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作者：Chari, V. V.; Nicolini, Juan Pablo; Teles, Pedro
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Universidad Torcuato Di Tella; Banco de Portugal; Universidade Catolica Portuguesa; Centre for Economic Policy Research - UK
摘要：We revisit the question of how capital should be taxed. We allow for a rich set of tax instruments that consists of taxes widely used in practice, including consumption, dividend, capital, and labor income taxes. We restrict policies to those that respect pre-existing promises regarding the current value of wealth. We show that capital should not be taxed (i.e. there should be no intertemporal distortions), if households have preferences that are standard in the macroeconomics literature. We s...
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作者：Davis, Douglas D.; Korenok, Oleg; Lightle, John P.; Prescott, Edward S.
作者单位：Virginia Commonwealth University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：We develop a stylized interbank market environment and use it to evaluate with experimental methods the effects of liquidity requirements. Baseline and liquidity-regulated regimes are analyzed in a simple shock environment, which features a single idiosyncratic shock, and in a compound shock environment, in which the idiosyncratic shock is followed by a randomly occurring second-stage shock. Interbank trading of the illiquid asset follows each shock. In the simple shock environment, we find th...
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作者：Gonzalez-Eiras, Martin; Niepelt, Dirk
作者单位：University of Copenhagen; Study Center Gerzensee; University of Bern
摘要：We propose a theory of tax centralization in politico-economic equilibrium. Taxation has dynamic general equilibrium implications which are internalized at the federal, but not at the regional level. The political support for taxation therefore differs across levels of government. Complementarities on the spending side decouple the equilibrium composition of spending and taxation and create a role for inter governmental grants. The model provides an explanation for the centralization of revenu...
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作者：Sheremirov, Viacheslav
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：In workhorse macroeconomic models, price dispersion is a central determinant of welfare, the cost of business cycles, optimal inflation, and the tradeoff between inflation and output stability. While price dispersion increases with inflation in the models, this relationship is negative in the data-due to sales prices. The comovement of price dispersion and inflation for regular prices is positive. A model with sales can quantitatively match the comovement in the data, whereas a range of simila...
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作者：Dovis, Alessandro
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：This note discusses the article Optimal Trade Policy with Trade Imbalances by Mostafa Beshkar and Ali Shourideh. (C) 2019 Elsevier B.V. All rights reserved.
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作者：Staiger, Robert W.
作者单位：Dartmouth College; National Bureau of Economic Research
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作者：Bilbiie, Florin O.
作者单位：University of Lausanne
摘要：The New Keynesian (NK) cross is a graphical and analytical apparatus for heterogeneous-agent (HANK) models expressing key aggregate demand objects-MPC and multipliers-as functions of heterogeneity parameters. It affords analytical insights into monetary, fiscal, and forward guidance multipliers, and replicates the aggregate implications of quantitative HANK. The key parameter-the constrained agents' income elasticity to aggregate income-depends on fiscal redistribution: when it is larger (smal...
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作者：Kovak, Brian K.; Lessem, Rebecca
作者单位：Carnegie Mellon University; National Bureau of Economic Research; Carnegie Mellon University; Carnegie Mellon University
摘要：How would increasing the number of visas available to potential migrants affect unauthorized immigration from Mexico to the U.S.? Current U.S. policy bans people who are deported from receiving legal status for a period of time. This policy aims to serve as an additional deterrent to unauthorized immigration, but may be ineffective given that most potential Mexican migrants have an extremely low probability of ever being able to legally move to the U.S. We develop a dynamic discrete location c...
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作者：Koetter, Michael
作者单位：Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Otto von Guericke University; Deutsche Bundesbank
摘要：Between 2010 and 2012, the European Central Bank absorbed Euro218 billion worth of government securities from five EMU countries under the Securities Markets Programme (SMP). Detailed security holdings data at the bank level affirms an effective lending stimulus due to the SMP. Exposed banks contract household lending, but increase commercial lending substantially. Holding non-SMP securities from stressed EMU countries amplifies the commercial lending response. The SMP also improved liquidity ...
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作者：Busch, Christopher; Krueger, Dirk; Ludwig, Alexander; Popova, Irina; Iftikhar, Zainab
作者单位：Autonomous University of Barcelona; Barcelona School of Economics; University of Pennsylvania; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Goethe University Frankfurt
摘要：In 2015-2016 Germany experienced a wave of predominantly low-skilled refugee immigration. We evaluate its macroeconomic and distributional effects using a quantitative overlapping generations model calibrated using German micro data to replicate education and productivity differentials between foreign born and native workers. Workers are modelled as imperfect substitutes in aggregate production leading to endogenous wage differentials. We simulate the dynamic effects of this refugee wave, with...
