By Ludo Visschers, Paolo Martellini and Guido Menzio Published in The Economic Journal Abstract We revisit the hypothesis that cyclical fluctuations in unemployment are caused by shocks to the discount rate. We use a...
Publications
How long does economic injustice last?
By David Miles Published in National Institute Economic Review Abstract This article assesses whether economic injustices that took place in the past still have significant implications for the material welfare of...
Directed Technical Change as a Response to Natural Resource Scarcity
By John Hassler, Per Krusell and Conny Olovsson Published in the Journal of Political Economy Abstract We develop a quantitative macroeconomic theory of input-saving technical change to analyze how markets economize on...
Currency Areas and Voluntary Transfers
Currency Areas and Voluntary Transfers By Tim Worrall and Pierre M. Picard Published in the Journal of International Economics Abstract: Fiscal integration is recognized as an important issue in determining whether...
Firm Wage Differentials and Labor Market Sorting: Reconciling Theory and Evidence
Firm Wage Differentials and Labor Market Sorting: Reconciling Theory and Evidence By Rafael Lopes de Melo Published in Journal of Political Economy Abstract: Why do firms pay different wages? Empirical evidence suggests...
Heterogeneity in Expectations, Risk Tolerance, and Household Stock Shares: The Attenuation Puzzle
Heterogeneity in Expectations, Risk Tolerance, and Household Stock Shares: The Attenuation Puzzle By Matthew Shapiro, John Ameriks, Gábor Kézdi, and Minjoon Lee Published in the Journal of Business and Economic...
Minding Your Ps and Qs: Going from Micro to Macro in Measuring Prices and Quantities
Minding Your Ps and Qs: Going from Micro to Macro in Measuring Prices and Quantities By Matthew Shapiro, Gabriel Ehrlich, John Haltiwanger, Ron Jarmin, and David Johnson Published in AEA Papers and Proceedings Abstract:...
Occupational Mobility and the Returns to Training
Occupational Mobility and the Returns to Training By Iourii Manovski, Gueorgui Kambourov, and Miana Plesca. Published in the Canadian Journal of Economics Abstract: The literature on the returns to training has pointed...
Credit Booms, Financial Crises and Macroprudential Policy
Credit Booms, Financial Crises and Macroprudential Policy By Nobuhiro Kiyotaki, Mark Gertler and Andrea Prestipino Published in the Review of Economics Abstract: We develop a model of banking panics which is consistent...
A global CO2 price – Necessary and sufficient
A global CO2 price – Necessary and sufficient By John Hassler Published in the Journal of the Finnish Economic Association Abstract: During the last 10 years, I have spent most of my research time on the economics...
Multiple Applications, Market Power and Competing Mechanisms
Multiple Applications, Market Power and Competing Mechanisms By Pieter Gautier, James Albrecht, Xiaming Cai, Susan Vroman Published in the Journal of Economic Theory Abstract: We consider a labor market with search...
Firm Dynamics, On-The-Job Search and Labor Market Fluctuations
Firm Dynamics, On-The-Job Search and Labor Market Fluctuations By Mike Elsby and Axel Gottfries Forthcoming in the Review of Economic Studies Abstract We devise a tractable model of firm dynamics with on-the-job search...
Liquidity, Business Cycles, and Monetary Policy
Liquidity, Business Cycles, and Monetary Policy By John Moore and Nobuhiro Kiyotaki Abstract This paper presents a model of a monetary economy where there are differences in liquidity across assets. Money circulates...
Working Papers
Summaries
Liquidity, Business Cycles, and Monetary Policy
Summary This paper derives a model economy in which money and other assets carry different liquidity. The aim of the model is to investigate how economic activity and asset prices depend on changes in productivity and...
Firm Dynamics, On-the-Job Search, and Labor Market Fluctuations
Summary In the labour market many things happen simultaneously: a large amount of job seekers find employment while, at the same time, many employed workers lose their jobs (either through voluntary quits or through...
Taxation and unemployment in models with heterogeneous workers
Summary In the 1960s unemployment rates were quite similar in the United States and in the continental European countries. While the unemployment rate in the U.S. has remained at almost the same level at least until the...
