| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10596 |
| DP10596 Financial Risk and Unemployment | |
| Zvi Eckstein; Ofer Setty; David Weiss | |
| 发表日期 | 2015-05-17 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | There is a strong correlation between the corporate interest rate (BAA rated), and its spread relative to Treasuries, and the unemployment rate. We model how interest rates and potential default rates impact equilibrium unemployment in a Diamond-Mortesen-Pissarides model. We calibrate the model using US data without targeting business cycle statistics. Volatility in the corporate interest rate can explain about 80% of the volatility of unemployment, vacancies, and market tightness. Simulating the Great Recession shows the model can account for much of the rise in unemployment. Without Fed action, unemployment would have been 6% higher. |
| 主题 | Financial Economics ; International Macroeconomics ; Labour Economics |
| 关键词 | Business cycles Corporate interest rates Equilibrium unemployment Great recession Interest rate spread Search and matching models |
| URL | https://cepr.org/publications/dp10596 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539428 |
| 推荐引用方式 GB/T 7714 | Zvi Eckstein,Ofer Setty,David Weiss. DP10596 Financial Risk and Unemployment. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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