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Hall, Robert E. - 1979

Issues of labor supply are at the heart of macroeconomic explanations of the large cyclical fluctuations of output observed in modern economies. This paper starts with a serious empirical examination of the view that the labor market is always in balance-that every observed combination of...

Persistent link: https://www.econbiz.de/10012478763

Risk Premium Shocks Can Create Inefficient Recessions

Tella, Sebastian Di - 2020

We develop an equilibrium theory of business cycles driven by spikes in risk premiums that depress business demand for …

Persistent link: https://www.econbiz.de/10012479245

The Role of Consumption in Economic Fluctuations

Hall, Robert E. - 1984

consume more. But in the microeconomic theory of the household, income is a variable chosen by the household. Choosing to …

Persistent link: https://www.econbiz.de/10012477699

The Inexorable Recoveries of US Unemployment

Hall, Robert E. - 2020

Unemployment recoveries in the US have been inexorable. It is a remarkable fact that, prior to 2020, after unemployment reached its peak in a recession, and a recovery began, the annual reduction in the unemployment rate was stable at around 0.1 log points per year. The economy seems to have an...

Persistent link: https://www.econbiz.de/10012482330

The Labor Market and Macro Volatility : A Nonstationary General-Equilibrium Analysis

Hall, Robert E. - 2005

stickiness, where the sticky wage is an equilibrium selection rule. A second model based on modern bargaining theory delivers a …

Persistent link: https://www.econbiz.de/10012466992

Macroeconomic Fluctuations and the Allocation of Time

Hall, Robert E. - 1997

What are the fundamental driving forces of macroeconomic fluctuations? In particular, why do people spend more time working in booms and less in recessions? These are basic questions of macroeconomics. Recent thinking has emphasized technology shifts, preference shifts, and changes in government...

Persistent link: https://www.econbiz.de/10012472891

Spontaneous Volatility of Output and Investment

Hall, Robert E. - 1989

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/10012475899

The Cyclical Response of Advertising Refutes Counter-Cyclical Profit Margins in Favor of Product-Market Frictions

Hall, Robert E. - 2012

According to the standard model, advertising is remarkably sensitive to profit margins. Firms advertise to stimulate demand for their products. They advertise high-margin products aggressively and low-margin ones hardly at all. In macroeconomics, variations in profit margins over the business...

Persistent link: https://www.econbiz.de/10012460290

Macroeconomics of Persistent Slumps

Hall, Robert E. - 2016

framework starts by discerning driving forces set in motion by the initial shock. These are higher discounts applied by decision … institutions. The next step is to study how driving forces influence general equilibrium, both at the time of the initial shock and … later as its effects persist. Some of the effects propagate the effects of the shock---they contribute to poor performance …

Persistent link: https://www.econbiz.de/10012456445

Energy Prices, Inflation, and Recession, 1974-1975

Mork, Knut Anton - 1979

The energy price shock depressed real output by two percent in 1974 and by five percent in 1975, according to our … energy shock …

Persistent link: https://www.econbiz.de/10012478779