Browsing by Author "Sterk, Vincent"

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  • Ravn, Morten O.; Sterk, Vincent (2015-07)
    This paper proposes a theory in which aggregate shocks also produce idiosyncratic risk which in turn introduces a demand channel that we argue is relevant for understanding the Great Recession. We study a model in which ...
  • Ravn, Morten O.; Sterk, Vincent (2016-10)
    New Keynesian models with unemployment and incomplete markets are rapidly becoming a new workhorse model in macroeconomics. Such models typically require heavy computational methods which may obscure intuition and overlook ...
  • Sterk, Vincent (2016-01)
    Standard models predict that episodes of high unemployment are followed by recoveries. This paper shows, by contrast, that a large shock may set the economy on a path towards very high unemployment, with no recovery in ...