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作者：Gondhi, Naveen
作者单位：INSEAD Business School
摘要：study the effect of firm managers' information-processing constraints on production decisions, resource misallocation, and the aggregate economy. Managers have a finite information-processing capacity to reduce uncertainty about firm-specific and economy-wide shocks. The model implies that an increase in aggregate uncertainty leads to realloca-tion of capacity from learning about firm-specific shocks to learning about aggregate state, leading to higher misallocation of resources and lower outp...
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作者：Tanaka, Satoshi; Warren, Lawrence; Wiczer, David
作者单位：University of Queensland; State University of New York (SUNY) System; Stony Brook University
摘要：How much do workers making job-to-job transitions benefit from moving away from a shrinking and towards a growing firm? Matched employer-employee data show that earnings growth in the transition increases with net employment growth at the destination firm and, to a lesser extent, decreases if the origin firm is shrinking. These results are not driven by composition, that different workers are going to growing or from shrinking firms, but rather implies that firm dynamics themselves are key to ...
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作者：Bustamante, Christian
作者单位：Bank of Canada
摘要：Using a general equilibrium search-theoretic model of money, I study the long-run distributional effects of monetary policy. In my model, heterogeneous agents trade bilaterally in a frictional market and save using cash and illiquid short-term nominal government bonds. Wealth effects generate slow adjustments in agents' portfolios following their trading activity in decentralized markets, giving rise to a persistent and non-degenerate distribution of assets. The model reproduces the distributi...
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作者：Rottner, Matthias
作者单位：Deutsche Bundesbank
摘要：Motivated by the build-up of shadow bank leverage prior to the financial crisis of 2007- 2008, I develop a nonlinear macroeconomic model featuring excessive leverage accumula-tion and endogenous runs to capture the dynamics and quantify the build-up of instabil-ity. Incorporating monetary policy, I demonstrate that the zero lower bound increases the crises frequency and lowers welfare. The model is taken to U.S. data to estimate the run probability around the financial crisis of 20 07-20 08. T...
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作者：D'Amico, Stefania; King, Thomas B.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Applying sign restrictions to measures of expectations in a VAR, we quantify the economic effects of im perf ectly and perf ectly anticipated monetary policy innovations-the type of shocks induced by partially and fully credible forward guidance (FG). We find that fully credible FG one-year ahead has large near-term effects on prices and real activity, but, consistent with the forward guidance puzzle, these effects do not grow much larger as the FG horizon extends into the future. We also esti...
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作者：Chen, Sihao; Devereux, Michael B.; Shi, Kang; Xu, Juanyi
作者单位：Fudan University; Fudan University; University of British Columbia; Chinese University of Hong Kong; Hong Kong University of Science & Technology
摘要：We incorporate two types of agents (Ricardian versus Keynesian) into a standard open economy macro model. We find that consumption heterogeneity has major implications for the impact of monetary policy shocks, the international transmission mechanism, and the design of optimal monetary policy. With sticky prices, the existence of Keynesian agents causes a spillover of shocks across countries, and leads to the interdependence of optimal monetary targeting rules. In the case of local currency pr...
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作者：Doniger, Cynthia L.; Kay, Benjamin
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Delays in the provision of loans under Paycheck Protection Program due to the rapid exhaustion of initial funding had a large and persistent negative effect on employment. We estimate that increasing the size of the initial PPP funding by 10 percent could have increased employment by over 2 million jobs through the summer of 2020 and more than 1 million jobs through the fall. The implied costs per job saved are low for a stimulus program, while our effect sizes are in line with recent estimate...
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作者：Aristizabal-Ramirez, Maria; Leahy, John; Tesar, Linda L.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：This paper is motivated by a set of cross-country observations on economic growth, struc-tural transformation, and investment rates in a large sample of countries, We observe a hump-shaped relationship between a country's investment rate and its level of develop-ment, both within countries over time and across countries. Advanced economies reach their investment peak at a higher level of income and at an earlier point in time relative to emerging markets. We also observe the familiar patterns ...
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作者：Karadi, Peter; Amann, Juergen; Bachiller, Javier Sanchez; Seiler, Pascal; Wursten, Jesse
作者单位：European Central Bank; Organisation for Economic Co-operation & Development (OECD); University of Luxembourg; Swiss Federal Institutes of Technology Domain; ETH Zurich; KU Leuven
摘要：We compare supermarket price setting in the US and the euro area and assess its impact on food inflation. We introduce a novel scanner dataset of Germany, the Netherlands, France, and Italy (EA4) and contrast it with an equivalent dataset from the US. We find that both higher frequency and stronger state dependence of price changes contribute to higher flexibility of supermarket inflation in the US relative to the euro area. We argue that the driving force behind both factors is higher cross-s...
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作者：Klingler, Sven; Sundaresan, Suresh
作者单位：BI Norwegian Business School; Columbia University
摘要：After the global financial crisis, the yields of U.S. Treasury bills frequently exceed other risk-free rate benchmarks, thereby pointing to a diminishing convenience premium. Con-structing a new measure of dealers' balance sheet constraints for providing intermediation in U.S. Treasury markets, we trace these diminishing convenience premiums to primary dealers' ability to act as intermediaries. Even after accounting for Treasury supply, levels of interest rates, and other controls, falling exc...
