Similar Search Results

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

The heterogeneous impact of referrals on labor market outcomes

Lester, Benjamin; Rivers, David A.; Topa, Giorgio - 2021

Persistent link: https://www.econbiz.de/10012744660

QE and Unemployment : A Financial Friction DSGE Model with LSAPs and Labor Market Search

Song, Xuetao - 2014

In response to the disruption of credit markets and the zero lower bound during the recent financial crisis, the Federal Reserve introduced a variety of new policy tools. Perhaps, the most visible of these tools is large scale asset purchases (LSAP) programs, often referred to as "quantitative...

Persistent link: https://www.econbiz.de/10013055860

Frictional asset reallocation under adverse selection

Madison, Florian - 2018 - Revised version

The aim of this paper is to study asset reallocation in financial markets subject to search, bargaining, and information frictions, and to analyze the impact of monetary policy on equilibrium outcomes. The main results show that private information regarding the quality of an asset impairs its...

Persistent link: https://www.econbiz.de/10011790391

An Estimated DSGE Model with Search and Matching Frictions in the Credit Market

Liberati, Danilo - 2015

Financial frictions have become fundamental for studying the business cycle and credit market dynamics. This work adds to the existing literature by introducing a search and matching scheme in the financial market into a cash in advance New Keynesian DSGE theoretical model. We provide an...

Persistent link: https://www.econbiz.de/10013027930

The Effects of Monetary Policy Shocks in Credit and Labor Markets with Search and Matching Frictions

Giuli, Francesco - 2012

By introducing search and matching frictions in both the labor and the credit markets into a cash in advance New Keynesian DSGE model, we provide a novel explanation of the incomplete pass-through from policy rates to loan rates. We show that this phenomenon is ineradicable if banks possess some...

Persistent link: https://www.econbiz.de/10013115220

Inefficient fire-sales in decentralized asset markets

Ebrahimy, Ehsan - 2019

It is challenging to explain the collapse in the price of subprime mortgage-backed securities (MBS) during the Financial Crisis of 2008, using the existing models of fire-sale. I present amodel to demonstrate that fire-sales may happen evenwhen there is a relatively sizable pool of natural...

Persistent link: https://www.econbiz.de/10012098197

Payments Systems with Random Matching and Private Information

Williamson, Stephen D. - 1998

A model of dynamic risk-sharing is constructed where agents meet pairwise and at random, and there is private information about endowments. Risk sharing is accomplished through dynamic contracts involving credit transactions and through monetary exchanges. A Friedman rule is optimal, and...

Persistent link: https://www.econbiz.de/10014215672

A search-theoretic model of the term premium

Geromichalos, Athanasios; Herrenbrueck, Lucas; Salyer, … - 2013 - This Version: June 2013

A consistent empirical feature of bond yields is that term premia are, on average, positive. That is, investors in long term bonds receive higher returns than investors in similar (i.e.\ same default risk) shorter maturity bonds over the same holding period. The majority of theoretical...

Persistent link: https://www.econbiz.de/10009753184

A search-theoretic model of the term premium

Geromichalos, Athanasios; Herrenbrueck, Lucas M.; … - In: Theoretical economics : TE ; an open access journal in … 11 (2016) 3, pp. 897-935

A consistent empirical feature of bond yields is that term premia are, on average, positive. The majority of theoretical explanations for this observation have viewed the term premia through the lens of the consumption based capital asset pricing model. In contrast, we harken to an older...

Persistent link: https://www.econbiz.de/10011671888