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Joined at the Hip : Monetary and Fiscal Policy in a Liquidity-Dependent World

Calvo, Guillermo; Velasco, Andrés - National Bureau of Economic Research - 2022

We study the effects of monetary and fiscal policies when both money and government bonds provide liquidity services … the supply of bonds. Those movements in government bond prices affect available liquidity, and therefore aggregate demand … interest rate on money. We conclude that in a liquidity-dependent world, fiscal and monetary policies are joined at the hip …

Persistent link: https://www.econbiz.de/10013172164

Labor Market Dynamics When Ideas are Harder to Find

Bilal, Adrien; Engbom, Niklas; Mongey, Simon; Violante, … - National Bureau of Economic Research - 2021

This paper evaluates the impact of slowing economic growth on labor market dynamism and misallocation. It provides a model of endogenous growth via imitation in a frictional labor market. The framework accounts for rich data on worker job-to-job transitions as well as stochastic and lifecycle...

Persistent link: https://www.econbiz.de/10012696388

A Theory of Labor Markets with Inefficient Turnover

Blanco, Andres; Drenik, Andres; Moser, Christian; … - National Bureau of Economic Research - 2024

We develop a theory of labor markets with four features: search frictions, worker productivity shocks, wage rigidity, and two-sided lack of commitment. Inefficient job separations occur in the form of endogenous quits and layoffs that are unilaterally initiated whenever a worker's...

Persistent link: https://www.econbiz.de/10014544688

Labor Misallocation Across Firms and Regions

Heise, Sebastian; Porzio, Tommaso - National Bureau of Economic Research - 2022

We develop a frictional labor market model with multiple regions and heterogeneous firms to study how frictions impeding labor mobility across space affect the joint allocation of labor across firms and regions. Bringing the model to matched employer-employee data from Germany, we find that...

Persistent link: https://www.econbiz.de/10013334515