We develop a dynamic trade model with spatially distinct labor markets facing varying exposure to international trade. The captures the role of mobility frictions, goods geographic factors, and input‐output linkages in determining equilibrium allocations. show how solve take data without assuming that economy is at steady state estimating productivities, migration or costs, which can be difficult identify. calibrate 22 sectors, 38 countries, 50 U.S. states. study rise China's for period 2000...

Sovereign debt crises involve restructurings characterized by a mix of face value haircuts and maturity extensions. The prevalence extensions has been hard to reconcile with economic theory. We develop model endogenous restructuring that captures key facts sovereign episodes. While dilution pushes for negative extensions, three factors are important in overcoming the effects generating upon restructurings: income recovery after default, credit exclusion restructuring, regulatory costs book...

We develop a dynamic labor search model where production and consumption take place in spatially distinct markets with varying exposure to domestic international trade.The recognizes the role of mobility frictions, goods geographic factors, input-output linkages determining equilibrium allocations.We show how solve without estimating productivities, reallocation or trade which are usually difficult identify.We use study market outcomes aggregate shocks.We calibrate 38 countries, 50 U.S....

Abstract International trade has rapidly increased in the past decades, affecting production and labor demand across various economic sectors. The impact of on employment welfare relies heavily data about worker reallocation, which often contains coding errors. This study demonstrates that such errors bias estimated effects structural parameters standard models. An econometric framework is developed to estimate misclassification probabilities, correct mobility matrices, parameters. findings...

We develop a dynamic trade model with spatially distinct labor markets facing varying exposure to international trade.The captures the role of mobility frictions, goods geographic factors, and input-output linkages in determining equilibrium allocations.We show how solve take data without assuming that economy is at steady state estimating productivities, migration or costs, which can be difficult identify.We calibrate 22 sectors, 38 countries, 50 U.S. states.We study rise China's for period...

We construct a dynamic general equilibrium model with occupation mobility, human capital accumulation and endogenous assignment of workers to tasks quantitatively assess the aggregate impact automation other task-biased technological innovations.We extend recent quantitative Roy models setting occupational choices accumulation.We provide set conditions for problem be written in recursive form sharp characterization optimal mobility individual supply skills across occupations.We craft our...

We develop a dynamic trade model with spatially distinct labor markets facing varying exposure to international trade. The captures the role of mobility frictions, goods geographic factors, and input-output linkages in determining equilibrium allocations. show how solve take data without assuming that economy is at steady state estimating productivities, migration or costs, which can be difficult identify. calibrate 22 sectors, 38 countries, 50 U.S. states. study rise China's for period 2000...

L oan growth at commercial banks decreased substan- tially and remained negative for almost four years after the 2007-08 financial crisis.In contrast, loan patterns during 1990-91 2001 recessions were more moderate.Figure 1 illustrates evolution of rate loans leases three most recent recessions. In each case, starting period is quarter including official recession start date as determined by National Bureau Economic Research.Lending slowed to zero but recovered a few quarters.In Great...

Central banks around the world intervene in financial markets by setting short-term nominal interest rates to stimulate economic activity and control inflation.There are many theories that suggest changes due monetary policy have effects on real activity: An increase is associated with a tightening of economy decrease output, while an output.Interest can affect output through several channels.For instance, implies return savings.In this case, individuals incentive save more forego current...

The labor force participation rates for prime-working-age men have been falling across countries.

n the United States, distribution of economic activity is heterogeneous across space.Different U.S. states tend to specialize in production particular goods and services.This specialization is, part, a result available natural resources, such as oil Texas Alaska, but also historical man-made circumstances, location auto industry Michigan or computer technology industries "Silicon Valley" California.In this article, we analyze interaction between geographic international trade.We investigate...

T he U.S. national labor market has recovered from the effects of 2007-09 recession.The unemployment rate was 10 percent at end 2009 but now stands only 4.7 percent, which Federal Open Market Committee considers close to rate's longrun value. 1 Despite recovery, significant regional variation remains.Recent economic research highlights links between and housing markets.

When the COVID-19 pandemic struck in March 2020, U.S. economy experienced a sharp, unexpected recession with large employment losses. The information on available from traditional data sources arrives lag and does not promptly reflect sudden changes labor market conditions. In this article, we discuss how new high-frequency Homebase Ultimate Kronos Group can offer critical state of markets real time. Using these datasets, construct coincident indices to assess at high frequency. Employment...