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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

Quantitative Effects of Fiscal Foresight

Leeper, Eric M. - 2010

Changes in fiscal policy typically entail two kinds of lags: the legislative lag--between when legislation is proposed and when it is signed into law--and the implementation lag--from when a new fiscal law is enacted and when it takes effect. These lags imply that substantial time evolves...

Persistent link: https://www.econbiz.de/10012462293

Anchoring Fiscal Expectations

Leeper, Eric M. - 2009

In this lecture, I argue that there are remarkable parallels between how monetary and fiscal policies operate on the macro economy and that these parallels are sufficient to lead us to think about transforming fiscal policy and fiscal institutions as many countries have transformed monetary...

Persistent link: https://www.econbiz.de/10012463382

What about Japan?

Chien, YiLi; Cole, Harold L.; Lustig, Hanno - National Bureau of Economic Research - 2023

Japan's low-rate policies on its government and households. Because of the duration mismatch on the government balance sheet …

Persistent link: https://www.econbiz.de/10014436981

Surprising Comparative Properties of Monetary Models : Results from a New Data Base

Taylor, John B. - 2009

In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new data base of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...

Persistent link: https://www.econbiz.de/10012463799

Fiscal Policy in the Age of COVID : Does it ‘Get in all of the Cracks?'

Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021

We study the effects of fiscal policy in response to the COVID-19 pandemic at the firm, sector, country and global level. First, we estimate the impact of COVID-19 and policy responses on small and medium sized enterprise (SME) business failures. We combine firm-level financial data from 50...

Persistent link: https://www.econbiz.de/10012629513

Macroeconomic Effects of Debt Relief : Consumer Bankruptcy Protections in the Great Recession

Auclert, Adrien - 2019

This paper argues that the debt forgiveness provided by the U.S. consumer bankruptcy system helped stabilize employment levels during the Great Recession. We document that over this period, states with more generous bankruptcy exemptions had significantly smaller declines in non-tradable...

Persistent link: https://www.econbiz.de/10012479637

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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