-
作者：Monge-Naranjo, Alexander
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Washington University (WUSTL)
-
作者：Stella, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using weekly data on prices, costs and units sold by a supermarket chain, a moment inequalities approach is used to estimate a discrete-choice dynamic model of a multiproduct firm facing menu costs. This empirical methodology allows to estimate two types of fixed costs of price adjustment: costs that are independent of the number of items that change prices and costs that are incurred at each item's price change. I find that both types of menu costs exist and are substantial. The total cost of...
-
作者：Beshkar, Mostafa; Shourideh, Ali
作者单位：Indiana University System; Indiana University Bloomington; Carnegie Mellon University
摘要：Optimal trade and capital control policies are characterized under a dynamic model with endogenous trade imbalances. In the absence of capital controls, optimal trade protection is counter-cyclical. Optimal use of capital controls, however, dampens the time-variation of optimal trade taxes. Generally, trade imbalances are not predictive of optimal policy. However, optimal trade policy and equilibrium trade imbalances move together when a country grows consistently faster or slower than the res...
-
作者：Chava, Sudheer; Hsu, Alex; Zeng, Linghang
作者单位：University System of Georgia; Georgia Institute of Technology; Babson College
摘要：y Industries with higher historical business cycle regime Sharpe ratios (RSR) have higher regime-dependent expected returns. Conditional on whether output gap is positive or negative, an out-of-sample long-high-RSR and short-low-RSR sector rotation strategy generates 14.02% annualized alpha in Fama-French five-factor model during 1985-2014. Industry momentum and related anomalies are unlikely to be the source of alpha. Firms in long portfolios have stronger fundamentals, more upward analyst fo...
-
作者：Laczo, Sarolta; Rossi, Raffaele
作者单位：University of London; Queen Mary University London; Centre for Economic Policy Research - UK; University of Manchester
摘要：We characterise optimal tax policies when the government has access to consumption taxation and cannot credibly commit to future policies. We consider a neoclassical economy where factor income taxation is distortionary within the period, due to endogenous labour and capital utilisation and non-tax-deductibility of depreciation. Contrary to the case where only labour and capital income are taxed, the optimal time-consistent policies with consumption taxation are remarkably similar to their Ram...
-
作者：Ward, Colin
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：I develop a method that structures financial market data to forecast economic outcomes. I use it to study the IT sector's transition to its long-run share in the US economy. The method uses a model which links economy-wide growth with IT's market valuation to match transition data on macroeconomic quantities, the sector's life cycle patterns, and, importantly, market valuation ratios. My central estimates indicate that the revolution ends between 2028 and 2034 and that future average labor pro...
-
作者：Maggi, Giovanni
作者单位：Yale University; National Bureau of Economic Research
摘要：I argue that an important potential benefit of international agreements is to reduce wasteful rent-seeking activities by domestic and foreign special interest groups, through a reduction in policy discretion. The presence of foreign lobbying generates a novel type of international externality: by inviting wasteful rent-seeking by foreign lobbies, the presence of policy discretion itself generates a negative international externality. I examine the potential anti-lobbying effects of three salie...
-
作者：Karaman, K. Kivanc; Pamuk, Sevket; Yildirim-Karaman, Secil
作者单位：Bogazici University; Bogazici University; Altinbas University
摘要：This paper investigates the determinants of monetary stability in Europe from the late medieval era until World War I. Through this period, the anchor for monetary policy was the silver or gold value of the monetary unit. States, however, frequently abandoned this anchor, some depreciating their monetary units against silver and gold less than 10-fold and others more than 10,000-fold between 150 0 and 1914. To understand the determinants of these differences, we compile a new and comprehensive...
-
作者：Bhattarai, Saroj; Chatterjee, Arpita; Park, Woong Yong
作者单位：University of Texas System; University of Texas Austin; University of New South Wales Sydney; Seoul National University (SNU); Seoul National University (SNU)
摘要：Spillover effects of US uncertainty shocks are studied in a panel VAR of fifteen emerging market economies (EMEs). A US uncertainty shock negatively affects EME stock prices and exchange rates, raises EME country spreads, and decreases capital inflows into them. It decreases EME output and consumer prices while increasing net exports. Negative effects on output and asset prices are weaker, but effects on external balance stronger, for Latin American EMEs. We attribute such heterogeneity to dif...
-
作者：Guerron-Quintana, Pablo A.
作者单位：Boston College
