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The heterogeneous impact of referrals on labor market outcomes
Lester, Benjamin; Rivers, David A.; Topa, Giorgio - 2021
We document a new set of facts regarding the impact of referrals on labor market outcomes. Our results highlight the … importance of distinguishing between different types of referrals-those from family and friends and those from business contacts …-and different occupations. Then we develop an on-the-job search model that incorporates referrals and calibrate the model to key …
Persistent link: https://www.econbiz.de/10012660361
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The heterogeneous impact of referrals on labor market outcomes
Lester, Benjamin; Rivers, David A.; Topa, Giorgio - 2021
Persistent link: https://www.econbiz.de/10012744660
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Market-Implemented Monetary Policy with Open Mouth Operations
Wright, Julian; Guthrie, Graeme - 1998
This paper presents a model in which investors, acting in self-interest, force interest rates to the levels desired by the monetary authority. If interest rates move out of line with those required by the monetary authority, a statement (an open mouth operation) is all that is needed to restore...
Persistent link: https://www.econbiz.de/10014064148
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Has Inflation Targeting Strategy Made A Difference in Ghanaian Macroeconomic Management? Analysis of Business Cycle Fluctuations and Econometric Estimates
Akosah, Nana Kwame; Paul Alagidede, Imhotep; Schaling, Eric - 2020
For over a decade of practicing inflation targeting (IT) strategy, inflation has remained high and persistent while economic growth momentum has boosted in Ghana. This paper investigates the relative macroeconomic benefits of the IT strategy in Ghana based on business cycle fluctuations and...
Persistent link: https://www.econbiz.de/10014093032
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Monetary and macroprudential policies in an estimated model with financial intermediation
Gelain, Paolo; Ilbas, Pelin - 2014
We estimate the Smets and Wouters (2007) model augmented with the Gertler and Karadi (2011) financial intermediation sector on US data by using real and financial observables. Given the framework of the estimated model, we address the question whether and how standard monetary policy should...
Persistent link: https://www.econbiz.de/10011506778
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Monetary Policy and Bank Lending in Developing Countries : Loan Applications, Rates, and Real Effects
Abuka, Charles Augustine - 2019
Recent studies of monetary policy in developing countries document a weak bank lending channel based on aggregate data. In this paper, we bring new evidence using Uganda's supervisory credit register, with microdata on loan applications, volumes and rates, coupled with unanticipated variation in...
Persistent link: https://www.econbiz.de/10012901740
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Nonlinear Credit Dynamics, Regime Switches in the Output Gap and Supervisory Shocks
Lucidi, Francesco Simone - 2019
Over the last two decades the intensity of credit standards' tightening during economic contractions has exceeded their easing during expansions among euro area banks. This mechanism is fed by the boom-bust cycle of credit that, as much research has shown, is linked to financial instability with...
Persistent link: https://www.econbiz.de/10012865060
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Monetary and Macroprudential Policies in an Estimated Model with Financial Intermediation
Gelain, Paolo - 2014
We estimate the Smets and Wouters (2007) model augmented with the Gertler and Karadi (2011) financial intermediation sector on US data by using real and financial observables. Given the framework of the estimated model, we address the question whether and how standard monetary policy should...
Persistent link: https://www.econbiz.de/10013054256
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Monetary and macroprudential policies in an estimated model with financial intermediation
Gelain, Paolo; Ilbas, Pelin - 2014
We estimate the Smets and Wouters (2007) model augmented with the Gertler and Karadi (2011) financial intermediation sector on US data by using real and financial observables. Given the framework of the estimated model, we address the question whether and how standard monetary policy should...
Persistent link: https://www.econbiz.de/10011589082
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Monetary policy and the stock market : time-series evidence
Neuhierl, Andreas; Weber, Michael - 2016
We construct a slope factor from changes in federal funds futures of different horizons. Slope predicts stock returns at the weekly frequency: faster monetary policy easing positively predicts excess returns. Investors can achieve increases in weekly Sharpe ratios of 20% conditioning on the...
Persistent link: https://www.econbiz.de/10011566444