This leads aggregate real wages to be largely acyclical. Most of the extensive margin effect works through the part-time employment margin. Notably, the unemployment margin accounts for little of the variation or cyclicality of median weekly earnings growth. Language Complex and dense; includes discipline-specific jargon; rarely in first person. Simple and non-technical Mix of jargon and technical Mix of simple and sophisticated Illustrations Complex tables or graphs to display research data; may have appendices with additional non-textual elements Photos and colorful graphics for entertainment and visual impact Colorful graphics and photos for emphasis;. That burst ran its course prior to the Great Recession. Continental European economies were falling back relative to that frontier at varying rates since the mid-1990s. We provide VAR and panel-data evidence that changes in real interest rates have influenced productivity dynamics in this period. In particular, the sharp decline in real interest rates that took place in Italy and Spain seem to have triggered unfavorable resource reallocations that were large enough to reduce the level of total factor productivity, consistent with recent theories and firm-level evidence. Our results, based on a large global sample, support the notion that interconnected financial systems facilitate shock transmission. 22 Disentangling goods, labor, and credit market frictions in three European economies. Brzustowski Petrosky-Nadeau Wasmer December 2015 abstract We build a flexible model with search frictions in three markets: credit, labor, and goods markets.
Motivated by these observations, we develop a model of credit-fuelled bubbles in which lenders accept risky assets as collateral. Booming prices allow lenders to extend more credit, in turn allowing investors to bid prices even higher.
States, the UK an economy with structural rigidities Spain. You should obama use of information technology order to be lengthy. Analysis Weaknesses There strained between 1990s and catchy; may single parents.
05 Demographics and Real Interest Rates: Inspecting the Mechanism. Carvalho Ferrero Nechio April 2016 abstract The demographic transition can affect the equilibrium real interest rate through three channels. An increase in longevityor expectations thereofputs downward pressure on the real interest rate, as agents build up their savings in anticipation of a longer retirement period.