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Establishments dynamics and matching frictions in classical competitive equilibrium
Veracierto, Marcelo (contributor) - 2007
This paper develops a Walrasian equilibrium theory of establishment level dynamics and matching frictions and uses it … to evaluate the effects of congestion externalities in the matching process and determine the government interventions … an important role in dampening the response of the economy to aggregate productivity shocks. -- Firm dynamics ; matching …
Persistent link: https://www.econbiz.de/10003679758
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Set it and forget it? : financing retirement in an age of defaults
Goodman, Lucas; Mukherjee, Anita; Ramnath, Shanthi - 2022
Retirement savings abandonment is a rising concern connected to defined contribution systems and default enrollment. We use tax data on Individual Retirement Accounts (IRAs) to establish that for a recent cohort, 0.4% of retirement-age individuals abandoned an aggregate of $66 million, proxied...
Persistent link: https://www.econbiz.de/10013417327
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The role of news about TFP in U.S. recessions and booms
Faccini, Renato; Melosi, Leonardo - 2018
We develop a general equilibrium model to study the historical contribution of TFP news to the U.S. business cycle. Hiring frictions provide incentives for firms to start hiring ahead of an anticipated improvement in technology. For plausibly calibrated hiring costs, employment gradually rises...
Persistent link: https://www.econbiz.de/10011822212
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Adverse selection, risk sharing and business cycles
Veracierto, Marcelo - 2014
I consider a real business cycle model in which agents have private information about an idiosyncratic shock to their value of leisure. I consider the mechanism design problem for this economy and describe a computational method to solve it. This is an important contribution of the paper since...
Persistent link: https://www.econbiz.de/10010424280
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Cyclical transactions and wealth inequality
Sakong, Jung - 2022
Wealth is distributed more unevenly than income, and one contributing factor might be that richer households earn higher portfolio returns. I uncover one channel that causes portfolio returns to be increasing in wealth: Poorer households consistently buy risky assets in booms-when expected...
Persistent link: https://www.econbiz.de/10012819358
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Moral hazard, optimal unemployment insurance, and aggregate dynamics
Veracierto, Marcelo - 2022
model with search frictions. In a calibrated version I find that the presence of private information has large effects on …
Persistent link: https://www.econbiz.de/10012887595
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Unusual shocks in our usual models
Ferroni, Filippo; Fisher, Jonas D. M.; Melosi, Leonardo - 2022
We propose an event-study research design to identify the nature and propagation of large unusual shocks in DSGE models and apply it to study the macroeconomic effects of the Covid shock. The initial outbreak is represented as the onset of a new shock process where the shock loads on wedges...
Persistent link: https://www.econbiz.de/10013375147
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Bad jobs and low inflation
Faccini, Renato; Melosi, Leonardo - 2020
-the-job search makes such wage competition less likely, reducing expected labor costs and lowering inflation. This model explains why … in the on-the-job search rate is corroborated by the micro data. …
Persistent link: https://www.econbiz.de/10012172527
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Has the willingness to work fallen during the Covid pandemic?
Faberman, R. Jason; Müller, Andreas; Şahin, Ayşegül - 2022
labor supply. Special survey questions in the Job Search Supplement of the Survey of Consumer Expectations (SCE) allow us to …
Persistent link: https://www.econbiz.de/10012887596
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Human capital risk, contract enforcement, and the macroeconomy
Krebs, Tom; Kuhn, Moritz; Wright, Mark L. J. - 2014
We use data from the Survey of Consumer Finance and Survey of Income Program Participation to show that young households with children are under-insured against the risk that an adult member of the household dies. We develop a tractable macroeconomic model with human capital risk, age-dependent...
Persistent link: https://www.econbiz.de/10010424292