shock, incentives to sort increase … disproportionately. Firms respond by posting additional vacancies, and the strength of the response is increasing in firm productivity …

trade result in an asymmetric reaction to an otherwise symmetric shock. In this context, we show that oil price shocks can …

This paper examines the nonlinear propagation of sectoral productivity shocks in a general equilibrium framework with … in the aggregate propagation of sectoral productivity shocks with variable elasticities than with constant elasticities …. The results of sectoral productivity shocks on cross-country income convergence between 2005 and 2011 are robust across …

Satiation of need is generally ignored by growth theory. I study a model where consumers may be satiated in any given …

that the employment rate is slow to converge to its steady state value after a monetary shock. The after-effects of a shock … continue to exert an effect on the labor market even long after the shock is over. The sluggishness of the labor market … translates to the product market and thus the output effects of the monetary shock become more persistent. Under reasonable …