Discussion Papers

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1625: Nominal rigidities in debt and product markets

Carlos Garriga, Finn Kydland and Roman Sustek

1624: Financial Market Imperfections and Labour Market Outcomes

Alireza Sepahsalari

1623: The Macroeconomic Shock with the Highest Price of Risk

Gabor Pinter

1622: Finance and Synchronization

Ambrogio Cesa-Bianchi, Jean Imbs and Jumana Saleheen

1621: The Decision to Move House and Aggregate Housing-Market Dynamics

L. Rachel Ngai and Kevin Sheedy

1620: QE in the future: the central bank's balance sheet in a financial crisis

Ricardo Reis

1619: Can Agents with Causal Misperceptions be Systemically Fooled?

Ran Spiegler

1618: Optimal Automatic Stabilizers

Alisdair McKay and Ricardo Reis

1617: The Sovereign-Bank Diabolic Loop and ESBies

Markus Brunnermeier, Luis Garicano, Philip Lane, Marco Pagano, Ricardo Reis, Tano Santos, David Thesmar, Stijn Van Nieuwerburgh and Dimitri Vayanos

1615: Matching Workers

Espen Moen and Eran Yashiv

1615: Job Displacement Risk and Severance Pay

Giulio Fella and Marco Cozzi

1614: Parents, Schools and Human Capital Differences across Countries

Marta De Philippis and Federico Rossi

1613: Unsurprising Shocks: Information, Premia, and the Monetary Transmission

Silvia Miranda-Agrippino

1612: Monetary Policy Transmission in an Open Economy: New Data and Evidence from the United Kingdom

Ambrogio Cesa-Bianchi, Gregory Thwaites and Alejandro Vicondoa

1611: The Theory of Unconventional Monetary Policy

Roger Farmer and Pawel Zabczyk

1610: Firm’s precautionary savings and employment during a credit crisis

Davide Melcangi

1609: VAR Models with Non-Gaussian Shocks

Ching-Wai (Jeremy) Chiu, Haroon Mumtaz and Gabor Pinter

1608: On the Mechanics of New Keynesian Models

Peter Rupert and Roman Sustek

1607: The Residential Collateral Channel

Saleem Bahaj, Angus Foulis and Gabor Pinter

1606: Stagnation Traps

Gianluca Benigno and Luca Fornaro

1605: Secular Drivers of the Global Real Interest Rate

Lukasz Rachel and Thomas Smith

1604: Tracking the Slowdown in Long-Run GDP Growth

Juan Antolin-Diaz, Thomas Drechsel and Ivan Petrella

1603: The Dark Corners of the Labor Market

Vincent Sterk

1602: Models, Inattention and Expectation Updates

Raffaella Giacomini, Vasiliki Skreta and Javier Turen

1601: Asymmetric Inflation Expectations, Downward Rigidity of Wages and Asymmetric Business Cycles

David Baqaee

1537: Shocking Language: Understanding the macroeconomic effects of central bank communication

Stephen Hansen and Michael McMahon

1536: Exact Present Solution with Consistent Future Approximation: A Gridless Algorithm to Solve Stochastic Dynamic Models

Wouter den Haan, Michal Kobielarz and Pontus Rendahl

1535: Looking for a success in the euro crisis adjustment programs: the case of Portugal

Ricardo Reis

1534: Endogenous Market Making and Network Formation

Briana Chang and Shengxing Zhang

1533: An Economic Analysis of Pension Tax Proposals

Angus Armstrong, E Davis and Monique Ebell

1532: The Persistence of a Banking Crisis

Kilian Huber

1531: Unions in a Frictional Labor Market

Leena Rudanko and Per Krusell

1530: Gross Worker Flows over the Business Cycle

Per Krusell, Toshihiko Mukoyama, Richard Rogerson and Aysegul Sahin

1529: Energy-Saving Technical Change

John Hassler, Per Krusell and Conny Olovsson

1528: The Impact of Contract Enforcement Costs on Outsourcing and Aggregate Productivity

Johannes Boehm

1527: Globalization and Synchronization of Innovation Cycles

Kiminori Matsuyama, Iryna Sushko and Laura Gardini

1526: A Positive Theory of Tax Reform

Ethan Ilzetzki

1525: The banks that said no: banking relationships, credit supply and productivity in the UK

Jeremy Franklin, May Rostom and Gregory Thwaites

1524: Space-Time (In)Consistency in the National Accounts: Causes and Cures

Nicholas Oulton

1523: QE and the Bank Lending Channel in the United Kingdom

Nick Butt, Rohan Churm, Michael McMahon, Arpad Morotz and Jochen Schanz

1522: The Fundamental Nature of HARA Utility

Gadi Perets and Eran Yashiv

1521: Unemployment (Fears) and Deflationary Spirals

Wouter Den Haan, Pontus Rendahl and Markus Riegler

1520: Predictable Recoveries

Xiaoming Cai, Wouter Den Haan and Jonathan Pinder

1519: The Home Market Effect and Patterns of Trade between Rich and Poor Countries

Kiminori Matsuyama

1518: Diversification through Trade

Francesco Caselli, Miklós Koren, Milan Lisicky and Silvana Tenreyro

1517: Experience-biased Technical Change

Francesco Caselli

1516: Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantage

Paul Bergin and Giancarlo Corsetti

1515: The Optimal Use of Government Purchases for Macroeconomic Stabilization

Pascal Michaillat and Emmanuel Saez

1514: What moves international stock and bond markets?

Gino Cenedese and Enrico Mallucci

1513: Communal Land and Agricultural Productivity

Charles Gottlieb and Jan Grobovsek