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作者：Debortoli, Davide; Gali, Jordi
作者单位：ICREA; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI)
摘要：We study how the presence of idiosyncratic income risk affects aggre- gate fluctuations in the absence of binding borrowing constraints and/or cyclical income risk. Its impact is shown to be captured by the response of a consumption-weighted average of individual con- sumption risk to aggregate shocks. We analyze two example econo- mies an endowment economy and a New Keynesian economy-and show that, under plausible calibrations, the impact of idiosyncratic income risk on as on aggregate fluctu...
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作者：Bernstein, Joshua; Plante, Michael; Richter, Alexander w.; Throckmorton, Nathaniel a.
作者单位：Indiana University System; Indiana University Bloomington; Federal Reserve System - USA; Federal Reserve Bank - Dallas; William & Mary
摘要：This 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. Quantitatively, this mechanism is strong enough to explain uncertainty and real activity dynamics, including their correlation. Through this lens, uncertainty fluctuations are endogenous responses to changes in real activity that neither affect the sever...
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作者：Vollrath, Dietrich
作者单位：University of Houston System; University of Houston
摘要：It is often assumed that the elasticity of GDP with respect to capital is one-third, but this assumes zero markups and an aggregate production function. I estimate the elasticity allowing markups to vary by industry and with a rich input-output structure. Assumptions about capital costs provide bounds on elasticity. In the United States from 1948-1995, the capital elasticity ranged from 0. 19-0.32 and shifted to 0.24-0.37 by 1996-2018. Excluding housing or decapitalizing intellectual property ...
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作者：Leduc, Sylvain; Liu, Zheng
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We argue that the threat of automation weakens workers' bargaining power in wage negotiations, dampening wage adjustments and amplifying unemployment fluctuations. We make this argument based on a business cycle model with labor market search frictions, generalized to incorporate automation decisions. In the model, procyclical automation threats create endogenous real wage rigidity that amplifies labor market fluctuations. The automation mechanism is consistent with empirical evidence. It is a...
