Wage Rigidity and Employment Outcomes: Evidence from Administrative Data

By Gabriel Ehrlich and Joshua Montes

American Economic Journal: Macroeconomics, January 2024

This paper examines the relationship between downward nominal wage rigidity and employment outcomes using linked employer-employee data. Wage rigidity prevents 27.1 percent of counterfactual wage cuts, with a standard deviation of 19.2 percent across esta...

Government Borrowing and Crowding Out

By Yasin Kürşat Önder, Sara Restrepo-Tamayo, Maria Alejandra Ruiz-Sanchez, and Mauricio Villamizar-Villegas

American Economic Journal: Macroeconomics, January 2024

We investigate the impact of fiscal expansions on firm investment by exploiting firms with multiple banking relationships. Further, we conduct a localized approach and compare the lending behavior of banks that barely met and missed the criteria of being ...

Innovation-Led Transitions in Energy Supply

By Derek Lemoine

American Economic Journal: Macroeconomics, January 2024

Generalizing models of directed technical change, I show that complementarities between innovations and factors of production (here, energy resources) can drive transitions away from a dominant sector. In a calibrated numerical implementation, the economy...

Homeownership and Portfolio Choice over the Generations

By Gonzalo Paz-Pardo

American Economic Journal: Macroeconomics, January 2024

Earnings are riskier and more unequal for households born in the 1960s and 1980s than for those born in the 1940s. Despite improvements in financial conditions, younger generations are less likely to be living in their own homes than older generations at ...

A Congestion Theory of Unemployment Fluctuations

By Yusuf Mercan, Benjamin Schoefer, and Petr Sedláček

American Economic Journal: Macroeconomics, January 2024

We propose a theory of unemployment fluctuations in which new hires and incumbent workers are imperfect substitutes. Hence, attempts to hire away the unemployed during recessions diminish the marginal product of new hires, discouraging job creation. This ...

The Impact of Extending Employment Protection to Agency Workers on Firms

By Alejandro Micco and Pablo Muñoz

American Economic Journal: Macroeconomics, January 2024

We study the impact of a reform that extended employment protection to temporary agency workers. Using a difference-in-difference research design, we show that plants more exposed to the regulation experienced a decrease in revenues and total employment, ...

Firms' Precautionary Savings and Employment during a Credit Crisis

By Davide Melcangi

American Economic Journal: Macroeconomics, January 2024

Can the macroeconomic effects of credit supply shocks be large even when a small share of firms is credit constrained? I use UK firm-level accounting data to discipline a heterogeneous-firm model where the interaction between real and financial frictions ...

Adverse Selection Dynamics in Privately Produced Safe Debt Markets

By Nathan Foley-Fisher, Gary Gorton, and Stéphane Verani

American Economic Journal: Macroeconomics, January 2024

Privately produced safe debt is designed so that there is no adverse selection in trade. But in some macro states—here, the onset of the pandemic—it becomes profitable for some agents to produce private information, and then agents face adverse select...

Assessing the Stabilizing Effects of Unemployment Benefit Extensions

By Alexey Gorn and Antonella Trigari

American Economic Journal: Macroeconomics, January 2024

We study the stabilizing role of benefit extensions. We develop a tractable quantitative model with heterogeneous agents, search frictions, and nominal rigidities. The model allows for a stabilizing aggregate demand channel and a destabilizing labor marke...

Scarred Consumption

By Ulrike Malmendier and Leslie Sheng Shen

American Economic Journal: Macroeconomics, January 2024

We show that prior lifetime experiences can "scar" consumers. Consumers who have lived through times of unemployment exhibit persistent pessimism about their future financial situation and spend significantly less years later, controlling for income, empl...

Monetary Policy When the Phillips Curve Is Quite Flat

By Paul Beaudry, Chenyu Hou, and Franck Portier

American Economic Journal: Macroeconomics, January 2024

This paper highlights how the presence of a monetary policy cost channel can offer new insights into the relation between monetary policy and inflation when the Phillips curve is quite flat. For instance, we highlight a key condition whereby lax monetary ...

AEA-CEE Annual Meeting Minutes

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AEA/ AFA Joint Luncheon-Fee Event

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Livecast test route

Webcast Availability

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CSMGEP Dissertation Session

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CSMGEP Dissertation Session Grand Hyatt, Lone Star Ballroom Salon A Chair: Neville Francis (University of North Carolina-Chapel Hill) Authors: Michael A. Navarrete (University of Maryland) (presenting), Ini Umosen (University of California-Berkeley) (presenting), April Burrage (University of Massachusetts-Amherst) (presenting), Eric Neuyou (University of Arkansas) (presenting) Discussants: Ioana Marinescu (University of Pennsylvania), Matthew Notowidigdo (University of Chicago), Scott Stern (Massachusetts Institute of Technology), Kim Ruhl (University of Wisconsin-Madison)

Global Value Chains and Inflation

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Global Value Chains and Inflation Grand Hyatt, Lone Star Ballroom Salon B Chair: David Weinstein (Columbia University) Authors: Oleg Itskhoki (University of California-Los Angeles) (presenting), Mary Amiti (Federal Reserve Bank of New York), David Weinstein (Columbia University), Francois de Soyres (Federal Reserve Board), Alexandre Gaillard (Princeton University), Jesse LaBelle (Federal Reserve Bank of St Louis), Ana Maria Santacreu (Federal Reserve Bank of St. Louis) (presenting), Diego Comin (Dartmouth College), Robert C. Johnson (University of Notre Dame), Callum Jones (Federal Reserve Board) (presenting)

Economics of Gender in the Economics Profession

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Economics of Gender in the Economics Profession Grand Hyatt, Lone Star Ballroom Salon B Chair: Francisca Antman (University of Colorado-Boulder) Authors: Tatyana Avilova (Bowdoin College) (presenting), Claudia Goldin (Harvard University), Melany Gualavisi (University of Illinois-Urbana-Champaign), Marieke Kleemans (University of Illinois-Urbana-Champaign) (presenting), Rebecca Thornton (Baylor University), Anne Sophie Lassen (Copenhagen Business School) (presenting), Ria Ivandic (University of Oxford), Xuechao Qian (Stanford University) (presenting), Francisca Antman (University of Colorado-Boulder), Kirk Doran (University of Notre Dame), Bruce Weinberg (Ohio State University) Discussants: Danila Serra (Texas A&M University), Joyce Jacobsen (Hobart and William Smith Colleges), Shulamit Kahn (Boston University), Shaianne Osterreich (Ithaca College)

Overcoming Obstacles in the Publishing Process: Advice for Authors and Editors

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Overcoming Obstacles in the Publishing Process: Advice for Authors and Editors Grand Hyatt, Texas Ballroom Salon E Chair: Jhacova Williams (American University) Panelists: Erzo Luttmer (Dartmouth College), Romain Wacziarg (University of California-Los Angeles), Navin Kartik (Columbia University), Guido Imbens (Stanford University)