-
作者：Basten, Christoph; Fagereng, Andreas; Telle, Kjetil
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Statistics Norway
摘要：We identify the causal effect of lump-sum severance payments on non-employment duration in Norway by exploiting a discontinuity in eligibility at the age of 50. We find that a payment worth 1.2months' earnings at the median lowers the fraction re-employed after a year by about 8 percentage points. This is what we would expect if liquidity constraints force unemployed workers to accept a job offer earlier than would be optimal. As further support for the liquidity interpretation, we use data on...
-
作者：McLaren, Nick; Banerjee, Ryan N.; Latto, David
作者单位：Bank of England; Bank for International Settlements (BIS)
摘要：This article uses a novel way of identifying part of the impact of quantitative easing (QE) on gilt yields, using natural experiments associated with Bank of England announcements about changes in the maturity distribution of future gilt purchases. We find that changes in expected QE purchases had a significant effect on gilt yields following each announcement in March 2009, August 2009 and February 2012. The local supply effects we identify appear to be important: they may account for around ...
-
作者：Parakhonyak, Alexei
作者单位：HSE University (National Research University Higher School of Economics)
摘要：In this article, I examine a model of oligopolistic competition in which consumers search for prices but have no knowledge of the underlying price distribution. The consumers' behaviour satisfies four consistency requirements and, as a result, their beliefs about the underlying distribution maximise Shannon entropy. I derive the optimal stopping rule and equilibrium price distribution of the model. Unlike in Stahl (), the expected price is decreasing in the number of firms. Moreover, consumers...
-
作者：Blundell, Richard; Crawford, Claire; Jin, Wenchao
作者单位：University of London; University College London; University of London; London School Economics & Political Science; University of Warwick
摘要：As in many European countries, labour productivity in the UK has been stagnant since the start of the Great Recession. This article uses individual data on employment and wages to try to understand whether real wage flexibility can help shed light on the UK's productivity puzzle. It finds, perhaps unsurprisingly, that workforce composition cannot explain the reduction in wages and hence productivity that we observe, even compared to previous recessions; instead, real wages have fallen signific...
-
作者：Pessoa, Joao Paulo; Van Reenen, John
作者单位：University of London; London School Economics & Political Science; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：UK GDP per worker fell by almost 4% in the five years following Lehman's collapse in 2008, something unprecedented in post-war history. A possible reason for poor productivity is low growth in the effective capital-labour ratio. This is likely to have occurred because there has been a fall in real wages and increases in the cost of capital due to the financial crisis. We simulate various changes in the capital-labour ratio and after accounting for these changes, the evolution of total factor p...
