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Browsing Working Papers CREI (Centre de Recerca en Economia Internacional) by Title

Browsing Working Papers CREI (Centre de Recerca en Economia Internacional) by Title

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  • The global financial resource curse
    Benigno, Gianluca; Fornaro, Luca; Wolf, Martin (2024-08)
    August 2024 Since the late 1990s, the United States has received large capital flows from developing countries - a phenomenon known as the global saving glut - and experienced a productivity growth slowdown. Motivated by ...
  • The optimal inflation target and the natural rate of interest
    Andrade, Philippe; Galí, Jordi, 1961-; Le Bihan, Hervé; Matheron, Julien (2019-10-07)
    We study how changes in the steady-state real interest rate (henceforth, r*) affect the optimal inflation target in a New Keynesian DSGE model with trend inflation and a lower bound on the nominal interest rate. In this ...
  • The scars of supply shocks
    Fornaro, Luca; Wolf, Martin (2021-04)
    We study the effects of supply disruptions - for instance caused by the emergence of a pandemic - in an economy with Keynesian unemployment and endogenous productivity growth. By negatively affecting investment, even ...
  • The scars of supply shocks: implications for monetary policy
    Fornaro, Luca; Wolf, Martin (2023-03)
    We study the effects of supply disruptions - for instance due to energy price shocks or the emergence of a pandemic - in an economy with Keynesian unemployment and endogenous productivity growth. By temporarily disrupting ...
  • Uncertainty and unemployment
    Schaal, Edouard (2017-05)
    This paper studies the impact of time-varying idiosyncratic risk at the establishment level on aggregate unemployment fluctuations and on the labor market over the period 1972-2009. I build a tractable search-and-matching ...
  • Uncertainty traps
    Fajgelbaum, Pablo; Schaal, Edouard; Taschereau-Dumouchel, Mathieu (2019)
    We develop a theory of endogenous uncertainty and business cycles in which short-lived shocks can generate long-lasting recessions. In the model, higher uncertainty about fundamentals discourages investment. Since agents ...
  • Why has construction productivity stagnated?: the role of land-use regulation
    D’Amico, Leonardo; Glaeser, Edward; Gyourko, Joseph; Kerr, William; Ponzetto, Giacomo A. M. (2024-11-14)
    We document a Kuznets curve for construction productivity in 20th-century America. Homes built per construction worker remained stagnant between 1900 and 1940, boomed after World War II, and then plummeted after 1970. The ...

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