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作者：Kuhn, Moritz; Luo, Jinfeng; Manovskii, Iourii; Qiu, Xincheng
作者单位：University of Bonn; Lingnan University; University of Pennsylvania
摘要：The production processes at many firms rely on a highly choreographed and interdepen-dent network of workers performing specialized jobs. We designed and implemented a targeted employer survey to measure the extent of coordination in work processes. We link this firm-level coordination measure to administrative data and find that firms with a more coordinated work process are more productive, pay higher wages, and experience lower worker turnover. Yet, these firms suffer more severe negative c...
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作者：Ferrante, Francesco; Graves, Sebastian; Iacoviello, Matteo
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：The COVID-19 pandemic has led to an unprecedented shift of consumption from services to goods. We study this demand reallocation in a multi-sector model featuring sticky prices, input-output linkages, and labor reallocation costs. Reallocation costs hamper the increase in the supply of goods, causing inflationary pressures. These pressures are amplified by the fact that goods prices are more flexible than services prices. We estimate the model allowing for demand reallocation, sectoral product...
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作者：Ayerst, Stephen; Ibrahim, Faisal; MacKenzie, Gaelan; Rachapalli, Swapnika
作者单位：International Monetary Fund; University of Toronto; Bank of Canada; University of British Columbia
摘要：Using global patents, citations, inter-sectoral sales, and trade data, we examine the interna-tional diffusion of technology through imported inputs. We use citations and sales data to characterize knowledge and production input-output tables for individual countries. Using these tables, we construct a measure of the flow of knowledge-weighted and production-weighted technology embodied in inputs imported from the US. We develop an instru-mental variable strategy to establish that increases in...
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作者：Li, Kai; Tsou, Chi-Yang; Xu, Chenjie
作者单位：Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; University of Manchester; Shanghai University of Finance & Economics
摘要：Imperfect information and learning are introduced into a production-based asset pricing model. Our model features slow learning about firms' exposure to aggregate productivity shocks over time. In contrast to a full information case, our framework provides a unified explanation for the stylized empirical features of the cross-section of stocks that differ in capital age: old capital firms (1) have higher capital allocation efficiency; (2) are more ex-posed to aggregate productivity shocks and,...
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作者：Onofri, Marco; Peersman, Gert; Smets, Frank
作者单位：Ghent University; European Central Bank
摘要：In a dynamic stochastic general equilibrium model that is calibrated for the euro area, a negative interest rate policy (NIRP) can have contractionary effects on the economy when interest rates on household deposits reach the zero lower bound, and such deposits are the only source of bank funding and household savings. However, by introducing additional assets to households' portfolios and alternative sources of bank funding, such as bank bonds, the NIRP becomes expansionary. Because both feat...
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作者：Zwick, Eric
作者单位：National Bureau of Economic Research
摘要：In this paper, Blanchet and Martinez-Toledano collect, expand, and harmonize wealth and income inequality statistics from prior research and public data sets for the U.S. and E.U. It is a huge undertaking. My comments focus on whether the data permit us at this point to draw these conclusions, or whether differences in methodology and data construction require further reconciliation. While I lean toward the latter judgement, I view this paper and the underlying project as a first, constructive...
