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Prices are Sticky After All
Kehoe, Patrick J.; Midrigan, Virgiliu - National Bureau of Economic Research (NBER) - 2010
Recent studies say prices change every four months. Economists have interpreted this high frequency as evidence against the importance of sticky prices for the monetary transmission mechanism. Theory implies that if most price changes are regular, as they are in the standard New Keynesian model,...
Persistent link: https://www.econbiz.de/10008646473
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The Macroeconomic Dynamics of Labor Market Policies
Hurst, Erik; Kehoe, Patrick J.; Pastorino, Elena; … - National Bureau of Economic Research - 2025
We develop a dynamic macroeconomic framework with worker heterogeneity, putty-clay adjustment frictions, and firm monopsony power to study the distributional impact of labor market policies over time. Our framework reconciles the well-known tension between low short-run and high long-run...
Persistent link: https://www.econbiz.de/10015361490
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The Distributional Impact of the Minimum Wage in the Short and Long Run
Hurst, Erik; Kehoe, Patrick J.; Pastorino, Elena; … - National Bureau of Economic Research - 2022
We develop a framework with rich worker heterogeneity, firm monopsony power, and putty-clay technology to study the distributional impact of the minimum wage in the short and long run. Our production technology is disciplined to be consistent with the small estimated employment effects of the...
Persistent link: https://www.econbiz.de/10013334511
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Asset Prices and Unemployment Fluctuations
Kehoe, Patrick J. - 2019
Recent critiques have demonstrated that existing attempts to account for the unemployment volatility puzzle of search … reproduces the observed fluctuations in unemployment because hiring a worker is a risky investment with long-duration surplus … benefit from creating new matches greatly drops, leading to a large decline in job vacancies and an increase in unemployment …
Persistent link: https://www.econbiz.de/10012857716
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Asset Prices and Unemployment Fluctuations
Kehoe, Patrick J. - 2019
Recent critiques have demonstrated that existing attempts to account for the unemployment volatility puzzle of search … reproduces the observed fluctuations in unemployment because hiring a worker is a risky investment with long-duration surplus … benefit from creating new matches greatly drops, leading to a large decline in job vacancies and an increase in unemployment …
Persistent link: https://www.econbiz.de/10012480524
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Asset prices and unemployment fluctuations
Kehoe, Patrick J.; Lopez, Pierlauro; Midrigan, Virgiliu; … - 2020
Persistent link: https://www.econbiz.de/10012171694
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Asset prices and unemployment fluctuations
Kehoe, Patrick J.; Lopez, Pierlauro; Midrigan, Virgiliu; … - 2019
Persistent link: https://www.econbiz.de/10012174624
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Asset prices and unemployment fluctuations
Kehoe, Patrick J.; Lopez, Pierlauro; Midrigan, Virgiliu; … - 2020
Persistent link: https://www.econbiz.de/10012182810
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Asset Prices and Unemployment Fluctuations : A Resolution of the Unemployment Volatility Puzzle
Kehoe, Patrick J.; Lopez, Pierlauro; Midrigan, Virgiliu; … - National Bureau of Economic Research - 2022
Recent work has demonstrated that existing solutions of the unemployment volatility puzzle are at odds with the …. Our model reproduces the observed fluctuations in unemployment because hiring a worker is a risky investment with long … therefore greatly declines, leading to a large decrease in job vacancies and an increase in unemployment of the same magnitude …
Persistent link: https://www.econbiz.de/10012938763
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The distributional impact of the minimum wage in the short and long run
Hurst, Erik; Kehoe, Patrick J.; Pastorino, Elena; … - 2022
Persistent link: https://www.econbiz.de/10013368764