Do labor market reforms initiated in periods of loose monetary policy yield different outcomes from those that were introduced in periods when monetary tightening prevailed? Since economic theory usually pays attention to the steady state change and ignores business cycle interactions of...

This paper studies the effects of common shocks on the OLS estimators of the slopes' parameters in linear panel data models. The shocks are assumed to affect both the errors and some of the explanatory variables. In contrast to existing approaches, which rely on using results on martingale...

This paper introduces a novel approach to study the effects of common shocks on panel data models with endogenous explanatory variables when the cross section dimension (N) is large and the time series dimension (T) is fixed: this relies on conditional strong laws of large numbers and...