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Do Firms Mitigate Climate Impact on Employment? Evidence from US Heat Shocks

Acharya, Viral V.; Bhardwaj, Abhishek; Tomunen, Tuomas - National Bureau of Economic Research - 2023

How do firms mitigate the impact of rising temperatures on employment? Using establishment-level data, we show that firms operating in multiple counties in the United States respond to heat shocks by reducing employment in the affected locations and increasing it in unaffected locations, whereas...

Persistent link: https://www.econbiz.de/10014447288

How Do Supply Shocks to Inflation Generalize? Evidence from the Pandemic Era in Europe

Acharya, Viral V.; Crosignani, Matteo; Eisert, Tim; … - National Bureau of Economic Research - 2023

We document how supply-chain pressures, household inflation expectations, and firm pricing power interacted to induce the pandemic-era surge in consumer price inflation in the euro area. Initially, supply-chain pressures increased inflation through a cost-push channel and raised inflation...

Persistent link: https://www.econbiz.de/10014421216

The Aftermath of the 1992 ERM Breakup : Was There a Macroeconomic Free Lunch?

Gordon, Robert J. - 1999

This paper examines the macroeconomic aftermath of the 1992 breakdown of the European Exchange Rate Mechanism (ERM). The economic performance of six leaver' nations is compared with five stayer' nations that maintained a roughly fixed parity with the Deutsche Mark. Recent writing about...

Persistent link: https://www.econbiz.de/10012471843

Macroeconomic Policy in the Presence of Structural Maladjustment

Gordon, Robert J. - 1996

This paper analyzes two-way interactions between structural reform and macro policy. If structural reforms increase the flexibility of labor markets, they are likely to improve the short-run inflation-unemployment tradeoff, providing an incentive for policymakers to expand aggregate demand....

Persistent link: https://www.econbiz.de/10012473095

Productivity in the Transportation Sector

Gordon, Robert J. - 1991

This is a comprehensive study of measurement and substantive issues that arise in determining the rate of multi factor productivity (MFP) growth in the transportation industry over the postwar period, 1948-87. Official data on output and employment are provided by two government agencies and...

Persistent link: https://www.econbiz.de/10012475182

Wage Gaps vs. Output Gaps : Is There a Common Story for All of Europe?

Gordon, Robert J. - 1987

This paper studies the relationship between real wages and unernployment in Europe. It finds no evidence that high real wages are responsible for the differing behavior of unemployment in Europe as contrasted with the U. S., and across European countries finds patterns of real wage behavior that...

Persistent link: https://www.econbiz.de/10012476613

The Industry Anatomy of the Transatlantic Productivity Growth Slowdown

Gordon, Robert J. - 2019

By merging KLEMS data sets and aggregating over the ten largest Western European nations (EU-10), we are able to … compare and contrast productivity growth up through 2015 starting from 1950 in the U.S. and from 1972 in the EU-10. Data are …-industries. The analysis focuses on outcomes over four time intervals: 1950-72, 1972-95, 1995-2005, and 2005-15. We interpret the EU …

Persistent link: https://www.econbiz.de/10012479654

Kicking the Can Down the Road : Government Interventions in the European Banking Sector

Acharya, Viral V. - 2020

We analyze the determinants and the long-run consequences of government interventions in the eurozone banking sector during the 2008/09 financial crisis. Using a novel and comprehensive dataset, we document that fiscally constrained governments "kicked the can down the road" by providing banks...

Persistent link: https://www.econbiz.de/10012481392

Transatlantic Technologies : The Role of ICT in the Evolution of U.S. and European Productivity Growth

Gordon, Robert J. - 2020

aggregate of ten Western European nations (the EU-10) from 1977 to 2015. We find that the standard growth accounting approach is …. Using industry-level data from EU KLEMS, we find that most of the 1995-2005 U.S. productivity growth revival was driven by … ICT-intensive industries producing market services and computer hardware. In contrast the EU-10 experienced a 1995 …

Persistent link: https://www.econbiz.de/10012481620

Zombie Credit and (Dis-)Inflation : Evidence from Europe

Acharya, Viral V. - 2020

We show that cheap credit to impaired firms has a disinflationary effect. By helping distressed firms to stay afloat, "zombie credit" can create excess production capacity, and in turn, put downward pressure on markups and prices. We test this mechanism exploiting granular inflation and...

Persistent link: https://www.econbiz.de/10012481741