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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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A model of the federal funds market: Yesterday, today, and tomorrow
Afonso, Gara; Armenter, Roc; Lester, Benjamin - 2018
The landscape of the federal funds market changed drastically in the wake of the Great Recession as large-scale asset purchase programs left depository institutions awash with reserves and new regulations made it more costly for these institutions to lend. As traditional levers for implementing...
Persistent link: https://www.econbiz.de/10011942785
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A framework for understanding inflation - with or without money
Bengtsson, Ingemar - 2005
This paper presents a model that pictures how inflation is determined in a decentralized market process where prices are set in both simultaneous and sequential contracts. Price setting is seen as a coordination game between the price setters of sequential contracts. An important property of the...
Persistent link: https://www.econbiz.de/10013208483
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Lessons for Iceland from the Monetary Policy of Sweden
Andersson, Fredrik N. G.; Jonung, Lars - 2018
The purpose of this report is to derive lessons from inflation targeting in Sweden for the choice of the future monetary policy regime of Iceland. Swedish inflation targeting has been a success in terms of reducing inflation and inflation volatility, but real economic volatility is not lower...
Persistent link: https://www.econbiz.de/10013208816
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Inflation: Thruway of ECB's monetary policy
Seidl, Christian - 2023
Part of the present inflation is caused by the breakdown of globalization, in particular supply chains, part is caused by the Corona Pandemic, in particular lockdowns, part is caused by the Ukrainian War, part is caused by European sanctions, and part - and not the smallest one - is caused by...
Persistent link: https://www.econbiz.de/10014000500
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The option value of municipal liquidity: evidence from federal lending cutoffs during COVID-19
Haughwout, Andrew; Hijmans, Benjamin L.; Shachar, Or - 2021
We estimate the option value of municipal liquidity by studying bond market activity and public sector hiring decisions when government budgets are severely distressed. Using a regression discontinuity (RD) design, we exploit lending eligibility population cutoffs introduced by the federal...
Persistent link: https://www.econbiz.de/10012660369
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A model of the federal funds market : yesterday, today, and tomorrow
Afonso, Gara; Armenter, Roc; Lester, Benjamin - 2018
The landscape of the federal funds market changed drastically in the wake of the Great Recession as large-scale asset purchase programs left depository institutions awash with reserves and new regulations made it more costly for these institutions to lend. As traditional levers for implementing...
Persistent link: https://www.econbiz.de/10011806257
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A model of the federal funds market : yesterday, today, and tomorrow
Afonso, Gara; Armenter, Roc; Lester, Benjamin - 2018
The landscape of the federal funds market changed drastically in the wake of the Great Recession as large-scale asset purchase programs left depository institutions awash with reserves, and new regulations made it more costly for these institutions to lend. As traditional levers for implementing...
Persistent link: https://www.econbiz.de/10011891810
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Voluntary reserve targets
Baughman, Garth; Carapella, Francesca - 2018
This paper updates the standard workhorse model of banks' reserve management to include frictions inherent to money markets. We apply the model to study monetary policy implementation through an operating regime involving voluntary reserve targets (VRT). When reserves are abundant, as is the...
Persistent link: https://www.econbiz.de/10011932184