Showing 1 - 10 of 15
We use a Bayesian Threshold Vector Autoregression model identified through sign and narrative restrictions to uncover non-linearities in the propagation of energy supply shocks. We find that the transmission of energy supply shocks on consumer prices is stronger in high-inflation regimes,...
Persistent link: https://www.econbiz.de/10014343158
We introduce frictional financial intermediation into a HANK model. Households are subject to idiosyncratic and aggregate risk and smooth consumption through savings and consumer loans intermediated by banks. The banking friction introduces an endogenous countercyclical spread between the...
Persistent link: https://www.econbiz.de/10012705511
We estimate business cycle regime switching logit models for G7 countries to determine the effect of duration of the current business cycle phase and of foreign recessions on the likelihood that expansions and recessions come to an end. With respect to expansions in a G7 country, we find that...
Persistent link: https://www.econbiz.de/10011937263
We propose an empirical framework to measure the degree of weakness of the global economy in real-time. It relies on nonlinear factor models designed to infer recessionary episodes of heterogeneous deepness, and fitted to the largest advanced economies (U.S., Euro Area, Japan, U.K., Canada and...
Persistent link: https://www.econbiz.de/10012181293
This paper first provides empirical evidence that labour market outcomes for the less educated, who also tend to be poorer, are substantially more volatile than labour market outcomes for the well-educated, who tend to be richer. We estimate job finding rates and separation rates by educational...
Persistent link: https://www.econbiz.de/10014477695
We use nonlinear empirical methods to uncover non-linearities in the propagation of monetary policy shocks. We find that the transmission on output, goods prices and asset prices is stronger in a low growth regime, contrary to the findings of Tenreyro and Thwaites (2016). The impact is stronger...
Persistent link: https://www.econbiz.de/10014507165
This paper investigates the role of banking networks in the transmission of shocks across borders. Combining banking deregulation in the US with state-level idiosyncratic demand shocks, we show that geographically diversified banks reallocate funds from economies experiencing negative shocks to...
Persistent link: https://www.econbiz.de/10015333049
growth in larger cities, rather than smaller ones or by population shifts across cities. We estimate individual wages …, but changes in their returns significantly influence wages, with notable variation across cities. Overall, aggregate wage …
Persistent link: https://www.econbiz.de/10015178623
This paper assesses the possible contemporaneous relationship between stock index prices, earnings and long-term government bond yields for a large number of countries and over a time period that spans several decades. In a cointegration framework, our analysis looks at three hypotheses. First,...
Persistent link: https://www.econbiz.de/10003057312
how wages adjust to unfavorable product demand shocks that raise the risk of displacement through firm closing, and to … to adverse shocks due to their inability to adjust wages downward. Indeed, minimum wage restrictions were seen to … increase the failure rates. - Wages ; displacement risk ; concessions …
Persistent link: https://www.econbiz.de/10003971175