tailieunhanh - Financial Markets and Unemployment 

Three themes run through the essay. Think medium term! The financial cycle is much longer than the traditional business cycle. Think monetary! Modelling the financial cycle correctly, rather than simply mimicking some of its features superficially, requires recognising fully the fundamental monetary nature of our economies: the financial system does not just allocate, but also generates, purchasing power, and has very much a life of its own. Think global! The global economy, with its financial, product and input markets, is highly integrated. Understanding economic developments and the challenges they pose calls for a top-down and holistic perspective – one in. | Financial Markets and Unemployment Tommaso Monacelli Vincenzo Quadrini Universita Bocconi University of Southern California Antonella Trigari Università Bocconi December 29 2011 Abstract We study the importance of financial markets for un employment fluctuations in a model with matching frictions where firms issue debt under limited enforcement. Higher debt allows employers to bargain lower wages which in turn increases the incentive to create jobs. The transmission mechanism of credit shocks is different from the typical credit channel and the model can explain why firms cut hiring after a credit contraction even if they do not have shortage of funds for hiring. The empirical relevance of these shocks is validated by the structural estimation of the model. The theoretical predictions are also consistent with the estimation of a structural VAR whose identifying restrictions are derived from the theoretical model. Keywords Limited enforcement wage bargaining unemployment credit shocks. JEL classification E24 E32 E44. We thank Wouter Den Haan John Haltiwanger Nicolas Petrosky-Nadeau and Alan Sutherland for insightful comments and seminar participants at Atlanta Fed Boston Fed Ente Luigi Einaudi European Summer Symposium in International Macroeconomics European University Institute Federal Reserve Board NBER Summer Institute New York Fed NYU Abu Dhabi Ohio State University Philadelphia Fed Princeton University St. Louis Fed Stanford University University of Bonn University of Cergy-Pontoise University of Lausanne University of Milano-Bicocca University of Porto University of Southern California University of Wisconsin. 1 Introduction The recent financial turmoil has been associated with a severe increase in unemployment. In the United States the number of unemployed workers jumped from percent of the labor force to about 10 percent and continued to stay close to 9 percent after four years the beginning of the recession. Because the financial sector has been at the

• Tài chính doanh nghiệp
• Obstetrics and Gynecology
• Prepregnancy Body
• Prepregnancy Body
• Gestational Weight
• Birth Weight
• Maternal Immunity
• Ultrasound in obstetrics
• Ultrasound in gynecology
• Safety of ultrasound in obstetrics
• Safety of ultrasound in gynecology
• Development of 3d ultrasound
• Ultrasound markers of implantation
• Doppler sonography in obstetrics
• Postpartum ultrasound
• Fetal blood sampling
• Ultrasound and uterine fibroid
• Blueprints obstetrics & gynecology
• Blueprints obstetrics
• Prenatal care
• Early pregnancy complications
• Prenatal screening
• Diabetes during pregnancy
• Benign disorders
• The upper genital tract
• Pelvic organ prolapse
• Urinary incontinence
• The menstrual cycle
• Sexually transmitted infections
• Reproductive cycles
• Premenstrual syndrome
• Premenstrual dysphoric disorder
• Vaginal disease and neoplasia
• Antepartum care
• Intrapartum care
• Postpartum care
• Postpartum hemorrhage
• Multifetal gestation
• Preterm labor
• Ultrasound in obstetrics and gynecology
• A practical approach
• Basic physical principles
• Medical ultrasound
• Basic characteristics
• The second trimester
• The ultrasound examination
• Ectopic pregnancy
• Writing the ultrasound report
• Placental abnormalities
• Amniotic fluid assessment
• Journal of medical research
• Satisfaction and efficacy of epidural analgesia
• The department of required services treatment
• The national hospital of obstetrics and gynecology
• Safe and effective method of pain relie
• BMC Cancer
• High risk Human Papillomavirus
• Cervical cytology
• Genotype distribution
• Real time PCR
• Pap cytology
• Skin to skin
• Early breastfeeding
• Obstetrics and gynecology hospital
• Practice on skin to skin contact
• Early breastfeeding methods of women
• Vaginal delivery
• Patient Safety
• Gynecology Office
• Pulmonary Medicine
• Internal Medicine
• Palliative Care
• Obstetric Med
• Adolescent pregnancy
• Abortion in adolescence
• Abortion in adolescence in Vietnam
• Consequence of abortion procedures
• HP obstetrics
• phụ sản
• triệu chứng bệnh phụ sản
• bệnh phụ sản
• tài liệu về phụ sản giáo án bệnh phụ sản
• Preclinical Research
• Schizophrenia
• Serotonin 1A Receptors
• Medicine
• Radiology
• Obstetrics
• Gynecology
• Associate Clinical Professor
• Senior Staff Member
• Echocardiography Laboratory
• Legal Issues
• Health Informatics
• Health Education
• Multiple Myeloma
• Oncologic Emergencies
• Alcohol Withdrawal