3 Works

Fiscal Policy in the Age of COVID-19: Does It “Get in All of the Cracks”?

Pierre-Olivier Gourinchas, Şebnem Kalemli-Özcan, Veronika Penciakova & Nicholas Sander
The COVID-19 pandemic caused an uncommon recession that required uniquely large and often novel fiscal responses. Government-imposed lockdowns created severe supply bottlenecks in some sectors of the economy, and physical distancing led to dramatic changes in patterns of consumer spending. Some sectors of the economy—such as online retail—benefited, while many others—such as restaurants and travel—struggled to deal with losses of customers and the constraints of lockdowns and remote work. In reaction to this, many governments...

Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies

Ben Fung, Scott Hendry & Warren E. Weber
This paper studies the period in Canada when both private bank notes and government-issued notes (Dominion notes) were simultaneously in circulation. Because both of these notes shared many of the characteristics of today's digital currencies, the experience with these notes can be used to draw lessons about how digital currencies might perform. The paper begins with a brief historical review of how these notes came into existence and of the regulations regarding their issuance. It...

Fixed-Term and Permanent Employment Contracts: Theory and Evidence

Shutao Cao, Enchuan Shao & Pedro Silos
This paper constructs a theory of the coexistence of fixed-term and permanent employment contracts in an environment with ex-ante identical workers and employers. Workers under fixed-term contracts can be dismissed at no cost while permanent employees enjoy labor protection. In a labor market characterized by search and matching frictions, firms find it optimal to discriminate by offering some workers a fixedterm contract while offering other workers a permanent contract. Match-specific quality between a worker and...

Registration Year

  • 2022
  • 2021

Resource Types

  • Text


  • Bank of Canada
  • Federal Reserve Bank of Atlanta
  • University of California, Berkeley
  • University of South Carolina
  • University of Maryland, College Park
  • National Bureau of Economic Research
  • Centre for Economic Policy Research