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Asset Pricing with Countercyclical Household Consumption Risk
Constantinides, George M.; Ghosh, Anisha - National Bureau of Economic Research (NBER) - 2014
We present evidence that shocks to household consumption growth are negatively skewed, persistent, countercyclical, and play a major role in driving asset prices. We construct a parsimonious model where heterogeneous households have recursive preferences and a single state variable drives the...
Persistent link: https://www.econbiz.de/10010951334
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Using Social Media to Measure Labor Market Flows
Shapiro, Matthew D.; Antenucci, Dolan; Cafarella, Michael; … - National Bureau of Economic Research (NBER) - 2014
signals. The University of Michigan Social Media Job Loss Index tracks initial claims for unemployment insurance at medium and …
Persistent link: https://www.econbiz.de/10010951238
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Unemployment in Latin America and the Caribbean
Ball, Laurence; Hofstetter, Marc; Roux, Nicolás De - National Bureau of Economic Research (NBER) - 2011
This study constructs a new data set on unemployment rates in Latin America and the Caribbean and then explores the … determinants of unemployment. We compare different countries, finding that unemployment is influenced by the size of the rural … unemployment over time, finding that they are caused by contractions in aggregate demand. These demand contractions result from …
Persistent link: https://www.econbiz.de/10009226779
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Business Volatility, Job Destruction, and Unemployment
Davis, Steven; Haltiwanger, John; Jarmin, Ron S.; … - National Bureau of Economic Research (NBER) - 2008
Unemployment inflows fell from 4 percent of employment per month in the early 1980s to 2 percent or less by the mid … parameter in search and matching models of unemployment. According to these models, a lower intensity of idiosyncratic shocks … produces less job destruction, fewer workers flowing through the unemployment pool and less frictional unemployment. To …
Persistent link: https://www.econbiz.de/10005088641
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The Brevity and Violence of Contractions and Expansions
Reis, Ricardo; McKay, Alisdair - National Bureau of Economic Research (NBER) - 2006
Early studies of business cycles argued that contractions in economic activity were briefer (shorter) and more violent (rapid) than expansions. This paper systematically investigates this claim and in the process discovers a robust new business cycle fact: expansions and contractions in output...
Persistent link: https://www.econbiz.de/10005050460
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Inequality Trends for Germany in the Last Two Decades: A Tale of Two Countries
Fuchs-Schuendeln, Nicola; Krueger, Dirk; Sommer, Mathias - National Bureau of Economic Research (NBER) - 2009
In this paper we first document inequality trends in wages, hours worked, earnings, consumption, and wealth for Germany from the last twenty years. We generally find that inequality was relatively stable in West Germany until the German unification (which happened politically in 1990 and in our...
Persistent link: https://www.econbiz.de/10005025631
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Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States, 1967-2006
Heathcote, Jonathan; Perri, Fabrizio; Violante, Giovanni L. - National Bureau of Economic Research (NBER) - 2009
We conduct a systematic empirical study of cross-sectional inequality in the United States, integrating data from the Current Population Survey, the Panel Study of Income Dynamics, the Consumer Expenditure Survey, and the Survey of Consumer Finances. In order to understand how different...
Persistent link: https://www.econbiz.de/10008614636
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The Increase in Income Cyclicality of High-Income Households and its Relation to the Rise in Top Income Shares
Parker, Jonathan A.; Vissing-Jorgensen, Annette - National Bureau of Economic Research (NBER) - 2010
We document a large increase in the cyclicality of the incomes of high-income households, coinciding with the rise in their share of aggregate income. In the U.S., since top income shares began to rise rapidly in the early 1980s, incomes of those in the top 1 percent of the income distribution...
Persistent link: https://www.econbiz.de/10008756449
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Insurance in extended family networks
Attanasio, Orazio; Meghir, Costas; Mommaerts, Corina - National Bureau of Economic Research (NBER) - 2015
We investigate partial insurance and group risk sharing in extended family networks. Our approach is based on decomposing income shocks into group aggregate and idiosyncratic components, allowing us to measure the extent to which each is insured, having accounted for public insurance programs....
Persistent link: https://www.econbiz.de/10011240581
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The Phillips Curve is Alive and Well: Inflation and the NAIRU During the Slow Recovery
Gordon, Robert J. - National Bureau of Economic Research (NBER) - 2013
despite substantial volatility of the unemployment rate, and in particular the common tendency of PC inflation equations to … the natural rate of unemployment (or NAIRU), and thus the Fed is steering the economy in a fog with no navigational device … to determine the size of the unemployment gap, one of the two primary goals of its "dual mandate." The results of this …
Persistent link: https://www.econbiz.de/10010951448