Credit and Labour Market Foundations of the Macroeconomy

宏观经济的信贷和劳动力市场基础

基本信息

批准号：
ES/L009633/1
负责人：
John Moore
金额：
$ 616.5万
依托单位：
University of Edinburgh
依托单位国家：
英国
项目类别：
Research Grant
财政年份：
2015
资助国家：
英国
起止时间：
2015 至无数据
项目状态：
已结题

来源：
https://gtr.ukri.org/projects?ref=ES%2FL009633%2F1
关键词：
Credit Labour Market Foundations Macroeconomy

项目摘要

The crisis and its aftermath have thrown up many challenges for macroeconomics. For the past thirty years the predominant methodology in macroeconomics has been a class of models that assume an absence of heterogeneity across firms, individuals, etc., and assume that individuals have access to well-functioning insurance markets. These models have been widely criticised for providing no insight into the current crisis. The crisis has highlighted i) the extreme nature of labour market responses as unemployment has remained high while nominal wages have remained inflexible; ii) the importance of credit markets in generating as well as propagating shocks.. It is our view that that a deeper understanding of credit and labour markets, how they interact and how shocks in these markets aggregate and propagate is fundamental to the understanding of the macroeconomy. This agenda requires building a model of the economy based on realistic features of credit and labour markets including differences in information among agents, differences in attitudes towards risk, the inability to specify or contract upon all future contingencies, and recognising the limits of contractual enforceability. It requires an understanding of how behaviour in individual markets aggregates and how, in turn, the macroeconomic environment feeds back to individual markets. Our aim is to transform research in macroeconomics and to build its foundations on a thorough understanding of credit and labour markets.Credit markets: We will consider why financial markets occasionally dry up, why banks simultaneously borrow and lend to each other and how this affects financial risk and monetary policy. An important component of this analysis is that differences in information between holders of assets and potential buyers creates illiquidity, that is, holders find it costly to reverse an asset trade once made. The relationship between contagious illiquidity and market failure, such as we have seen in the financial crisis, is a core element of this theme.Labour markets: Traditional models have difficulties accounting for the fluctuations, and the sluggishness in responses, of employment and wages. We will investigate this issue from two angles. First, we will look into the black-box of standard job search models by examining how job-seekers determine which jobs to apply for, how this changes with unemployment and how selections depend on occupation, salary and travel distance. Second, we will examine the nature of the employment relationship after job search is completed, its durability, the evolution of wages and productivity and the dependence of both on current, past, and anticipated macroeconomic conditions.The macroeconomy: An economy is the aggregation of the activities in individual markets. It is important to know if behaviour at the level of individual markets is amplified or washed-out at the aggregate level. For example, if employment responses at the firm level are sluggish, does this imply sluggish responses at the macro level? Understanding this aggregation issue requires insight into the structure of employment responses at the firm level. We expect that the joint analysis of credit and labour markets and how they aggregate will provide new insights for the understanding of the macroeconomy.

危机及其后果给宏观经济学带来了许多挑战。在过去的三十年中，宏观经济学的主要方法论一直是一类模型，它们假设公司，个人等之间没有异质性，并假设个人可以使用良好的保险市场。这些模型因对当前危机没有任何深刻的了解而受到广泛批评。危机强调了i）劳动力市场反应的极端性质，因为失业率仍然很高，而名义工资仍然不灵活； ii）信贷市场在产生和传播冲击方面的重要性。我们认为，对信贷和劳动力市场的更深入了解，它们如何相互作用以及这些市场中的震惊如何汇总和传播对宏观经济的理解至关重要。该议程要求基于信贷和劳动力市场的现实特征建立一个经济模型，包括代理商之间的信息差异，对风险的态度差异，无法在所有以后的意外情况下指定或合同，并认识到合同可执行性的限制。它需要了解单个市场中的行为如何聚集，以及宏观经济环境如何回馈各个市场。我们的目的是改变宏观经济学的研究，并以对信用和劳动力市场的彻底理解建立基础。学会市场：我们将考虑为什么金融市场偶尔会干燥，为什么银行同时借贷并互相借给对方，以及这如何影响金融风险和货币政策。该分析的一个重要组成部分是，资产持有人与潜在买家之间的信息差异会造成不足的流动性，也就是说，持有人发现一旦进行的资产贸易扭转资产贸易是昂贵的。传染性的流动性与市场失败之间的关系，例如我们在金融危机中所看到的，这是该主题的核心要素。LabourMarkets：传统模型在回应，就业和工资方面的波动和回应迟钝。我们将从两个角度研究这个问题。首先，我们将通过研究如何申请工作申请的工作，随着失业的变化以及选择如何依赖于职业，薪水和旅行距离的方式来研究标准求职模型的黑框。其次，我们将研究工作搜索完成后就业关系的性质，其耐用性，工资和生产力的发展以及对当前，过去和预期的宏观经济状况的依赖性。宏观经济：经济是个人市场活动的汇总。重要的是要知道在单个市场水平上的行为是否在总级别放大或洗涤。例如，如果在公司一级的就业反应迟钝，这是否意味着宏观层面的反应缓慢？了解这个聚合问题需要深入了解公司级别的就业响应结构。我们预计，信贷和劳动力市场的联合分析以及它们如何汇总将为了解宏观经济的理解提供新的见解。

项目成果

期刊论文数量（10）

专著数量（0）

科研奖励数量（0）

会议论文数量（0）

专利数量（0）

Long-Term-Care Utility and Late-in-Life Saving

DOI：
10.1086/706686
发表时间：
2020-06-01
期刊：
JOURNAL OF POLITICAL ECONOMY
影响因子：
8.2
作者：
Ameriks, John;Briggs, Joseph;Tonetti, Christopher
通讯作者：
Tonetti, Christopher

Eliciting Time Preferences When Income and Consumption Vary: Theory, Validation & Application to Job Search

当收入和消费不同时得出时间偏好：理论、验证

DOI：
发表时间：
2021
期刊：
影响因子：
0
作者：
Belot M
通讯作者：
Belot M

Multiple applications, competing mechanisms, and market power

多种应用、竞争机制和市场力量

DOI：
10.1016/j.jet.2020.105121
发表时间：
2020
期刊：
Journal of Economic Theory
影响因子：
1.6
作者：
Albrecht J
通讯作者：
Albrecht J

Heterogeneity in Expectations, Risk Tolerance, and Household Stock Shares: The Attenuation Puzzle.

DOI：
10.1080/07350015.2018.1549560
发表时间：
2020
期刊：
Journal of business & economic statistics : a publication of the American Statistical Association
影响因子：
0
作者：
Ameriks J;Kézdi G;Lee M;Shapiro MD
通讯作者：
Shapiro MD

Multiple Applications, Market Power and Competing Mechanisms

多种应用、市场力量和竞争机制