Results 1 to 10 of about 72,906 (44)
The Matching Multiplier and the Amplification of Recessions
This paper shows that the unequal incidence of recessions in the labor market amplifies aggregate shocks. Using administrative data from the United States, I document a positive covariance between workers' marginal propensities to consume (MPCs) and ...
Christina Patterson
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The Costs of Job Displacement over the Business Cycle and Its Sources: Evidence from Germany
We document the sources behind the costs of job loss over the business cycle using administrative data from Germany. Losses in annual earnings after displacement are large, persistent, and highly cyclical, nearly doubling in size during downturns.
Johannes F. Schmieder+2 more
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Optimal Monetary Policy with Staggered Wage and Price Contracts
We formulate an optimizing-agent model in which both labor and product markets exhibit monopolistic competition and staggered nominal contracts. The unconditional expectation of average household utility can be expressed in terms of the unconditional ...
C. Erceg, D. Henderson, Andrew T. Levin
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Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications
We analyze the impact of monetary policy on the supply of bank credit. Monetary policy affects both loan supply and demand, thus making identification a steep challenge. We therefore analyze a novel, supervisory dataset with loan applications from Spain.
Gabriel Jiménez+3 more
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We study the conditional distribution of GDP growth as a function of economic and financial conditions. Deteriorating financial conditions are associated with an increase in the conditional volatility and a decline in the conditional mean of GDP growth ...
Tobias Adrian+2 more
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Input Specificity and the Propagation of Idiosyncratic Shocks in Production Networks
This article examines whether firm-level idiosyncratic shocks propagate in production networks. We identify idiosyncratic shocks with the occurrence of natural disasters. We find that affected suppliers impose substantial output losses on their customers,
J. Barrot, Julien Sauvagnat
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Uncertainty and Business Cycles: Exogenous Impulse or Endogenous Response?
Uncertainty about the future rises in recessions. But is uncertainty a source of business cycles or an endogenous response to them, and does the type of uncertainty matter?
S. Ludvigson, Sai Ma, Serena Ng
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The Nexus of Monetary Policy and Shadow Banking in China
We study how monetary policy in China influences banks’ shadow banking activities. We develop and estimate the endogenously switching monetary policy rule that is based on institutional facts and at the same time tractable in the spirit of Taylor (1993).
Kaiji Chen, Jue Ren, T. Zha
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The Short- and Long-Term Career Effects of Graduating in a Recession
This paper analyzes the magnitude and sources of long-term earnings declines associated with graduating from college during a recession. Using a large longitudinal university-employer-employee dataset, we find that the cost of recessions for new ...
P. Oreopoulos+2 more
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Is the Phillips Curve Alive and Well after All? Inflation Expectations and the Missing Disinflation
We evaluate explanations for the absence of disinflation during the Great Recession and find popular explanations to be insufficient. We propose a new explanation for this puzzle within the context of a standard Phillips curve.
Olivier Coibion, Y. Gorodnichenko
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