Showing 151 - 160 of 3,871
Using plant-level data from Chile and the U.S. we show that investment spikes are highly pro-cyclical, so much so that changes in the number of establishments undergoing investment spikes (the quot;extensive marginquot;) account for the bulk of variation in aggregate investment. The number of...
Persistent link: https://www.econbiz.de/10012776807
-aged individuals. Understanding the mechanism underlying this observation is key to explaining the volatility of aggregate hours over …
Persistent link: https://www.econbiz.de/10012757916
Most major American industrial business cycles from around 1880 to the First World War were caused by fluctuations in the size of the cotton harvest due to economically exogenous factors such as weather. Wheat and corn harvests did not affect industrial production; nor did the cotton harvest...
Persistent link: https://www.econbiz.de/10012757928
This paper shows that proximity to major international financial centers seems to reduce business cycle volatility. In …
Persistent link: https://www.econbiz.de/10012758390
1990s and thereafter. U.S. data also show a secular decline in the job destruction rate and the volatility of firm … relationship of job destruction and business volatility to unemployment flows. We find strong evidence that declines in the …
Persistent link: https://www.econbiz.de/10012758431
We study the effects of on-the-job skill accumulation on average hours worked by age and the volatility of hours over … volatility of hours over the life cycle depends on the value of the intertemporal elasticity of labor supply. When individuals … accumulate skills by on-the-job training, there are only weak effects on both the steady-state labor supply and its volatility …
Persistent link: https://www.econbiz.de/10012759693
How do financial frictions affect the response of an economy to aggregate shocks? In this paper, we address this question, focusing on liquidity constraints and uninsurable idiosyncratic risk. We consider a search model where agents use liquid assets to smooth individual income shocks. We show...
Persistent link: https://www.econbiz.de/10012759970
Spontaneous shifts in output originating within the business sector are an important factor in aggregate fluctuations. This paper develops a simple two-component decomposition of the movement of real GNP. One component is the path that GNP would have followed in order to deliver the volume of...
Persistent link: https://www.econbiz.de/10012760156
Is monetary policy less effective at increasing real output during periods of high volatility than during normal times …? In this paper, I argue that greater volatility leads to an increase in aggregate price flexibility so that nominal … stimulus mostly generates inflation rather than output growth. To do this, I construct price-setting models with "volatility …
Persistent link: https://www.econbiz.de/10013080209
-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVSt is high when perceived risk …
Persistent link: https://www.econbiz.de/10013322228