International trade and macroeconomic dynamics with labor market frictions
In: Journal of international economics, Band 93, Heft 1, S. 17-30
ISSN: 0022-1996
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In: Journal of international economics, Band 93, Heft 1, S. 17-30
ISSN: 0022-1996
In: Journal of international economics, Band 132, S. 103488
ISSN: 0022-1996
In: The economic journal: the journal of the Royal Economic Society, Band 131, Heft 639, S. 2797-2823
ISSN: 1468-0297
AbstractWe show that limited wage flexibility in economic downturns generates strong and state-dependent amplification of uncertainty shocks. It also explains the cyclical behaviour of empirical measures of uncertainty. In the presence of matching frictions, an occasionally binding constraint on downward wage adjustment enhances the concavity of firms' hiring rule, resulting in an endogenous profit risk-premium. In turn, higher uncertainty increases the profit risk-premium when the economy operates close to the wage constraint, deepening a recession. Non-linear local projections and vector autoregression estimates support the model predictions. In addition, we show that measured uncertainty rises in a recession even without uncertainty shocks.
In: NBER Working Paper No. w27630
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In: NBER Working Paper No. w27951
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In: CEPR Discussion Paper No. DP14715
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In: CEPR Discussion Paper No. DP14952
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In: Journal of international economics, Band 129, S. 103417
ISSN: 0022-1996
In: Journal of international economics, Band 99, S. 120-137
ISSN: 0022-1996
In: Research in economics: Ricerche economiche, Band 69, Heft 4, S. 555-581
ISSN: 1090-9451
In: Journal of international economics, Band 95, Heft 2, S. 171-187
ISSN: 0022-1996
In: CEPR Discussion Paper No. DP12693
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