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The Importance of Hiring Frictions in Business Cycles
Faccini, Renato - 2020
Hiring is a costly activity reflecting firms' investment in their workers. Micro-data shows that hiring costs involve …
Persistent link: https://www.econbiz.de/10012843182
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Switching-track after the Great Recession
Vinci, Francesca; Licandro, Omar - 2021
We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, en- compassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...
Persistent link: https://www.econbiz.de/10012627907
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Switching-Track after the Great Recession
Vinci, Francesca; Licandro, Omar - 2021
We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...
Persistent link: https://www.econbiz.de/10013224093
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Switching-Track after the Great Recession
Vinci, Francesca; Licandro, Omar - 2021
We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...
Persistent link: https://www.econbiz.de/10013210843
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An Austrian View of Expectations and the Business Cycles
Mueller, Paul - 2014
Austrian economists have contributed several important concepts to business cycle theory including: inter … of production. Noticeably lacking, however, is a clear theory of expectations. Austrians should develop such a theory … understanding of business cycles. An endogenous theory of expectations explores how people adapt their expectations to changing …
Persistent link: https://www.econbiz.de/10013062188
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The importance of hiring frictions in business cycles
Faccini, Renato; Yashiv, Eran - 2020
Hiring is a costly activity reflecting firms' investment in their workers. Micro-data shows that hiring costs involve …
Persistent link: https://www.econbiz.de/10012157267
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Switching-track after the great recession
Vinci, Francesca; Licandro, Omar - 2021
We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...
Persistent link: https://www.econbiz.de/10012533939
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On the power and weakness of rational expectations : logical fallacies, periodic bubbles and business cycles
Gracia, Eduard - 2012
A popular interpretation of the Rational Expectations/Efficient Markets hypothesis states that, if the hypothesis holds, then market valuations must follow a random walk. This postulate has frequently been criticized on the basis of empirical evidence. Yet the assertion itself incurs what we...
Persistent link: https://www.econbiz.de/10009547387
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Financial Friction, Capital Reallocation and News-Driven Business Cycles
Chen, Kaiji - 2007
immediate boom in output, consumption, investment and hours worked. Our empirical evidence using firm-level data supports …
Persistent link: https://www.econbiz.de/10012729734
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The liquidity effect in bank-based and market-based financial systems
Scharler, Johann - 2007
This paper assesses how the financial system influences the strength of the liquidity effect in a calibrated limited participation model of the monetary transmission mechanism. The model suggests that bankbased systems should be characterized by smaller liquidity effects since monetary...
Persistent link: https://www.econbiz.de/10009741060