| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18480 |
| 来源ID | Working Paper 18480 |
| Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries | |
| Guillermo A. Calvo; Fabrizio Coricelli; Pablo Ottonello | |
| 发表日期 | 2012-10-18 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper uses a sample of 116 recession episodes in developed and emerging market economies to compare the labor-market recovery during financial crises with that of other recession episodes. It documents two new stylized facts. First, labor-market recovery from financial crises is characterized by either higher unemployment ("jobless recovery") or a lower real wage ("wageless recovery"). Second, inflation determines the type of recovery: low inflation (below 30 percent annual rate) is associated with jobless recovery, while high inflation is associated with wageless recovery. The paper shows that this pattern of labor recovery from financial crises is consistent with a simple model in which collateral requirements are higher (lower) when a larger share of labor costs (physical capital expenditure) is involved in a loan contract. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w18480 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576154 |
| 推荐引用方式 GB/T 7714 | Guillermo A. Calvo,Fabrizio Coricelli,Pablo Ottonello. Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18480.pdf（3898KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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