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作者：Li, Erica X. N.; Zha, Tao; Zhang, Ji; Zhou, Hao
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Emory University; National Bureau of Economic Research; Tsinghua University; Southern University of Science & Technology
摘要：Switching between monetary and fiscal regimes is incorporated in a general-equilibrium model to explain three stylized facts: (1) a positive correlation of stock and bond returns in 1971-2001 and a negative correlation after 2001, (2) a negative correlation of consumption and inflation in 1971-2001 and a positive correlation after 2001, and (3) the coexistence of a positive bond risk premium and a negative correlation of stock and bond returns. While the technology shock drives the positive st...
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作者：Tang, Haozhou; Zhang, Donghai
作者单位：Dongbei University of Finance & Economics; University of Bonn
摘要：The transmission channel of asset bubbles is studied in a heterogeneous firm model with endogenous entry and exit. We highlight the effects of asset bubbles along the extensive margin: the aggregate bubble can boost real economic activities by affecting firms' en-try and exit decisions. Moreover, the model predicts the selection effect of bubbles: bub-bly firms-firms with asset bubbles-are less productive than bubble-less firms. Finally, we provide empirical evidence that supports bubbles' eff...
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作者：Bottone, Marco; Tagliabracci, Alex; Zevi, Giordano
作者单位：European Central Bank; Bank of Italy
摘要：Using a unique experiment on a rich survey of Italian firms, we study how the awareness of the formulation of the ECB's inflation aim shapes their inflation expectations. By means of a randomized controlled trial we show that, in years of low inflation, such awareness raises firms' inflation expectations by about 25 basis points at all time horizons, shifting them closer to the ECB's target. We also document that when there is room for interpretation of an official inflation objective, as in t...
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作者：Georgarakos, Dimitris; Kenny, Geoff
作者单位：European Central Bank
摘要：This paper introduces the Consumer Expectations Survey (CES), a new online, high frequency panel survey of euro area consumers' expectations and behaviour. The paper also investigates whether public perceptions about fiscal support measures introduced during the pandemic have influenced spending behaviour. We show that simple and factual information treatments about government support policies that are communicated to random subsets of respondents can help improve consumers' perceptions about ...
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作者：Fu, Chao; Guo, Junjie; Smith, Adam J.; Sorensen, Alan
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：The uneven geographic distribution of colleges in the United States endows students with uneven access to colleges depending on where they live. To examine the implication of this for student welfare, we estimate a model of high school students' college choices, allowing for rich heterogeneity in students' preferences for college attributes. We use data on students' enrollment decisions and application decisions-i.e., the sets of colleges to which they applied-to identify the distribution of s...
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作者：Klenow, Peter J.
作者单位：Stanford University; National Bureau of Economic Research
摘要：Morazzoni and Sy provide novel evidence consistent with discrimination in lending to women-owned businesses, which may misallocate capital and reduce aggregate output. The authors utilize the Kauffman Foundation Firm Survey , which follows about 50 0 0 firms who entered in 20 04 up to 2011 (so up to 7 years of operation at most). The paper presents four key findings: center dot Only 23% of businesses in the sample are fully women-owned, compared to 59% who are fully men-owned, and 18% center d...
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作者：Seshadri, Ananth; Zhou, Anson
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：Nearly 40% of births in the United States are unintended, and this phenomenon is disproportionately common among Black Americans and women with lower education. Given that being born to unprepared parents significantly affects children's outcomes, could family planning access affect intergenerational persistence of economic status? We extend the standard Becker-Tomes model by incorporating an endogenous family planning choice. In a policy counterfactual where states reduce family planning cost...
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作者：Bilbiie, Florin O.; Kanzig, Diego R.; Surico, Paolo
作者单位：University of Cambridge; University of Lausanne; Center for Economic & Policy Research (CEPR); University of London; London Business School
摘要：A novel complementarity between capital and income inequality leads to a significant amplification of the effects of aggregate-demand shocks on consumption. We characterize this finding using a simple model with heterogeneity in household saving and income, nominal rigidities, and capital. A fiscal policy that redistributes capital income causes further amplification, whereas redistributing profits generates dampening. After an interest rate shock, consumption inequality is more countercyclica...
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作者：Agur, Itai; Ari, Anil; Dell'Ariccia, Giovanni
作者单位：International Monetary Fund
摘要：The optimal design of a central bank digital currency (CBDC) is analyzed in an environment where agents sort into cash, CBDC, and bank deposits according to their preferences over anonymity and security; and where network effects make the convenience of a payment instrument depend on the number of its users. A CBDC can be designed with attributes similar to cash or deposits, and can be interest bearing: a CBDC that closely competes with deposits depresses bank credit and output, while a cash-l...
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作者：Boyarchenko, Nina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Center for Economic & Policy Research (CEPR)
