This paper shows that the unequal incidence of recessions in labor market amplifies aggregate shocks. Using administrative data from United States, I document a positive covariance between workers' marginal propensities to consume (MPCs) and their elasticities earnings GDP, which is key moment for new class heterogeneous-agent models. define matching multiplier as increase stemming this high MP...

Neurogenesis was studied in the medial preoptic area of the guinea pig by the method of tritiated thymidine autoradiography. Eight cytoarchitectonic divisions were examined, 4 of which display sexual dimorphism and 4 that do not. Neurogenesis in the nonsexually dimorphic divisions was found to end at embryonic day (E) 27, while in each of the sexually dimorphic divisions neurogenesis continued ...

We present a Solow-type growth model without constant returns. The population is heterogeneous with respect to capital per head, rate of saving, depreciation, and growth. We employ a continuous version of the Shapley value to divide total output among the di¤erent groups. In contrast to the standard Solow model, or its endogenous growth manifestation (labelled AK-type growth models), there may ...

We develop a multisector sticky-price DSGE model that can endogenously deliver differential responses of prices to aggregate and sectoral shocks. Input-output production linkages (standard) monetary policy rule contribute slow response In turn, labor market segmentation at the level induces within-sector strategic substitutability in price-setting decisions, which helps fast sector-specific est...

The responsiveness of job creation to shocks is procyclical, while the destruction countercyclical. This new finding can be explained by a heterogeneous-firm model in which hiring costs lead lumpy employment adjustment. predicts that policies aim stimulate encouraging creation, such as subsidies, are significantly less effective recessions: these times when few firms near their thresholds and m...

Business credit lags GDP growth by about one year. This contributes to high leverage during recessions and slow deleveraging. We show that a model in which firms use risky long-term debt replicates this adjustment of firm debt. In the model, slow-moving has important effects for real activity. High levels issued expansions are only gradually reduced recessions. generates an adverse feedback loo...

After the Great Recession several central banks started setting negative nominal interest rates in an expansionary attempt, but effectiveness of this measure remains unclear. Negative can stimulate economy by lowering that commercial charge on loans, they also erode bank profitability squeezing deposit spreads. This paper studies effects a new DSGE model where intermediate transmission monetary...

We document that the expectations of households, firms, and professional forecasters in standard surveys simultaneously extrapolate from recent events underreact to new information. Existing models expectation formation, whether behavioral or rational, cannot account for these observations. develop a rational theory extrapolation based on limited attention, which is consistent with this evidenc...