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Decomposing Climate Risks in Stock Markets

Yang, Yuanchen - 2023

Climate change poses an unprecedented challenge to the world economy and the global financial system. This paper sets out to understand and quantify the impact of climate mitigation, with a focus on climate-related news, which represents an important information source that investors use to...

Persistent link: https://www.econbiz.de/10015059379

Asset Bubbles

Jones, Bradley - 2015

In distilling a vast literature spanning the rational- irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informationally-efficient, more complete, and more heavily influenced by sophisticated...

Persistent link: https://www.econbiz.de/10012686794

Firm Leverage and Boom-Bust Cycles

Sever, Can - 2023

in employment growth in the short-term, but employment growth declines in the medium-term. This pattern remains similar … that firm leverage buildups predict similar boom-bust growth cycles in firm employment: Firms with a larger increase in … leverage experience a boost in employment growth in the short-term, but employment growth decreases in the medium …

Persistent link: https://www.econbiz.de/10015059332

Green Bond Pricing and Greenwashing under Asymmetric Information

Schmittmann, Jochen M. - 2022

We analyze the corporate green bond market under a rational framework without an innate green preference, using a simple adverse selection model. Firms can use green bonds to signal their green credentials to investors. Transition risk stems from uncertainty over the introduction of carbon...

Persistent link: https://www.econbiz.de/10015059920

The Carrot and the Stock: In Search of Stock-Market Incentives for Decarbonization

Millischer, Laurent - 2022

Financial markets can support the transition to a low-carbon economy by redirecting funds from highly emissive to clean investments. We study whether European stock markets incorporate carbon prices in company valuations and to what degree they discriminate between firms with different carbon...

Persistent link: https://www.econbiz.de/10015059962

Inflation and Labor Markets: A Bottom-Up View

Chen, Sophia - 2024

U.S. inflation surged in 2021-22 and has since declined, driven largely by a sharp drop in goods inflation, though services inflation remains elevated. This paper zooms into services inflation, using proprietary microdata on wages to examine its relationship with service sector wage growth at...

Persistent link: https://www.econbiz.de/10015328366

Unraveling the Wage-Output Disconnect: The Role of Labor Market Power

Firat, Melih - 2024

In this paper, we theoretically and empirically explore the role of firm labor market power in the wage-output relationship. We start by laying out a theoretical model with imperfect labor mobility between firms and sectors, which implies upward-sloping labor supply curves that firms face,...

Persistent link: https://www.econbiz.de/10015080261

Monetary Policy Under Labor Market Power

Burya, Anastasia - 2022

Using the near universe of online vacancy postings in the U.S., we study the interaction between labor market power and monetary policy. We show empirically that labor market power amplifies the labor demand effects of monetary policy, while not disproportionately affecting wage growth. A search...

Persistent link: https://www.econbiz.de/10015060296

Does Public-Sector Employment Fully Crowd Out Private-Sector Employment?

Behar, Alberto - 2013

We quantify the extent to which public-sector employment crowds out private-sector employment using specially assembled … private-sector employment rates and high proportions of government-sector employment. Regressions of either private …-sector employment rates or unemployment rates on two measures of public-sector employment point to full crowding out. This means that …

Persistent link: https://www.econbiz.de/10014409429

Can policies affect employment intensity of growth? : a cross-country analysis

Crivelli, Ernesto; Furceri, Davide; Toujas-Bernaté, Joël - 2012

The aim of this paper is to provide new estimates of employment-output elasticities and assess the effect of structural … and macroeocnomic policies on the employment-intensity of growth. Using an unbalanced panel of 167 countries over the … reducing government size have a significant and positive impact on employment elasticities. In addition, the results also …

Persistent link: https://www.econbiz.de/10009621620