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Are business cycles mainly a response to persistent exogenous shocks, or do they instead reflect a strong endogenous mechanism which produces recurrent boom-bust phenomen[...]

This paper studies the impact of product and labor market reforms when the economy faces major slack and a binding constraint on monetary policy easing-such as the zero l[...]

This note studies a form of a utility function of consumption with habit and leisure that (a) is compatible with long-run balanced growth, (b) hits a steady state observe[...]

The existence of downward nominal wage rigidity (DNWR) has often been used to justify a positive inflation target. It is traditionally assumed that positive inflation cou[...]

We assess the importance of downward nominal wage rigidity (DNWR) in Canada using employer‐level administrative data from the major wage settlements (MWS) and household‐b[...]

This paper studies constrained efficiency in Guerrieri et al.'s (2010) model of adverse selection and directed search. Buyers post contracts, and sellers with private inf[...]

We study the positive and normative implications of labor market policies that counteract the economic fallout from containment measures during an epidemic. We incorporat[...]

This paper develops an agent‐based model to quantify the impact of COVID‐19 on household debt and savings. To build a representative cross‐section of households that vary[...]

In Canada, the fraction of workers holding multiple jobs has almost tripled since the mid‐1970s. In this paper, we document this historical change and provide a comprehen[...]

We analyse monetary policy in a model where temporary shocks can permanently scar the economy’s productive capacity. Workers lose skill while unemployed and are costly to[...]