This paper uses structural vector autoregressive models (SVARs) to show that the response of US stock prices to fiscal shocks changed in 1980. Over the period 1955-1979, an expansionary spending or revenue shock was associated with higher stock prices. After 1980, the response of stock prices to...

This paper uses a battery of calibrated and estimated structural models to determine the causal drivers of the negative correlation between output and aggregate uncertainty. We find the transmission of uncertainty shocks to output is weak, while aggregate uncertainty endogenously responds to...

A tractable model with infinitely lived agents is constructed for the examination of bubbles and unemployment. It is demonstrated that the presence of bubbles stimulates capital accumulation and reduces unemployment. The presence of bubbles also changes the effects of government policies that...

Job search decisions of unemployed workers are forward-looking and respond to expected returns from the search process. When expected returns (or discount rates) are high, the discounted benefits from the search process are low. Thus unemployed workers search less intensively for jobs. We build...

This paper examines if a portfolio of firms with the best training program consistently outperforms the market. This study constructs an equally-weighted portfolio of top 10 companies ranked in the Training Top 125 each year from 2001 to 2010. In particular, this study compares the performance...

An zahlreichen Wertpapiermärkten, an denen Aktien und Optionen gehandelt wer-den, sind professionelle Händler beauftragt, kontinuierlich verbindliche Kauf- und Verkaufsangebote an potentielle Nachfrager zu geben, um für alle interessierten Marktteilnehmer jederzeit einen sofortigen...