This paper examines whether effects of labor demand shocks on housing prices vary across time and space. Using data on 321 US metropolitan statistical areas, we estimate the medium- and long-run effects of increases in metropolitan statistical area-level employment and total labor income on...

Housing markets vary across growing cities and declining cities, which creates heterogeneous responses of housing prices to monetary policy. We classify urban growth and urban decline based on the population growth rates at the MSA level. Using the local projections method, we find that housing...

This paper documents and seeks to explain the remarkably positive employment trends of a central area of London in the years since the onset of the financial crisis. The volatility of this economy since the 1980s had suggested the likelihood of a sharp loss of jobs, maybe followed by a strong...

This paper investigates the factors that support a funding demand increase in regional economies under easing monetary conditions. The following results were empirically obtained on the basis of individual firms and the 47 regional data in the 2000s in Japan. The first result is that funding...

We study the effects of monetary shocks in a model of state-dependent price and wage adjustment based on "control costs". Suppliers of retail goods and of labor are both monopolistic competitors that face idiosyncratic productivity shocks and nominal rigidities. Stickiness arises because precise...

Two signaling games of monetary policy are considered: game one examines the effect of hysteresis on the labor market on the results of the repeated monetary policy game. Disciplinary effects of reputation disappear in presence of hysteresis. The second game compares weifare effects of monetary...