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per cent of unemployment fluctuations. I also find that inclusion of the recent financial crisis data in the estimation is …The recent financial crisis and subsequent recession have spurred great interest in the sources of unemployment … the model using Canadian data from 1991 to 2010. I find that, in the long run, unemployment fluctuations are mainly driven …
Persistent link: https://www.econbiz.de/10010201384
We study optimal unemployment insurance (UI) policy over the business cycle, using a heterogeneous agent job …
Persistent link: https://www.econbiz.de/10012311610
We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as well as their joint impact on the term structure of credit spreads. Our model allows for time variation and lumpiness in the maturity structure. Relative to short-term debt,...
Persistent link: https://www.econbiz.de/10009583690
We identify a sizable wealth redistribution channel which creates a monetary policy trade-off whereby short-term economic stimulus is followed by persistently lower output over the medium term. This trade-off is stronger in economies with more nominal household debt but weakened by a more...
Persistent link: https://www.econbiz.de/10012603251
unemployment rate to movements in output growth increasing recently over time in both Canada and the United States. -- Business …
Persistent link: https://www.econbiz.de/10003951223
We incorporate a participation decision in a standard New Keynesian model with matching frictions and show that treating the labor force as constant leads to incorrect evaluation of alternative policies. We also show that the presence of a participation margin mitigates the Shimer critique.
Persistent link: https://www.econbiz.de/10010254334
In this paper, we assess several methods that have been used to measure the Canadian trend unemployment rate (TUR). We … extent to which methods provide explanations for changes in trend unemployment; (ii) whether revisions to unemployment gap … (UGAP, the difference between the actual unemployment rate and TUR) estimates are well behaved; (iii) if UGAPs provide …
Persistent link: https://www.econbiz.de/10011992476
effective prices paid by consumers declines significantly with higher unemployment while little change occurs in the inflation …
Persistent link: https://www.econbiz.de/10009690837
Interest rates in China are composed of a mix of both market-determined interest rates (interbank rates and bond yields), and regulated interest rates (retail lending and deposit rates), reflecting China's gradual process of interest rate liberalization. This paper investigates the main drivers...
Persistent link: https://www.econbiz.de/10009757286
of policy rate uncertainty improve the estimation of policy rate expectations from overnight index swap (OIS) rates by …
Persistent link: https://www.econbiz.de/10010194492