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  1. The macroeconomic consequences of subsistence self-employment
    Author: Herreño, Juan; Ocampo Díaz, Sergio
    Published: 2023
    Publisher:  Department of Economics, Social Science Centre, Western University, London, Ontario, Canada

    We evaluate the aggregate effects of expansions of credit supply in environments where subsistence self-employment is prevalent. We extend a standard macro development model to include unemployment risk, which becomes a key driver of selection into... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 235
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    We evaluate the aggregate effects of expansions of credit supply in environments where subsistence self-employment is prevalent. We extend a standard macro development model to include unemployment risk, which becomes a key driver of selection into self-employment. The model is consistent with the joint distribution of earnings and occupations, the reaction of wages to labor demand shocks, and the small effects of expansions in the supply of microloans on the earnings of the self-employed. We find that the elasticity of aggregate output to expansions in credit supply is proportional to the elasticity of individual earnings. This proportionality arises due to the muted effects of wages in general equilibrium in the presence of subsistence self-employment, and is not present in models without subsistence self-employment due to a larger wage response, and a larger crowding-out of private savings in response to a higher availability of credit.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This Version: January 24, 2023
    Series: Department of Economics research report series ; # 2023, 1 (January 2023)
    Subjects: Self-Employment; Unemployment; Development; Micro-Finance
    Scope: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  2. Illiquid Lemon Markets and the Macroeconomy
    Author: Bierdel, Aimé; Drenik, Andres; Herreño, Juan; Ottonello, Pablo
    Published: September 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We study the macroeconomic implications of asymmetric information in capital markets. We build a quantitative capital-accumulation model in which capital is traded in illiquid markets, with sellers having more information about capital quality than... more

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We study the macroeconomic implications of asymmetric information in capital markets. We build a quantitative capital-accumulation model in which capital is traded in illiquid markets, with sellers having more information about capital quality than buyers. Asymmetric information distorts the terms of trade for sellers of high-quality capital, who list higher prices and are willing to accept lower trading probabilities to signal their type. Led by the model's predictions, we measure the distortions from asymmetric information by studying the relationship between listed prices and trading probabilities in a unique dataset of individual capital units listed for trade. By combining the empirical measurement with the model, we show that information asymmetries can play a quantitatively large role during economic crises when the degree of asymmetric information deteriorates

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w31711
    Subjects: Asymmetrische Information; Konjunktur; Finanzmarkt; Asymmetric and Private Information; Mechanism Design; Investment; Capital; Intangible Capital; Capacity; Business Fluctuations; Cycles
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  3. Equilibrium unemployment during financial crises
    Author: Fernández, Andrés; Herreño, Juan
    Published: 2013
    Publisher:  Inter-American Development Bank, Dep. of Research and Chief Economist, Washington, DC

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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 144 (390)
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/89090
    Series: IDB working paper series ; 390
    Scope: Online-Ressource (37 S.), graph. Darst.
  4. The slope of the Phillips curve
    evidence from U.S. states
    Author: Hazell, Jonathon; Herreño, Juan; Nakamura, Emi; Jón Steinsson
    Published: April 2021
    Publisher:  Benjamin H. Griswold III, Class of 1933, Center for Economic Policy Studies, Department of Economics, Princeton University, Princeton, NJ

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Griswold Center for Economic Policy Studies ; no. 284
    Subjects: Phillips-Kurve; Teilstaat; USA
    Scope: 1 Online-Ressource (circa 78 Seiten), Illustrationen
  5. The slope of the Phillips curve
    evidence from U.S. states
    Author: Hazell, Jonathon; Herreño, Juan; Nakamura, Emi; Jón Steinsson
    Published: October 2020
    Publisher:  National Bureau of Economic Research, Cambridge, MA

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 1 (28005)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / National Bureau of Economic Research ; 28005
    Subjects: Phillips-Kurve; Nicht-handelbare Güter; USA
    Scope: 70 Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe
  6. Self-employment and development
    Author: Herreño, Juan; Ocampo Díaz, Sergio
    Published: 2020
    Publisher:  Centre for Human Capital and Productivity (CHCP), Department of Economics, Social Science Centre, Western University, London, Ontario, Canada

    Selection into self-employment among the poor is dominated by subsistence concerns, which leads to high levels of unproductive self-employment in developing countries. We incorporate this view into an otherwise benchmark macro-development model by... more

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    DS 236
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    Selection into self-employment among the poor is dominated by subsistence concerns, which leads to high levels of unproductive self-employment in developing countries. We incorporate this view into an otherwise benchmark macro-development model by allowing for labor frictions. Standard models that rely only on financial frictions are at odds with crucial features of the data, including large self-employment rates among the poor and the response of labor markets after well-identified labor demand shocks. We study the efficacy of a wide range of development policies on occupational choices, prices, and productivity. We find that providing unemployment benefits improves selection into self-employment, increasing total-factor productivity (TFP). Self-employment grants and unconditional transfers lower TFP by making self-employment more attractive to low-productivity individuals. Finally, financial reforms that improve access to credit succeed in raising productivity, but they do not address the subsistence concerns of poor individuals. Self-employment is still concentrated among the poor after the reforms take place.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/240398
    Series: Working paper / Centre for Human Capital and Productivity (CHCP) ; #2020, 9 (November 2020)
    Scope: 1 Online-Ressource (circa 64 Seiten), Illustrationen
  7. The causal effects of expected depreciations
    Author: Delgado, Martha Elena; Herreño, Juan; Hofstetter Gascón, Marcel; Pedemonte, Mathieu O.
    Published: [2024]
    Publisher:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Federal Reserve Bank of Cleveland working paper series ; no. 24, 07 (March 2024)
    Subjects: Expectations; exchange rate; firms
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  8. The effect of local economic shocks on local and national elections
    Author: Herreño, Juan; Morales, Matías; Pedemonte, Mathieu O.
    Published: [2023]
    Publisher:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Federal Reserve Bank of Cleveland working paper series ; no. 23, 08 (March 2023)
    Subjects: US elections; gold standard; economic voting
    Scope: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  9. Overborrowing and systemic externalities in the business cycle under imperfect information
    Author: Herreño, Juan; Rondón-Moreno, Carlos
    Published: [2022]
    Publisher:  Banco Central de Chile, Santiago, Chile

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Documentos de trabajo / Banco Central de Chile ; no 940 (marzo 2022)
    Subjects: Finanzkrise; Konjunktur; Unvollkommene Information; Kreditrationierung; Liquiditätsbeschränkung; Finanzmarktaufsicht; Optimale Besteuerung; Fremdkapital; Argentinien; Kleine offene Volkswirtschaft; Mehrsektoren-Modell; Theorie
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  10. The geographic effects of monetary policy
    Author: Herreño, Juan; Pedemonte, Mathieu
    Published: [2022]
    Publisher:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Federal Reserve Bank of Cleveland working paper series ; no. 22, 15 (May 2022)
    Subjects: Heterogeneous Effects of Monetary Policy; Monetary Union; TANK
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen