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Nobel Lecture: Banking, Credit, and Economic Fluctuations
The American Economic Review, 2023Credit markets, including the market for bank loans, are characterized by imperfect and asymmetric information. These informational frictions can interact with other economic forces to produce periods of credit-market stress, in which intermediation is ...
Ben S. Bernanke
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Automation, Bargaining Power, and Labor Market Fluctuations
American Economic Journal: MacroeconomicsWe argue that the threat of automation weakens workers’ bargaining power in wage negotiations, dampening wage adjustments and amplifying unemployment fluctuations.
S. Leduc, Zheng Liu
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Structural Reforms and Economic Performance: The Experience of Advanced Economies
Journal of Economic LiteratureThis article provides a comprehensive assessment of the theoretical and empirical literature on structural reforms in advanced economies. Structural reforms matter because they entail profound and systematic changes that affect economic welfare ...
Nauro F. Campos +2 more
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A Simple Explanation of Countercyclical Uncertainty
American Economic Journal: MacroeconomicsThis paper documents that labor search and matching frictions generate countercyclical uncertainty because the inherent nonlinearity in the flow of new matches makes employment uncertainty increasing in the number of people searching for work ...
J. Bernstein +3 more
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Financial Frictions, Capital Misallocation, and Input-Output Linkages
American Economic Journal: MacroeconomicsI study how input-output linkages amplify the aggregate impact of sectoral financial distortions in a dynamic general equilibrium model with endogenous capital wedges.
Hsuan-Li Su
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The Macroeconomic Effects of Oil Supply News: Evidence from OPEC Announcements
The American Economic Review, 2018This paper studies how changes in oil supply expectations affect the oil price and the macroeconomy. Using a novel identification design, exploiting institutional features of OPEC and high-frequency data, I identify an oil supply news shock. These shocks
D. Känzig
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The Geography of Consumption and Local Economic Shocks: The Case of the Great Recession
American Economic Journal: MacroeconomicsWe estimate across-county spending flows between firms and consumers for every county in the United States, providing a new consumption link that has not been studied previously.
Abe Dunn, M. Gholizadeh
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Aggregate Nominal Wage Adjustments: New Evidence from Administrative Payroll Data
The American Economic Review, 2019Using administrative payroll data from the largest US payroll processing company, we measure the extent of nominal wage rigidity in the United States.
J. Grigsby, Erik Hurst, Ahu Yildirmaz
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American Economic Journal: Economic Policy
Using mobility report card data, I show the income gap between alumni of elite and less selective universities widened for cohorts graduating during the Great Recession.
Russell Weinstein
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Using mobility report card data, I show the income gap between alumni of elite and less selective universities widened for cohorts graduating during the Great Recession.
Russell Weinstein
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Assessing the Stabilizing Effects of Unemployment Benefit Extensions
American Economic Journal: MacroeconomicsWe study the stabilizing role of benefit extensions. We develop a tractable quantitative model with heterogeneous agents, search frictions, and nominal rigidities.
Alexey Gorn, Antonella Trigari
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