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Luo, Ding; Tong, Jincheng - 2022

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 a Diamond-Mortensen-Pissarides (DMP) search model with variable …

Persistent link: https://www.econbiz.de/10014235643

Fiscal Policy Shocks and Stock Prices in the United States

Mumtaz, Haroon; Theodoridis, Konstantinos - 2021

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...

Persistent link: https://www.econbiz.de/10013220869

Stock price cycles and business cycles

Adam, Klaus; Merkel, Sebastian - 2019

We present a simple model that quantitatively replicates the behavior of stock prices and business cycles in the United States. The business cycle model is standard, except that it features extrapolative belief formation in the stock market, in line with the available survey evidence....

Persistent link: https://www.econbiz.de/10012098187

Short-Run Pain, Long-Run Gain? Recessions and Technological Transformation

Kopytov, Alexandr - 2017

Recent empirical evidence suggests that skill-biased technological change that shifts labor demand towards non-routine jobs has accelerated during the Great Recession. We analyze the interaction between the gradual process of transition towards a skill intensive technology and business cycles in...

Persistent link: https://www.econbiz.de/10012943102

Labor Force Telework Flexibility and Asset Prices : Evidence from the COVID-19 Pandemic

Favilukis, Jack Y - 2020

We show that labor force telework flexibility (LFTF) is a first-order effect in accounting for the variations of asset prices and firm policies during the COVID-19 pandemic. Specifically, firms in high LFTF industries significantly outperform firms in low LFTF industries in stock returns. The...

Persistent link: https://www.econbiz.de/10012823122

Heterogeneous-Agent Asset Pricing

Paron, James D. - 2021

This paper studies the importance of idiosyncratic endowment shocks for aggregate asset prices in continuous time. My generalized framework accommodates jumps and heterogeneous recursive preferences. I show that countercyclical cross-sectional risk is irrelevant to risk premia if and only if all...

Persistent link: https://www.econbiz.de/10013237723

Aßmuth, Pascal - 2015 - Reviewed Version: June 18, 2015

The total output of an economy usually follows cyclical movements which are accompanied by similar movements in stock prices. The common explanation relies on the demand side. It points out that stock market wealth drives consumption which triggers production afterward. This paper focuses on...

Persistent link: https://www.econbiz.de/10010510621

COVID-19 : putting stock markets back on recovery among the Crude Oil Producing Economies

Olakojo, Solomon Abayomi; Onanuga, Abayomi Toyin; … - In: Contemporary economics 15 (2021) 1, pp. 34-52

COVID-19 poses an unprecedented threat to components of global business cycles including stock markets, industrial production and employment. This study investigated its impact on stock markets of 24 oil producing COVID-19-hit economies in North America, South America, Europe, Asia, Oceania and...

Persistent link: https://www.econbiz.de/10012485739

Speculation-driven business cycles

Bigio, Saki; Zilberman, Eduardo - 2019

Speculation, in the spirit of Harrison and Kreps [1978], is introduced into a standard real business cycle model. Investors (speculators) hold heterogeneous beliefs about firm growth. Firm ownership, and thus, the firm's discount factor varies with waves of optimism and leverage. These waves...

Persistent link: https://www.econbiz.de/10012145301

Aßmuth, Pascal - 2020

Persistent link: https://www.econbiz.de/10012198098

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