The flow opportunity cost of moving from unemployment to employment consists of foregone public benefits and the foregone value of non-working time in units of consumption. We construct a time series of the opportunity cost of employment using detailed...
Monetary policy affects the real economy in part through its effects on financial institutions. High frequency event studies show the introduction of unconventional monetary policy in the winter of 2008-09 had a strong, beneficial impact on banks and...
We revisit an old question: does industry labor reallocation affect the business cycle? Our empirical methodology exploits variation in a local labor market's exposure to industry reallocation based on the area's initial industry composition and national...
By how much does an extension of unemployment benefits affect macroeconomic outcomes such as unemployment? Answering this question is challenging because U.S. law extends benefits for states experiencing high unemployment. We use data revisions to...
We construct a new dataset tracking the daily value of life insurers' assets at the security level. Outside of the 2008-09 crisis, a $1 drop in the market value of assets reduces an insurer's market equity by \$0.10. During the financial crisis, this...
A geographic cross-sectional fiscal spending multiplier measures the effect of an increase in spending in one region in a monetary union. Empirical studies of such multipliers have proliferated in recent years. I review this research and what the evidence...
We document the importance of covenant violations in transmitting bank health to nonfinancial firms using a new supervisory data set of bank loans. Roughly one-third of loans in our data breach a covenant during the 2008-09 period, providing lenders the...
