Showing 11 - 20 of 94
Theoretically, monopsony power of the firms relative to their workers can come in many forms, each causing wages to be less than marginal revenue products of labor, but each having different welfare and policy implications. These include worker-firm specific amenities, search frictions, the...
Persistent link: https://www.econbiz.de/10013224643
How does consumer credit access impact job flows, earnings, and entrepreneurship? To answer this question, we build a new administrative dataset which links individual employment and entrepreneur tax records to TransUnion credit reports, and we exploit the discrete increase in consumer credit...
Persistent link: https://www.econbiz.de/10013224975
To measure labor market power in the US economy, we develop a tractable quantitative, general equilibrium, oligopsony model of the labor market. We estimate key model parameters by matching the firm-level relationship between labor market share and employment size and wage responses to state...
Persistent link: https://www.econbiz.de/10013228185
This paper documents the abnormally slow recovery in the labor market during the Great Recession, and analyzes how mortgage modification policies contributed to delayed recovery. By making modifications means-tested by reducing mortgage payments based on a borrower's current income, these...
Persistent link: https://www.econbiz.de/10013121057
Through a purely positive lens, we study and document the growing trend of mortgagors who skip mortgage payments as an extra source of "informal" unemployment insurance during the 2007 recession and the subsequent recovery. In a dynamic model, we capture this behavior by treating both...
Persistent link: https://www.econbiz.de/10013104690
This paper documents the abnormally slow recovery in the labor market during the Great Recession and analyzes how mortgage modification policies contributed to delayed recovery. By making modifications means-tested by reducing mortgage payments based on a borrower's current income, these...
Persistent link: https://www.econbiz.de/10013084990
How do job losers use default -- a phenomenon 6x more prevalent than bankruptcy -- as a type of "informal" unemployment insurance, and more importantly, what are the social costs and benefits of this behavior? To this end, I establish several new facts: (i) job loss is the main reason for...
Persistent link: https://www.econbiz.de/10013087967
Using new household level data, we quantitatively assess the roles that (i) job loss, (ii) negative equity, and (iii) wealth (including unsecured debt, liquid, and illiquid assets) play in default decisions. In sharp contrast to prior studies that proxy for individual unemployment status using...
Persistent link: https://www.econbiz.de/10013063505
This paper studies the welfare effects of unemployment insurance (UI) in low-income countries characterized by high levels of informality, weak enforcement of UI claims, and job search frictions. We assess the impact of UI on workers’ welfare in the presence of moral hazard and liquidity...
Persistent link: https://www.econbiz.de/10014345464
Commercial real estate accounts for roughly 20% of the U.S. fixed asset stock, and commercial land use is highly regulated. However, little is known about the quantitative impact of these regulations on economic activity or consumer welfare. This paper develops a spatial general equilibrium...
Persistent link: https://www.econbiz.de/10014437026