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Collective Negative Shocks and Preferences for Redistribution : Evidence from the COVID-19 Crisis in Germany

Bellani, Luna; Fazio, Andrea; Scervini, Francesco - 2022

the impact of a negative shock affecting every strata of the population, such as the development of COVID-19, on …

Persistent link: https://www.econbiz.de/10014083947

Hartz IV and the Decline of German Unemployment : A Macroeconomic Evaluation

Hochmuth, Brigitte - 2019

This paper proposes a new approach to evaluate the macroeconomic effects of the Hartz IV reform in Germany, which reduced the generosity of long-term unemployment benefits. We use a model with different unemployment durations, where the reform initiates both a partial effect and an equilibrium...

Persistent link: https://www.econbiz.de/10012870220

Transmission of US and EU Economic Policy Uncertainty Shock to Asian Economies in Bad and Good Times

Balcilar, Mehmet - 2020

This study empirically examines the fragility of five major Asian economies (China, Hong Kong, India, Japan, and South Korea) to economic policy uncertainty (EPU) of US and EU, and oil prices in different state of the economies. To investigate these dynamics, we use the relative tail dependence...

Persistent link: https://www.econbiz.de/10012833241

Interest Rate Hysteresis in Macroeconomic Investment Under Uncertainty

Belke, Ansgar Hubertus - 2019

The interest rate is generally considered as an important driver of macroeconomic investment. As an innovation, this paper derives the exact shape of the "hysteretic" impact of changes in the interest rate on macroeconomic investment under the scenarios of both certainty and uncertainty. We...

Persistent link: https://www.econbiz.de/10012863765

Modeling Life-Cycle Earnings Risk with Positive and Negative Shocks

Sanchez Garcia, Manuel - 2017

We study workers' idiosyncratic earnings risk over the life-cycle using a German administrative data set. Positive and … incomplete markets model. Moreover, age-varying risk implies a linear increase in consumption inequality late in working life …

Persistent link: https://www.econbiz.de/10012948657

Uncertainty Shocks and Unemployment Dynamics

2020

Recent events suggest that uncertainty changes play a major role in U.S. labor market fluctuations. This study analyzes the impact of uncertainty shocks on unemployment dynamics. Using a vector autoregression approach, we show that uncertainty shocks measured by stock market volatility have a...

Persistent link: https://www.econbiz.de/10012829214

Causal Effects of Monetary Shocks : Semiparametric Conditional Independence Tests with a Multinomial Propensity Score

Angrist, Joshua D.; Kuersteiner, Guido M. - 2021

Macroeconomists have long been concerned with the causal effects of monetary policy. When the identification of causal effects is based on a selection-on-observables assumption, non-causality amounts to the conditional independence of outcomes and policy changes. This paper develops a...

Persistent link: https://www.econbiz.de/10013325071

Monetary Persistence, Imperfect Competition, and Staggering Complementarities

Merkl, Christian; Snower, Dennis J. - 2021

This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are complementary in generating monetary persistence. We do so by proposing the new measure of quantitative inertia, after discussing...

Persistent link: https://www.econbiz.de/10013316832

Diagnostic Uncertainty and Insurance Coverage in Credence Goods Markets

Balafoutas, Loukas; Fornwagner, Helena; Kerschbamer, Rudolf - 2021

framework. We test the model's predictions in a laboratory experiment. Both in theory and in the experiment diagnostic … uncertainty decreases the rate of efficient service provision and leads to less trade. In theory, insurance also decreases the …

Persistent link: https://www.econbiz.de/10013314990

Dynamic Labor Reallocation with Heterogeneous Skills and Uninsured Idiosyncratic Risk

Faia, Ester; Kudlyak, Marianna; Shabalina, Ekaterina - 2022

heterogeneous income risk, liquid and illiquid assets, price adjustment costs, and in which households differ by their occupation …-specific skills. Labor income is a combination of endogenous occupational wages and idiosyncratic shock. Occupational reallocation and … occupation-specific infection risk and a ZLB policy and study the impact of occupational and aggregate labor supply shocks. We …

Persistent link: https://www.econbiz.de/10014084048