作者：Becard, Yvan; Gauthier, David
作者单位：Pontificia Universidade Catolica do Rio de Janeiro; Bank of England
摘要：We estimate a macroeconomic model on US data where banks lend to households and businesses and simultaneously adjust lending requirements on the two types of loans. We find that the collateral shock, a change in the ability of the financial sector to redeploy collateral, is the most important force driving the business cycle. Hit by this unique disturbance, our model quantitatively replicates the joint dynamics of output, consumption, investment, employment, and both household and business cre...
作者：Pries, Michael J.; Rogerson, Richard
作者单位：University of Notre Dame; Princeton University; National Bureau of Economic Research
摘要：Using the Quarterly Workforce Indicators database, we document that a significant amount of the decline in labor market turnover during the last two decades is accounted for by the decline in employment spells that last just one or two quarters. This phenomenon is pervasive: short-term employment spells have declined across industries, firm size categories, demographic groups, and geographic regions. Using a search-and-matching model in the Diamond-MortensenPissarides tradition that incorporat...
