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Q-Monetary Transmission
Jeenas, Priit; Lagos, Ricardo - National Bureau of Economic Research - 2022
We study the effects of monetary-policy-induced changes in Tobin's q on corporate investment and capital structure. We develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the evidence, and quantify the relevance for monetary...
Persistent link: https://www.econbiz.de/10013210051
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Government Debt and Capital Accumulation in an Era of Low Interest Rates
Mankiw, Nicholas Gregory - National Bureau of Economic Research - 2022
past several decades. It suggests that the decline in interest rates is largely explicable from trends in saving, growth …
Persistent link: https://www.econbiz.de/10013210052
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A Model of Intangible Capital
Crouzet, Nicolas; Eberly, Janice C.; Eisfeldt, Andrea L.; … - National Bureau of Economic Research - 2022
We propose a model that starts from the premise that intangible capital needs to be stored on some medium --- software, patents, essential employees --- before it can be utilized in production. Storage implies that intangible capital may be partially non-rival within the firm, leading to scale...
Persistent link: https://www.econbiz.de/10013362030
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The Aftermath of the 1992 ERM Breakup : Was There a Macroeconomic Free Lunch?
Gordon, Robert J. - 1999
surprising miracle occurred the leaver nations are alleged to have enjoyed a burst of real growth and a decline in unemployment … leaver nations experienced an acceleration of nominal GDP growth relative to the stayers, fully 80 percent of this spilled … over into extra inflation, leaving only 20 percent remaining for extra real GDP growth. Virtually 100 percent of the …
Persistent link: https://www.econbiz.de/10012471843
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New Measures of Labor Cost : Implications for Demand Elasticities and Nominal Wage Growth
Hamermesh, Daniel S. - 1981
, suggesting that nominal wage growth has been more responsive to variations in the rate of price inflation than the published …
Persistent link: https://www.econbiz.de/10012478290
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Fixed Costs and Labor Supply
Cogaj, John F. - 1980
This study is a theoretical and empirical analysis of the effects of time and money costs of labor market participation on married women's supply behavior. The existence of fixed costs implies that individuals are not willing to work less than some minimum number of hours, termed reservation...
Persistent link: https://www.econbiz.de/10012478652
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Digital Abundance and Scarce Genius : Implications for Wages, Interest Rates, and Growth
Benzell, Seth G. - 2019
. And despite dramatic advances in digital technologies, the growth rate of measured output has not increased. No … decrease wages and interest rates in the short and long run. Growth is increasingly constrained by the scarce input, not labor …
Persistent link: https://www.econbiz.de/10012479538
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Beveridgean Unemployment Gap
Michaillat, Pascal - 2019
This paper measures the unemployment gap (the difference between actual and efficient unemployment rates) using the Beveridge curve (the negative relationship between unemployment and job vacancies). We express the unemployment gap as a function of current unemployment and vacancy rates, and...
Persistent link: https://www.econbiz.de/10012480417
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Dynamics of Markups, Concentration and Product Span
Helpman, Elhanan - 2020
single product firms, and study the dynamics of this industry that arises from investments in the invention of new products …
Persistent link: https://www.econbiz.de/10012481584
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Bad Men, Good Roads, Jim Crow, and the Economics of Southern Chain Gangs
Bodenhorn, Howard - National Bureau of Economic Research - 2021
infrastructure; and their discriminatory implementation reinforced the social order defined by Jim Crow. Drawing on insights from the …
Persistent link: https://www.econbiz.de/10012482623