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What explains high unemployment? The aggregate demand channel
Mian, Atif R. - 2012
decline in U.S. employment from 2007 to 2009. The aggregate demand channel for unemployment predicts that employment losses in … shock, while losses in the tradable sector are distributed uniformly across all counties. We find exactly this pattern from … 2007 to 2009. Alternative hypotheses for job losses based on uncertainty shocks or structural unemployment related to …
Persistent link: https://www.econbiz.de/10012460828
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The Making Of A Great Contraction With A Liquidity Trap and A Jobless Recovery
Schmitt-Grohé, Stephanie - 2012
recovered but unemployment lingered). This paper presents a model that captures these three facts. The key elements of the model … confidence shock. Lack-of-confidence shocks play a central role in generating jobless recoveries, for fundamental shocks, such as …
Persistent link: https://www.econbiz.de/10012460116
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Unskilled Migration : A Burden or a Boon for the Welfare State
Razin, Assaf - 1999
In a static setup, migration of unskilled labor may be resisted by the entire native-born population because, being relatively low earners, migrants are net beneficiaries of the fiscal system. However, the paper shows that with a pay-as-you-go pension, an important pillar of the welfare state,...
Persistent link: https://www.econbiz.de/10012471787
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The Effect of Low-Skill Immigration Restrictions on US Firms and Workers : Evidence from a Randomized Lottery
Clemens, Michael A.; Lewis, Ethan - National Bureau of Economic Research - 2022
The U.S. limits work visas for low-skill jobs outside of agriculture, with a binding quota that firms access via a randomized lottery. We evaluate the marginal impact of the quota on firms entering the 2021 H-2B visa lottery using a novel survey and pre-analysis plan. Firms exogenously...
Persistent link: https://www.econbiz.de/10013435151
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A Note on Temporary Supply Shocks with Aggregate Demand Inertia
Caballero, Ricardo J.; Simsek, Alp - National Bureau of Economic Research - 2022
We study optimal monetary policy during temporary supply contractions when aggregate demand has inertia and expansionary policy is constrained. In this environment, it is optimal to run the economy hot until supply recovers. Positive output gaps in the low-supply phase lessen the negative output...
Persistent link: https://www.econbiz.de/10013172115
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Are Cyclical Fluctuations in Productivity Due More to Supply Shocks or Demand Shocks?
Shapiro, Matthew D. - 1987
Measured productivity is strongly procyclical. Real business cycle theories suggest that actual fluctuations in productivity are the source of fluctuations in aggregate output. Keynesian theories maintain that fluctuations in aggregate output come from shocks to aggregate demand. Keynesian...
Persistent link: https://www.econbiz.de/10012476922
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The Usual Suspects? Productivity and Demand Shocks and Asia-Pacific Real Exchange Rates
Chinn, Menzie David - 1997
The evidence for a productivity-based explanation for real exchange rate behavior of East Asian currencies is examined. Using sectoral output and employment data, relative prices and relative productivities are calculated for China, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore,...
Persistent link: https://www.econbiz.de/10012472706
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Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, Lawrence J. - 2001
an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts of average …
Persistent link: https://www.econbiz.de/10012470317
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Money, Sticky Wages, and the Great Depression
Bordo, Michael D. - 1997
This paper examines the ability of a simple stylized general equilibrium model that incorporates nominal wage rigidity to explain the magnitude and persistence of the Great Depression in the United States. The impulses to our analysis are money supply shocks. The Taylor contracts model is...
Persistent link: https://www.econbiz.de/10012472743
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Nominal Wage Rigidity in Village Labor Markets
Kaur, Supreet - 2014
This paper tests for downward nominal wage rigidity by examining transitory shifts in labor demand, generated by rainfall shocks, in 600 Indian districts from 1956-2009. Nominal wages rise in response to positive shocks but do not fall during droughts. In addition, transitory positive shocks...
Persistent link: https://www.econbiz.de/10012457896