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作者：Barnichon, Regis
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：The low correlation between cyclical unemployment and productivity over the postwar period hides a large sign switch in the mid-1980s from significantly negative the correlation became significantly positive Using a search model of unemployment with nominal rigidities and variable labor effort I show that technology shocks can generate a positive unemployment-productivity correlation whereas non-technology shocks (i e aggregate demand shocks) tend to do the opposite In this context I identify ...
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作者：Menzio, Guido; Moen, Espen R.
作者单位：University of Pennsylvania; National Bureau of Economic Research; BI Norwegian Business School
摘要：Consider a labor market in which firms want to insure existing employees against income fluctuations and, simultaneously, want to recruit new employees to fill vacant jobs. Firms can commit to a wage policy, i.e. a policy that specifies the wage paid to their employees as a function of tenure, productivity and other observables. However, firms cannot commit to employ workers. In this environment, the optimal wage policy prescribes not only a rigid wage for senior workers, but also a downward r...
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作者：Neiman, Brent
作者单位：University of Chicago
摘要：About 40 percent of all U.S. international trades occurs between related parties, or intrafirm, such as trades between a parent and subsidiary of the same multinational corporation. This paper uses a transaction-level dataset that distinguishes arm's length from intrafirm trades to demonstrate that for differentiated products, intrafirm prices are characterized by (1) less stickiness, (2) less synchronization, and (3) greater exchange rate passthrough. (C) 2010 Elsevier B.V. All rights reserved.
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作者：Graham, Liam; Wright, Stephen
作者单位：University of London; University College London; University of London; Birkbeck University London
摘要：Information is market-consistent if agents only use market prices to infer the underlying states of the economy. This paper applies this concept to a stochastic growth model with incomplete markets and heterogeneous agents. The economy with market-consistent information can never replicate the full information equilibrium, and there are substantial differences in impulse responses to aggregate productivity shocks. These results are robust to the introduction of a noisy public signal and aggreg...
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作者：Mendoza, Enrique G.; Quadrini, Vincenzo
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; University of Southern California; Center for Economic & Policy Research (CEPR)
摘要：Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. non-financial sectors since the mid-1980s has been financed by foreign lending. Second, the collapse of the U.S. housing and mortgage-backed-securities markets had worldwide effects on financial institutions and asset markets. Using an open-economy model where financial intermediaries play a central role, we show that fina...
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作者：Gervais, Martin; Klein, Paul
作者单位：University of Southampton
摘要：A new method of measuring the degree of consumption smoothing is proposed and implemented using data from the Consumer Expenditure Survey The structure of this Survey is such that estimators previously used in the literature are inconsistent simply because income is measured annually and consumption is measured quarterly An AR(1) structure is Imposed on the income process to obtain a proxy for quarterly Income through a projection on annual income By construction this proxy gives rise to a mea...
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作者：Coen-Pirani, Daniele
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：The main cross-sectional and time-series properties of state-level gross and net worker flows, wages, and rents are characterized using micro-data from the U.S. Census. A dynamic general equilibrium model of worker migration is introduced to explain the stylized facts. In the model, a location may experience simultaneous inflows and outflows of workers. Recent migrants choose to migrate more often than incumbent workers. Thus, locations that attract high numbers of migrants also tend to experi...
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作者：Sustek, Roman
作者单位：University of Iowa
摘要：A monetary aggregate consisting predominantly of zero-maturity deposits, called MZM, tends to systematically lead output in the US business cycle. Such fluctuations are observed both before and after the 1979 monetary policy change. Similar dynamics are obtained in a model with multi-stage production and purchase-size heterogeneity when agents optimally choose their mix of cash, checkable, and time deposits used in transactions. The causality in the model runs from real activity to money, rath...
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作者：Gorodnichenko, Yuriy; Ng, Serena
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Columbia University
摘要：Dynamic stochastic general equilibrium (DSGE) models are often solved and estimated under specific assumptions as to whether the exogenous variables are difference or trend stationary. However, even mild departures of the data generating process from these assumptions can severely bias the estimates of the model parameters. This paper proposes new estimators that do not require researchers to take a stand on whether shocks have permanent or transitory effects. These procedures have two key fea...
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作者：Casares, Miguel
作者单位：Universidad Publica de Navarra
摘要：The introduction of both market-clearing wages and nominal rigidities on wage setting call be used to rationalize unemployment as excess supply of labor in the New Keynesian model. As a result, wage inflation dynamics are forward-looking and depend negatively oil the rate of unemployment. Moreover, both price inflation and wage inflation evolve as indicated by equations equivalent to those obtained in Erceg et al. (2000), though with different slope coefficients. In all equal-volatility compar...
