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Aggregation in Large Dynamic Panels
Pesaran, M. Hashem - 2011
Carlo experiments, where we also study the estimation of the aggregate effects of micro and macro shocks. The paper …
Persistent link: https://www.econbiz.de/10013129942
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Estimating Who Benefits from Productivity Growth : Direct and Indirect Effects of City Manufacturing TFP Growth on Wages, Rents, and Inequality
Hornbeck, Richard - 2019
We estimate direct and indirect effects of total factor productivity growth in manufacturing on US workers' earnings, housing costs, and purchasing power. Drawing on four alternative instrumental variables, we consistently find that when a city experiences productivity gains in manufacturing,...
Persistent link: https://www.econbiz.de/10012870205
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Lumpy Price Adjustments : A Microeconometric Analysis
Dhyne, Emmanuel; Fuss, Catherine; Pesaran, M. Hashem; … - 2021
This paper presents a simple model of state-dependent pricing that allows identification of the relative importance of the degree of price rigidity that is inherent to the price setting mechanism (intrinsic) and that which is due to the price's driving variables (extrinsic). Using two data sets...
Persistent link: https://www.econbiz.de/10013317064
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Some Evidence on the Importance of Sticky Wages
Barattieri, Alessandro - 2010
Nominal wage stickiness is an important component of recent medium-scale structural macroeconomic models, but to date there has been little microeconomic evidence supporting the assumption of sluggish nominal wage adjustment. We present evidence on the frequency of nominal wage adjustment using...
Persistent link: https://www.econbiz.de/10013141226
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Trade and Worker Deskilling
Dhingra, Swati - 2019
This paper presents new evidence on international trade and worker outcomes. It examines a big world event that … produced an unprecedentedly large shock to the UK exchange rate. In the 24 hours in June 2016 during which the UK electorate … occurred in any of the world's four major currencies since the collapse of Bretton Woods. Exploiting this variation, the paper …
Persistent link: https://www.econbiz.de/10012868799
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Business Cycle Effects of Credit and Technology Shocks in a DSGE Model with Firm Defaults
Pesaran, M. Hashem - 2011
financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …
Persistent link: https://www.econbiz.de/10013119292
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Consumption Inequality and Family Labor Supply
Blundell, Richard W. - 2012
In this paper we examine the link between wage inequality and consumption inequality using a life cycle model that incorporates household consumption and family labor supply decisions. We derive analytical expressions based on approximations for the dynamics of consumption, hours, and earnings...
Persistent link: https://www.econbiz.de/10013099401
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Happiness and the Persistence of Income Shocks
Bayer, Christian - 2012
novel two-step estimation procedure that allows applying instrumental variable regressions with ordinal observable data. As …
Persistent link: https://www.econbiz.de/10013099795
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Identifying Regional Labor Demand Shocks Using Sign Restrictions
Juessen, Falko - 2012
We propose using sign restrictions to identify regional labor demand shocks in a panel VAR of US federal states. Observed migration responds significantly, but less persistently than the residual-based migration measure constructed by Blanchard and Katz (1992)
Persistent link: https://www.econbiz.de/10013099800
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Innocent Bystanders? Monetary Policy and Inequality in the U.S
Coibion, Olivier - 2012
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures....
Persistent link: https://www.econbiz.de/10013104935