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Uncovering the mechanism(s): financial constraints and wages
Arabzadeh, Hamzeh; Balleer, Almut; Gehrke, Britta - 2020
How do wages respond to financial recessions? Based on a dynamic macroeconomic model with frictions in the labor and … and explore their effect on wages. First, the financial labor wedge reduces wages. Second, financial constraints may … interact with aggregate labor market conditions in various ways putting upward or downward pressure on wages. We test partial …
Persistent link: https://www.econbiz.de/10012389827
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Labor share fluctuations in emerging markets : the role of the cost of borrowing
Kabaca, Serdar - 2011
This paper contributes to the literature by documenting labor income share fluctuations in emerging economies and proposing an explanation for them. We show that emerging markets differ from developed markets in terms of changes in the labor share over the business cycle. Labor share is more...
Persistent link: https://www.econbiz.de/10009302049
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A Note on the Cointegration of Consumption, Income, and Wealth
Rudd, Jeremy B.; Whelan, Karl - 2003
relationship that is not implied by their theory …
Persistent link: https://www.econbiz.de/10014096887
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Search Intensity and Asset Prices
Luo, Ding; Tong, Jincheng - 2022
Job search decisions of unemployed workers are forward-looking and respond to expected returns from the search process. When expected returns (or discount rates) are high, the discounted benefits from the search process are low. Thus unemployed workers search less intensively for jobs. We build...
Persistent link: https://www.econbiz.de/10014235643
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Credit, Vacancies and Unemployment Fluctuations
Petrosky-Nadeau, Nicolas - 2013
firms' improved bargaining position limits the upward pressure of market tightness on wages. Agency related credit frictions …
Persistent link: https://www.econbiz.de/10013095421
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Time-varying Risk Premium and Unemployment Risk Across Age Groups
Mitra, Indrajit - 2019
We show that time-varying risk premium in financial markets can explain a key yet puzzling feature of labor markets: the large differences in unemployment risk across worker age-groups over the business cycle. Our search model features a time-varying risk premium and learning about unobserved...
Persistent link: https://www.econbiz.de/10012899920
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The Cyclical Volatility of Labor Markets under Frictional Financial Markets
Petrosky-Nadeau, Nicolas - 2012
We provide a dynamic extension of an economy with search on credit and labor markets (Wasmer and Weil, 2004). Financial frictions create volatility: they add an additional, almost acyclical, entry cost to procyclical job creation costs, thus increasing the elasticity of labor market tightness to...
Persistent link: https://www.econbiz.de/10013116384
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Uncovering the Mechanism(s): Financial Constraints and Wages
Arabzadeh, Hamzeh; Balleer, Almut; Gehrke, Britta - 2020
How do wages respond to financial recessions? Based on a dynamic macroeconomic model with frictions in the labor and … and explore their effect on wages. First, the financial labor wedge reduces wages. Second, financial constraints may … interact with aggregate labor market conditions in various ways putting upward or downward pressure on wages. We test partial …
Persistent link: https://www.econbiz.de/10012497880
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How cyclical is the user cost of labor?
Kudlyak, Marianna - 2024
economic conditions at the time of hiring on future wages. Measured by the labor's user cost, the price of labor is …
Persistent link: https://www.econbiz.de/10014507553
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Liquidity premia, price-rent dynamics, and business cycles
Miao, Jianjun; Wang, Pengfei; Zha, Tao - 2014
In the U.S. economy during the past 25 years, house prices exhibit fluctuations considerably larger than house rents, and these large fluctuations tend to move together with business cycles. We build a simple theoretical model to characterize these observations by showing the tight connection...
Persistent link: https://www.econbiz.de/10010395957