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作者：Yakhin, Yossi
作者单位：Bank of Israel
摘要：The paper introduces foreign exchange interventions (FXIs) into an otherwise standard New-Keynesian small open economy model. It solves for the optimal FXI policy, suggests an implementable policy rule, and studies the transmission mechanism of FXIs. Relying on the portfolio balance channel, deviations from the uncovered interest rate parity (UIP) reflect financial inefficiencies. A policy rule that seeks to stabilize the UIP premium moves the economy toward its optimal allocation, regardless ...
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作者：Ulate, Mauricio; Vasquez, Jose P.; Zarate, Roman D.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; The World Bank
摘要：We examine the labor market consequences of global supply chain disruptions. Specifically, we consider a temporary increase in international trade costs similar to the one observed during the COVID-19 pandemic and analyze its effects on labor market outcomes using a quantitative trade model with downward nominal wage rigidities. The increase in trade costs leads to a temporary but prolonged decline in U.S. labor force participation. However, there is a temporary increase in manufacturing emplo...
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作者：Ghironi, Fabio; Kim, Daisoon; Ozhan, Galip Kemal
作者单位：University of Washington; University of Washington Seattle; Centre for Economic Policy Research - UK; National Bureau of Economic Research; North Carolina State University; International Monetary Fund
摘要：We develop a framework combining dynamic, intertemporal choices of general-equilibrium macro models with microfoundations of modern trade theory to study sanctions. In a two-country, two-sector setup, Home holds a comparative advantage in producing differentiated consumption goods via heterogeneous firms with endogenous entry, while Foreign in homogeneous intermediate goods from a fixed number of firms. Sanctions include trade bans and financial restrictions excluding particular Foreign agents...
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作者：Kim, Duhyeong
作者单位：University System of Ohio; Kent State University; Kent State University Kent; Kent State University Salem
摘要：How much can central banks reduce nominal interest rates? Can the lower bound be controlled by monetary policy? If so, should central banks reduce it to implement negative interest rates? I construct a model with multiple means of payment where the costs of holding paper currency effectively reduce its rate of return, creating a negative effective lower bound on interest rates. I find that central banks can reduce this lower bound with a non-par exchange rate between currency and bank reserves...
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作者：Krueger, Dirk; Ludwig, Alexander; Popova, Irina Irina
作者单位：University of Pennsylvania; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Tilburg University; European University Institute; Goethe University Frankfurt; University of Bonn
摘要：We evaluate the aggregate, distributional and welfare consequences of alternative government education policies to encourage college completion, such as making college free and improving funding for public schooling. To do so, we construct a general equilibrium overlapping generations model with intergenerational linkages, a higher education choice as well as a multi-stage human capital production process during childhood and adolescence with parental and government schooling investments. The ...
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作者：Gnocato, Nicolo
作者单位：European Central Bank; Bank of Italy
摘要：Does monetary policy face a trade-off between stabilizing inflation and unemployment as soaring energy prices hit the unemployed harder than the employed? Data from the euroarea Consumer Expectations Survey show that job losses not only force workers to lower their consumption but also to devote a higher proportion of it to energy. I incorporate this evidence into a tractable heterogeneous-agent New Keynesian model with labor market frictions, where energy acts as both a complementary input in...
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作者：Xu, Le; Yu, Yang; Zanetti, Francesco
作者单位：Shanghai Jiao Tong University; University of Oxford
摘要：We assemble a firm-level dataset to study the adoption and termination of suppliers over business cycles. We document that the aggregate number and rate of adoption of suppliers are procyclical. The rate of termination is acyclical at the aggregate level, and the cyclicality of termination encompasses large differences across producers. To account for these new facts, we develop a model with optimizing producers that incur separate costs for management, adoption, and termination of suppliers. ...
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作者：Holter, Hans A.; Ljungqvist, Lars; Sargent, Thomas J.; Stepanchuk, Serhiy
作者单位：University of Delaware; University of Oslo; Stockholm School of Economics; New York University; University of Southampton
摘要：We study consequences of tax reforms in an incomplete markets overlapping generations model in which male and female workers with different ability levels self-insure by acquiring a risk- free bond, time-averaging their life-cycle work schedules and career lengths, and possibly by marrying and divorcing. We study incidences of a flat-rate tax and in combination with stylized versions of a negative income tax (NIT) or an earned income tax credit (EITC). Tax reforms have diverse effects that dif...
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作者：Mandelman, Federico; Mehra, Mishita; Shen, Hewei
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Richmond; University of Oklahoma System; University of Oklahoma - Norman
摘要：This paper examines the impact of immigration policy frictions on technology-intensive firms by age cohort. The firm-level empirical evidence shows that H-1B policy restrictions on skilled immigrants directly affect the survival of young firms in technology-intensive sectors. We develop a novel general equilibrium model with firm entry and exit that mimics the policy frictions in the H-1B program. The model matches the age distribution of firms in hightechnology sectors and shows that immigrat...
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作者：Benigno, Pierpaolo; Nistico, Salvatore
作者单位：University of Bern; Luiss Guido Carli University; Centre for Economic Policy Research - UK; Sapienza University Rome
摘要：The economics of helicopter money is fundamentally tied to price-level determination in monetary models. In frameworks with intrinsically worthless currencies, the issuer's liabilities define the unit of account, and uniquely empower the issuer to implement helicopter money and escape liquidity traps. While traditional helicopter money requires cooperation between the treasury and the central bank - with the central bank critically guaranteeing treasury debt - we demonstrate that helicopter mo...
