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Financing Constraints, Employment, and Labor Compensation : Evidence from the Subprime Mortgage Crisis
Popov, Alexander A. - 2015
credit relationships with affected banks experienced a significant decline in employment and in labor compensation relative … to firms whose credit relationships were with healthy banks. We also find that the employment effect increases, and the … wage effect decreases with firm size. The decline in employment at firms attached to affected banks appears to be more long …
Persistent link: https://www.econbiz.de/10013019626
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Productivity and job flows: heterogeneity of new hires and continuing jobs in the business cycle
Kilponen, Juha; Vanhala, Juuso - 2009
This paper focuses on tenure driven productivity dynamics of a firm-worker match as a potential explanation of "unemployment volatility puzzle". We let new matches and continuing jobs differ by their productivity levels and by their sensitivity to aggregate productivity shocks. As a result, new...
Persistent link: https://www.econbiz.de/10011605126
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What’s Going on Behind the Euro Area Beveridge Curve(s)?
Bonthuis, Boele - 2013
employment losses, especially in some sectors. The extent to which the rise in unemployment and particularly long …
Persistent link: https://www.econbiz.de/10013077231
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On-the-Job Search and the Cyclical Dynamics of the Labor Market
Krause, Michael U.; Lubik, Thomas A. - 2021
We show how on-the-job search and the propagation of shocks to the economy are intricately linked. Rising search by employed workers in a boom amplifies the incentives of firms to post vacancies. In turn, more vacancies increases job search. By keeping job creation costs low for firms,...
Persistent link: https://www.econbiz.de/10013318926
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The Effects of Monetary Policy on Unemployment Dynamics Under Model Uncertainty : Evidence from the US and the Euro Area
Altavilla, Carlo; Ciccarelli, Matteo - 2021
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...
Persistent link: https://www.econbiz.de/10013316324
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Joint Estimation of the Natural Rate of Interest, the Natural Rate of Unemployment, Expected Inflation, and Potential Output
Benati, Luca; Vitale, Giovanni - 2021
We jointly estimate the natural rate of interest, the natural rate of unemployment, expected inflation, and potential output for the Euro area, the United States, Sweden, Australia, and the United Kingdom. Particular attention is paid to time-variation in (i) the data-generation process for...
Persistent link: https://www.econbiz.de/10013316896
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Robust Monetary Policy With Imperfect Knowledge
Orphanides, Athanasios; Williams, John C. - 2021
We examine the performance and robustness properties of monetary policy rules in an estimated macroeconomic model in which the economy undergoes structural change and where private agents and the central bank possess imperfect knowledge about the true structure of the economy. Policymakers...
Persistent link: https://www.econbiz.de/10013317050
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An Area-Wide Real-Time Database for the Euro Area
Giannone, Domenico - 2010
This paper describes how we constructed a real-time database for the euro area covering more than 200 series regularly published in the European Central Bank Monthly Bulletin, as made available ahead of publication to the Governing Council members before their first meeting of the month. We...
Persistent link: https://www.econbiz.de/10013149408
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Hysteresis in Unemployment : Evidence from OECD Estimates of the Natural Rate
Ball, Laurence; Onken, Joern - 2021
This paper studies the dynamics of unemployment (u) and its natural rate (u*), with u* measured by real-time estimates for 29 countries from the OECD. We find strong evidence of hysteresis: an innovation in u causes u* to change in the same direction, and therefore has permanent effects. For our...
Persistent link: https://www.econbiz.de/10013312060
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How Exporters Set Prices : Evidence from a Large Behavioural Survey
Parker, Miles - 2017
This paper uses a survey of 1281 New Zealand exporters to investigate the role of firm characteristics in setting export prices. Larger, and more productive firms, are more likely to differentiate prices across markets. Primary sector firms are more likely to price to market than firms in other...
Persistent link: https://www.econbiz.de/10012963953