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A Theory of Labor Markets with Inefficient Turnover

Blanco, Andres; Drenik, Andres; Moser, Christian; … - National Bureau of Economic Research - 2024

We develop a theory of labor markets with four features: search frictions, worker productivity shocks, wage rigidity, and two-sided lack of commitment. Inefficient job separations occur in the form of endogenous quits and layoffs that are unilaterally initiated whenever a worker's...

Persistent link: https://www.econbiz.de/10014544688

Generalizing the Taylor principle

Davig, Troy; Leeper, Eric M. - In: The American economic review 97 (2007) 3, pp. 607-635

Persistent link: https://www.econbiz.de/10003505513

Can Central Banks Target Bond Prices?

Kuttner, Kenneth - 2006

This paper addresses the possible role of bond prices as operating or intermediate targets for monetary policy. The paper begins with a brief review of the mechanisms through which a central bank could, in theory, influence long-term interest rates, and continues with a brief narrative overview...

Persistent link: https://www.econbiz.de/10012466210

Generalizing the Taylor Principle

Davig, Troy - 2005

The paper generalizes the Taylor principle---the proposition that central banks can stabilize the macroeconomy by raising their interest rate instrument more than one-for-one in response to higher inflation---to an environment in which reaction coefficients in the monetary policy rule evolve...

Persistent link: https://www.econbiz.de/10012466797

Asset fire sales and credit easing

Shleifer, Andrei; Vishny, Robert W. - In: The American economic review 100 (2010) 2, pp. 46-50

Persistent link: https://www.econbiz.de/10008746420

Asset Fire Sales and Credit Easing

Shleifer, Andrei - 2010

credit easing, defined as a combination of lending to financial institutions, providing liquidity directly to key credit …

Persistent link: https://www.econbiz.de/10012462998

Crisis and Responses : the Federal Reserve and the Financial Crisis of 2007-2008

Cecchetti, Stephen G. - 2008

ensuring that liquidity would be distributed to those institutions that needed it most. Conceptually, this meant America …

Persistent link: https://www.econbiz.de/10012464512

Liquidity Effects, Monetary Policy, and the Business Cycle

Eichenbaum, Martin - 1992

This paper presents new empirical evidence to support the hypothesis that positive money supply shocks drive short-term interest rates down. We then present a quantitative, general equilibrium model which is consistent with the hypothesis. The two key features of our model are that (i) money...

Persistent link: https://www.econbiz.de/10012474841

Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms

Gertler, Mark - 1991

We present evidence on the cyclical behavior of small versus large manufacturing firms, and on the response of the two classes of firms to monetary policy. Our goal is to take a step toward quantifying the role of credit market imperfections in the business cycle and in the monetary transmission...

Persistent link: https://www.econbiz.de/10012475095

Liquidity, Business Cycles, and Monetary Policy

Kiyotaki, Nobuhiro - 2012

The paper presents a model of a monetary economy where there are differences in liquidity across assets. Money … on assets, reflecting their differences in liquidity. The model is used, first, to investigate how aggregate activity and … asset prices fluctuate with shocks to productivity and liquidity; second, to examine what role government policy might have …

Persistent link: https://www.econbiz.de/10012460725

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