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This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle dynamics, where firms rely on banks and households for capital financing. Firms are...
A body of recent empirical work has found strong evidence that the labor elasticity of supply to the firm is finite, implying that firms may have wage setting power. However, these studies capture onl...
We document that trust in public institutions – and particularly trust in banks, business and government – has declined over recent years. U.S. time series evidence suggests that this partly reflects ...
At this stage of the economic expansion, the moderate rise in consumer prices is consistent with the record for similar cyclical periods since the end of World War II.
The use of the dynamic-sizing approach to measuring employment growth by size of firm provides information useful in the debate on small firm versus large firm job creation.
Using a large panel of administrative records this study confirms the predictions of the ranking model of Blanchard and Diamond (1994) that an individual’s probability of leaving unemployment decrease...
This study examines individuals’ unemployment experiences from the age of 18 up to the age of 35 using a large panel of administrative records on unemployment related benefit claims of men in the Unit...

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