-
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...
-
作者：Gregory, Victoria; Menzio, Guido; Wiczer, David
作者单位：New York University; National Bureau of Economic Research
摘要：We access a long panel dataset of US workers to document the extent to which individuals are heterogeneous with respect to their pattern of transitions across employment states. We find that heterogeneity is well approximated by three latent types: alpha s, beta s and gamma s. Workers of type alpha leave unemployment quickly and, once they find a job, they are likely to keep it for more than 2 years. Workers of type gamma find employment slowly and, once they do find a job, they are likely to ...
-
作者：Kabir, Poorya; Tan, Eugene; Vardishvili, Ia
作者单位：National University of Singapore; University of Toronto; Auburn University System; Auburn University
摘要：Higher dispersion of log average revenue product of capital (ARPK) is commonly associated with lower capital allocative efficiency. We show this is a result of the assumption that capital utilization is fixed. However, when capital utilization is endogenous, higher capital allocative efficiency is associated with lower dispersion of log average revenue product of capital services (log difference between revenue and utilized capital), not ARPK. Furthermore, contrary to the standard relationship...
-
作者：Grosse-Steffen, Christoph; Pagenhardt, Laura; Rieth, Malte
作者单位：European Central Bank; Bank of France; Free University of Berlin; Martin Luther University Halle Wittenberg; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung
摘要：We study the implications of fiscal rules for macroeconomic stabilization when countries are hit by adverse exogenous shocks. Exploiting the unpredictability of natural disasters, we document that economies with a fiscal rule absorb these shocks better than those without: the responses of GDP and private demand are significantly higher. This difference is coupled with more expansionary fiscal policy and hinges on fiscal space. We analyze the interaction of rule flexibility and rule tightness i...
-
作者：Choi, Jaedo; Levchenko, Andrei A.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Michigan System; University of Michigan; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：This paper provides causal evidence on the impact of a large-scale industrial policy-South Korea's Heavy and Chemical Industry (HCI) Drive-on firms' long-term performance and quantifies its long-term welfare effects. Using unique historical data on the universe of firm-level subsidies and a natural experiment, we find large and persistent effects of this industrial policy. Subsidized firms grew faster than those never subsidized for 30 years after subsidies ended. We build a quantitative heter...
-
作者：Hellwig, Christian; Venkateswaran, Venky
作者单位：Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We study the propagation of nominal shocks in a dispersed information economy where firms learn from and respond to information generated by their activities in product and factor markets. We show that imperfect information on its own has no effect on equilibrium outcomes, when firms have the flexibility to adjust prices and output instantaneously to changes in their market conditions, an outcome that we term the Hayekian benchmark. With sticky prices, however, this irrelevance obtains only if...
-
作者：Chahrour, Ryan; Jurado, Kyle
作者单位：Cornell University; Duke University
摘要：In macroeconomic models with dispersed information, agents have an incentive to learn from endogenous variables, which themselves depend on the forecasts of others. This paper revisits the model of Townsend (1983) to characterize how this mechanism affects equilibrium dynamics. The first part of the paper simplifies, revises, and extends past results about situations when prices are fully revealing. The second part shows that full revelation does not occur in the original model and proves that...
-
作者：Gabrovski, Miroslav; Geromichalos, Athanasios; Herrenbrueck, Lucas; Kospentaris, Ioannis; Lee, Sukjoon
作者单位：University of Hawaii System; University of Hawaii Manoa; University of California System; University of California Davis; Simon Fraser University; National & Kapodistrian University of Athens; New York University; NYU Shanghai
摘要：A large literature in macroeconomics concludes that disruptions in financial markets have large negative effects on output and (un)employment. Though diverse, most papers in this literature share a common characteristic: they employ frameworks where money is not explicitly modeled. This paper argues that the omission of money may hinder a model's ability to evaluate the real effects of financial shocks, since it deprives agents of a payment instrument that they could have used to cope with the...
-
作者：Benhabib, Jess; Dong, Feng; Wang, Pengfei; Xu, Zhenyang
作者单位：New York University; Tsinghua University; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：Recurrent clustered episodes of corporate default are a long-standing puzzle that standard models driven by observable fundamentals struggle to explain. We develop a general equilibrium model where demand externality generates such default cycles endogenously through self-fulfilling mechanism. In our framework, a decline in aggregate output reduces individual firm revenues and values, raising default risk. The subsequent exit of defaulting firms further depresses aggregate output, creating a p...
-
作者：Kozeniauskas, Nicholas
作者单位：Banco de Portugal; Universidade Catolica Portuguesa
摘要：Why has there been a steady decline in entrepreneurship in the US in recent decades? To answer this question, I develop a general equilibrium occupation choice model and combine it with data on these choices. Skill-biased technical change can account for much of the decline in the relative entrepreneurship rate of more educated people, but cannot explain the decline in the aggregate level of entrepreneurship. The major factors in the decline in the share of people who are entrepreneurs, the fi...
