Results

CEP discussion paper

A wartime labor market: the case of Ukraine

Wars disrupt labor markets, yet systematic evidence on how markets for labor services operate during conflicts is almost entirely absent. Ukraine is a rare exception: despite the full-scale Russian invasion, timely data ...Read more...

CEP industrial strategy paper

Has the Financial Crisis Undermined Credit Reallocation in the United Kingdom?

The global financial crisis and its aftermath heightened awareness of the role of credit frictions in affecting aggregate economic performance. An important question is whether capital is being allocated to its most prod...Read more...

CEP discussion paper

Trade shocks and credit reallocation

The effect of trade liberalization on welfare and economic activity remains one of the most important questions in economics. The literature identifies a number of key determinants that reduce the potential gains from tr...Read more...

Journal article

Journal of Macroeconomics:

Productivity growth, capital reallocation and the financial crisis: evidence from Europe and the US

How has capital reallocation affected productivity growth since the financial crisis? For example, have low interest rates disrupted the reallocation process? This paper calculates the effect on productivity growth of ca...Read more...

Journal article

IZA Journal of Labor Economics:

Reallocation and the role of firm composition effects on aggregate wage dynamics

Aggregate wages display little cyclicality compared to what a standard model would predict. Wage rigidities are an obvious candidate, but the existing literature has emphasized the need to take into account the growing i...Read more...

CEP discussion paper

Subsidizing labor hoarding in recessions: the employment and welfare effects of short time work

The Great Recession has seen a revival of interest in policies encouraging labor hoarding by firms. Short time work (STW) policies, which consist in offering subsidies for hours reductions to workers in firms experiencin...Read more...

CEP discussion paper

Theories of Heterogeneous Firms and Trade

This paper reviews the recent theoretical literature on heterogeneous firms and trade, which emphasizes firm selection into international markets and reallocations of resources across firms. We discuss the empirical chal...Read more...

CEP discussion paper

Job Destruction, Job Creation and Unemployment in Transition Countries: What Can We Learn?

Sixteen years into the transition, the problem of high joblessness has not been solved. Of the three explanations commonly discussed (i.e. ongoing reallocation; finished reallocation with redundant labour; wrong choice o...Read more...

CEP discussion paper

Jobs, Workers and Changes in Earnings Dispersion

The 'fractal' nature of the rise in earnings dispersion is one of its key features and remains a puzzle. In this paper, we offer a new perspective on the causes of changes in earnings dispersion, focusing on the role o...Read more...