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Monetary Policy Under Labor Market Power
Using the near universe of online vacancy postings in the U.S., we study the interaction between labor market power and monetary policy. We show empirically that labor market power amplifies the labor demand effects of monetary policy, while not disproportionately affecting wage growth. A search and matching model in which firms can attract workers by either offering higher wages or posting more vacancies can rationalize these findings. We also find that vacancy postings that do not require a college degree or technology skills are more responsive to monetary policy, especially when firms have labor market power. Our results help explain the “wageless” recovery after the 2008 financial crisis and the flattening of the wage Phillips curve, especially for the low-skilled, who saw stagnant wages but a robust decline in unemployment.
史迪格里茲改革宣言
★★★ 諾貝爾經濟學獎得主 捍衛中產階級的推手 ★★★ 史迪格里茲 重磅新作 改革資本主義！把消失的中產階級找回來 打造人人享有均等機會及尊嚴生活的社會 或許我們對現況經常感到失望，但我們並非真的無能為力。 拯救資本主義免於自我毀滅，現在還不遲！ 相信你也感受到了，我們正處在一個富者愈富、貧者愈貧的兩極化社會中， 不管怎麼認真打拚，卻好像永無翻身之日。 問題出在自己不夠努力？ 不！真正的關鍵在於：國家財富與經濟成果並未公平的分配與共享。 諾貝爾經濟學獎得主史迪格里茲，本著經濟學權...
Demand Vs. Supply Decomposition of Inflation: Cross-Country Evidence with Applications
What are the contributions of demand and supply factors to inflation? To address this question, we follow Shapiro (2022) and construct quarterly demand-driven and supply-driven inflation series for 32 countries utilizing sectoral Personal Consumption Expenditures (PCE) data. We highlight global trends and country-specific differences in inflation decompositions during critical periods such as the great financial crisis of 2008 and the recent inflation surge since 2021. Validating our inflation series, we find that supply-driven inflation is more reactive to oil shocks and supply chain pressures, while demand-driven inflation displays a more pronounced response to monetary policy shocks. Our results also suggest a steeper Phillips curve when inflation is demand-driven, holding significant implications for effective policy design.
Der Preis des Profits
Das Buch der Stunde: Wie kämpfen wir gegen die Auswüchse des Kapitalismus? Seit dem Crash von 2008 ist es nicht gelungen, den Kapitalismus wirksam zu reformieren. Ganz im Gegenteil, er droht vollends aus dem Ruder zu laufen: Die Finanzindustrie schreibt sich ihre eigenen Regeln; die großen Tech-Firmen beuten unsere persönlichen Daten aus; die Machtballung in der Industrie nimmt zu und der Staat hat seine Kontrollfunktion praktisch aufgegeben. Nobelpreisträger Joseph Stiglitz zeigt, wie es dazu kommen konnte und warum es, was nicht zuletzt das Beispiel Donald Trump zeigt, dringend nötig ist, den Kapitalismus vor sich selbst zu schützen.
Putin's Wars
This fully updated book offers the first systematic analysis of Putin’s three wars, placing the Second Chechen War, the war with Georgia of 2008, and the war with Ukraine in their broader historical context. Drawing on extensive original Russian sources, Marcel H. Van Herpen analyzes in detail how Putin’s wars were prepared and conducted, and why they led to allegations of war crimes and genocide. He shows how the conflicts functioned to consolidate and legitimate Putin’s regime and explores how they were connected to a fourth, hidden, “internal war” waged by the Kremlin against the opposition. The author convincingly argues that the Kremlin—relying on the secret services, the Or...
Equilibrium Unemployment Theory, second edition
This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. An equilibrium theory of unemployment assumes that firms and workers maximize their payoffs under rational expectations and that wages are determined to exploit the private gains from trade. This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroecon...
Handbook of law and economics
"Law can be viewed as a body of rules and legal sanctions that channel behavior in socially desirable directions - for example, by encouraging individuals to take proper precautions to prevent accidents or by discouraging competitors from colluding to raise prices. The incentives created by the legal system are thus a natural subject of study by economists. Moreover, given the importance of law to the welfare of societies, the economic analysis of law merits prominent treatment as a subdiscipline of economics. This two volume Handbook is intended to foster the study of the legal system by economists. The two volumes form a comprehensive and accessible survey of the current state of the field. Chapters prepared by leading specialists of the area. Summarizes received results as well as new developments."--[Source inconnue].
