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Land-price dynamics and macroeconomic fluctuations
Liu, Zheng; Wang, Pengfei; Zha, Tao - 2011
We argue that positive comovements between land prices and business investment are a driving force behind the broad impact of land-price dynamics on the macroeconomy. We develop an economic mechanism that captures the comovements by incorporating two key features into a DSGE model: we introduce...
Persistent link: https://www.econbiz.de/10009160975
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Land prices and unemployment
Liu, Zheng; Miao, Jianjun; Zha, Tao - 2013
business cycle. Second, a shock that moves the land price is capable of generating large volatility in unemployment. Our …
Persistent link: https://www.econbiz.de/10010126854
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Asymmetric labor force participation decisions over the business cycle : evidence from US microdata
Hotchkiss, Julie L. (contributor);  … - 2006
The purpose of this paper is to explore the microfoundations of the observed asymmetric movement in aggregate unemployment rates. Using U.S. data, we find that individual labor force participation responds asymmetrically to changes in local labor market conditions, consistent with the pattern of...
Persistent link: https://www.econbiz.de/10003730465
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Do credit constraints amplify macroeconomic fluctuations?
Liu, Zheng; Wang, Pengfei; Zha, Tao - 2010
Previous studies on financial frictions have been unable to establish the empirical significance of credit constraints in macroeconomic fluctuations. This paper argues that the muted impact of credit constraints stems from the absence of a mechanism to explain the observed persistent comovements...
Persistent link: https://www.econbiz.de/10008664169
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Economic uncertainty before and during the COVID-19 pandemic
Altig, Dave; Baker, Scott Brent; Barrero, Jose Maria; … - 2020
pandemic: implied stock market volatility, newspaper-based economic policy uncertainty, twitter chatter about economic … greatly-from an 80 percent rise (relative to January 2020) in two-year implied volatility on the S&P 500 to a 20-fold rise in … forecaster disagreement about UK growth. Third, time paths also differ: implied volatility rose rapidly from late February and …
Persistent link: https://www.econbiz.de/10012251406
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Wage gains among job changers across the business cycle : insight from state administrative data
Hotchkiss, Julie L. (contributor);  … - 2004
Persistent link: https://www.econbiz.de/10002574293
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The push-pull effects of the information technology boom and bust : insight from matched employer-employee data
Hotchkiss, Julie L. (contributor);  … - 2006
Persistent link: https://www.econbiz.de/10003335329
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Wage gains among job changers across the business cycle : insight from state administrative data
Hotchkiss, Julie L. (contributor);  … - 2004
Persistent link: https://www.econbiz.de/10002256319
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COVID-19 is a persistent reallocation shock
Barrero, Jose Maria; Bloom, Nicholas; Davis, Steven J.; … - 2021
Drawing on data from the firm-level Survey of Business Uncertainty, we present three pieces of evidence that COVID-19 is a persistent reallocation shock. First, rates of excess job and sales reallocation over 24-month periods have risen sharply since the pandemic struck, especially for sales. We...
Persistent link: https://www.econbiz.de/10012416304
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Surveying business uncertainty
Altig, David; Barrero, Jose Maria; Bloom, Nicholas; … - 2019
We develop a new monthly panel survey of business executives and a new question design that elicits subjective probability distributions over own-firm outcomes at a one-year lookahead horizon. Our Survey of Business Uncertainty (SBU) began in 2014 and now covers 1,500 firms drawn from all 50...
Persistent link: https://www.econbiz.de/10012020039