Price, Wage and Employment Response to Shocks: Evidence from the WDN Survey

35 Pages Posted: 1 Mar 2010

See all articles by Giuseppe Bertola

Giuseppe Bertola

Centre for Economic Policy Research (CEPR); Università di Torino - Dip. di Economia e Statistica

Aurelijus Dabusinskas

Bank of Estonia

Marco Hoeberichts

De Nederlandsche Bank - Research Department

Mario Izquierdo

Banco de España

Claudia Kwapil

Oesterreichische Nationalbank

Jeremi Montornes

Banque de France

Daniel Radowski

Deutsche Bundesbank

Multiple version iconThere are 4 versions of this paper

Date Written: February 2010

Abstract

This paper builds a new dataset with detailed information on the universe of foreign government bonds issued in New York in the 1920s and uses these data to describe the behavior of the financial intermediaries which operated in the New York market during the period leading to the interwar debt crisis. The paper starts by showing that concerns over reputation played an important role in intermediaries' underwriting choices. Next, the paper checks whether banks managed to charge abnormal underwriting fees on bonds that would eventually default and finds no evidence of such practice (banksterism). The paper concludes by discussing some parallels between the experience of the 1920s and the current debate on the originate and distribute model.

Keywords: European Union, Labour-market institutions, Survey data, Wage bargaining

JEL Classification: J31, J38, P50

Suggested Citation

Bertola, Giuseppe and Dabusinskas, Aurelijus and Hoeberichts, Marco M. and Izquierdo, Mario and Kwapil, Claudia and Montornes, Jeremi and Radowski, Daniel, Price, Wage and Employment Response to Shocks: Evidence from the WDN Survey (February 2010). CEPR Discussion Paper No. DP7706. Available at SSRN: https://ssrn.com/abstract=1559662

Giuseppe Bertola (Contact Author)

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Università di Torino - Dip. di Economia e Statistica ( email )

Lungo Dora Siena 100
Torino, 10153
Italy
+39 011 670 4405 (Phone)

HOME PAGE: http://https://sites.google.com/site/gipbert

Aurelijus Dabusinskas

Bank of Estonia ( email )

Estonia Building 13
15095 Tallinn
Estonia

Marco M. Hoeberichts

De Nederlandsche Bank - Research Department ( email )

P.O. Box 98
1000 AB Amsterdam
Netherlands
+31-20-524 2890 (Phone)
+31-20-524 2529 (Fax)

Mario Izquierdo

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Claudia Kwapil

Oesterreichische Nationalbank ( email )

Otto-Wagner Platz 3
POB 61
Vienna 1011
Austria

Jeremi Montornes

Banque de France ( email )

DGEI 41-1430
75049 Paris Cedex 01
Paris, 75049
France

Daniel Radowski

Deutsche Bundesbank ( email )

Wilhelm-Epstein-Str. 14
Frankfurt/Main, 60431
Germany

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