作者：Mercan, Yusuf; Schoefer, Benjamin; Sedlacek, Petr
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; University of California System; University of California Berkeley; University of New South Wales Sydney
摘要：We propose a theory of unemployment fluctuations in which new and incumbent workers are imperfect substitutes. Hence, attempts hire away the unemployed during recessions diminish the marginal product of new hires, discouraging job creation. This single feature achieves a tenfold increase in the volatility of hiring in an otherwise standard search model, produces a realistic Beveridge curve despite countercyclical separations, and explains 30-40 percent of US unemployment fluctuations. Addition...
作者：Foley-Fisher, Nathan; Gorton, Gary; Verani, Stephane
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Yale University; National Bureau of Economic Research
摘要：Privately produced safe debt is designed so that there is no adverse selection in trade. But in some macro states-here, the onset of the pandemic-it becomes profitable for some agents to produce private information, and then agents face adverse selection when they trade the debt (i.e., it becomes information sensitive). We empirically study these adverse selection dynamics in a very important asset class, collateralized loan obligations (CLOs), which finance loans to below -investment -grade f...
