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作者：Li, Jiaqi
作者单位：Bank of Canada
摘要：What would be the potential demand for central bank digital currency (CBDC)? Which design attributes would affect the demand for CBDC? By applying a structural model to a unique Canadian survey dataset, I find that the aggregate CBDC holdings as a percentage of the total household liquid assets could range from 4-52%, based on households' demand perspective. Allowing banks to respond to CBDC would substantially constrain the take-up of CBDC, reducing the upper bound prediction to below 20%. Im...
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作者：Hong, Gee Hee; Klepacz, Matthew; Pasten, Ernesto; Schoenle, Raphael
作者单位：International Monetary Fund; Federal Reserve System - USA; Federal Reserve System Board of Governors; Central Bank of Chile; Brandeis University
摘要：Empirically, what pricing moments are informative about monetary non-neutrality? The frequency of price changes is robustly informative among a set of pricing moments and across specifications: A lower frequency is statistically significantly associated with higher monetary non-neutrality, in line with models of price rigidities. Other moments that describe the price change distribution are not consistently or significantly related to monetary non-neutrality. While the frequency explains the l...
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作者：Anderson, Haelim; Copeland, Adam
作者单位：Federal Deposit Insurance Corporation (FDIC); Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：How does information management and control affect bank stability? Following a national bank holiday in 1933, NY state bank regulators suspended the publication of balance sheets of state-charter banks for two years, whereas the national-charter bank regulator did not. This divergence in policies is used to examine how the suspension of bank-specific infor-mation affected depositors and the portfolio of assets held by banks. State-charter banks benefited, experiencing less deposit outflows tha...
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作者：Dix-Carneiro, Rafael; Traiberman, Sharon
作者单位：Duke University; Duke University; National Bureau of Economic Research; New York University; National Bureau of Economic Research
摘要：What is the role of trade imbalances for the distributional consequences of globalization? We answer this question through the lens of a quantitative, general equilibrium, multi -country, multi-sector model of trade with four key ingredients: (a) workers with different levels of skills are organized into separate representative households; (b) endogenous trade imbalances arise from households' consumption and saving decisions; (c) production ex-hibits capital-skill complementarity; and (d) lab...
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作者：Fornaro, Luca; Wolf, Martin
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); University of St Gallen
摘要：We study the effects of supply disruptions - for instance due to energy price shocks or the emergence of a pandemic - in an economy with Keynesian unemployment and endogenous productivity growth. By temporarily disrupting investment, negative supply shocks generate permanent output losses - or scarring effects. By inducing a negative wealth effect, scarring effects depress aggregate demand, which may even fall below the exogenous fall in supply. However, that scarring effects depress aggregate...
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作者：Konchitchki, Yaniv; Xie, Jin
作者单位：University of California System; University of California Berkeley; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
摘要：We identify many major U.S. corporations that are highly exposed to inflation risk. Yet, although the SEC legally requires disclosing possible risk factors, more than 61% of the inflation-exposed corporations do not disclose inflation risk. However, after being sued in a securities class action lawsuit, while all firms increase the length of their reported risk factor texts, only inflation-exposed firms are more likely to begin disclosing inflation risk. Simulations using calibrated parameters...
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作者：Forbes, Kristin; Friedrich, Christian; Reinhardt, Dennis
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Bank of Canada; Bank of England
摘要：How did funding structures-the source, instrument, currency, and counterparty location of financing-relate to the financial stress experienced in different countries and sectors during Covid-19? Banks and corporates with a higher share of funding from non-bank fi-nancial institutions (NBFIs) or in US dollars experienced significantly greater stress, while more funding in debt instruments (versus loans) or cross-border (versus domestically) did not affect resilience. Policies targeting these st...
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作者：Pellet, Thomas; Tahbaz-Salehi, Alireza
作者单位：Northwestern University; Northwestern University; Centre for Economic Policy Research - UK
摘要：This paper studies a production network model with quantity rigidities and informational frictions, where (i) firms may be restricted in how effectively they can adjust (some or all of) their intermediate input quantities in response to changes in the economic environ-ment and (ii) they need to choose their quantities under incomplete information about the realizations of shocks. Our characterization results show that these two frictions lead to a reduction in aggregate output, as firms may fi...
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作者：Gaballo, Gaetano; Mengus, Eric
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK
摘要：Is the pursuit of myopic fiscal objectives, such as short-run redistribution or public spending, a threat to long-run monetary efficiency? We answer this question in the context of a textbook overlapping generations model where we introduce a sequence of one-period fiscal authorities that can tax endowments and trade money. Each authority is myopic in that it cares only about current agents' utility and its own consumption, without any concern about the future. Nonetheless, we show that the se...
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作者：Fiori, Giuseppe; Scoccianti, Filippo
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; European Central Bank; Bank of Italy
摘要：Using two decades of Italian survey data on business managers' expectations we measure subjective firm-level uncertainty and quantify its economic effects. Firm-level uncertainty persists for a few years and varies across firms' demographic characteristics. Uncertainty induces sizable and long-lasting economic effects over a broad array of real and financial variables only when driven by its downside component - that is, uncertainty about below-mean outcomes. Economy-wide uncertainty, construc...
