We examine the relationship between housing equity and wage earnings. We first provide a simple model of wage bargaining where failure leads to both job loss and mortgage default. Moreover, foreclosure generates disutility beyond selling a home. We test this prediction using nine waves of the...

This paper develops a general equilibrium monetary model with performance incentives to study the inflation-unemployment relationship. A long-run downward-sloping Phillips curve can exist with perfectly anticipated inflation because workers' incentive to exert effort depend on financial market...

The global oil market has experienced a steady decline in oil production volatility and a concurrent increase in the volatility of real oil prices since the mid-1980s. To study the underlying causes of the diverging volatility dynamics, we estimate a generalized time varying SVAR model that...

The global oil market has experienced a steady decline in oil production volatility and a concurrent increase in the volatility of real oil prices since the mid-1980s. To study the underlying causes of the diverging volatility dynamics, we estimate a generalized time varying SVAR model that...

This paper explores the structural driving sources of oil market volatility and correlation dynamics. Our results highlight a steadily declining oil production volatility and concurrent increasing real oil price volatility since the mid-1980s. We find that a decrease in the persistence of the...