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作者：Lessem, Rebecca
作者单位：Carnegie Mellon University
摘要：As part of the Tax Cut and Jobs Act (TCJA) of 2017, a $10,000 cap on state and local tax deductions (SALT) was imposed for federal tax returns. The authors first show that this increased the relative tax burden of the highest earners in high tax states by 3%. Motivated by this fact, the authors develop a spatial equilibrium model where individuals choose to live in superstar cities, which offer higher chances of becoming a highly productive worker but have higher taxes, or ordinary cities, whe...
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作者：Lacker, Jeffrey M.
作者单位：Virginia Commonwealth University
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作者：Williamson, Stephen D.
作者单位：Western University (University of Western Ontario)
摘要：A two-sector general equilibrium banking model is constructed to study the functioning of a floor system of central bank intervention. Only retail banks can hold reserves, and these banks are subject to a capital requirement, creating balance sheet costs of holding reserves. An increase in the interest rate on reserves has different qualitative effects from a reduction in the central bank's balance sheet. Increases in the central bank's balance sheet can have redistributive effects, and can re...
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作者：Brunnermeier, Markus K.; Niepelt, Dirk
作者单位：Princeton University; Study Center Gerzensee; University of Bern
摘要：When does a swap between private and public money leave the equilibrium allocation and price system unchanged? To answer this question, the paper sets up a generic model of money and liquidity which identifies sources of seignorage rents and liquidity bubbles. We derive sufficient conditions for equivalence and apply them in the context of the Chicago Plan, cryptocurrencies, the Indian de-monetization experiment, and Central Bank Digital Currency (CBDC). Our results imply that CBDC coupled wit...
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作者：Binder, Carola Conces
作者单位：Haverford College
摘要：Lamla and Vinogradov study the causal effect of central bank announcements on consumers' expectations and perceptions by conducting a new series of surveys. I discuss the key empirical results of the paper, supplement their results with evidence of news coverage patterns surrounding Federal Open Market Committee meetings, and provide suggestions for future research using the authors' novel dataset. (C) 2019 Elsevier B.V. All rights reserved.
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作者：Moench, Emanuel; Stein, Tobias
作者单位：Deutsche Bundesbank
摘要：This note discusses the article Monetary Policy Communication, Policy Slope, and the Stock Market by Andreas Neuhierl and Michael Weber. The authors document that the slope of the fed funds futures curve predicts stock returns one week ahead and is correlated with the tone of Fed Board member speeches over the period 1994-2007. We show that this return predictability is restricted to the subsample from 1999 to 2001, with no evidence of predictability outside of this period. We further point ou...
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作者：Kacperczyk, Marcin; Nosal, Jaromir; Stevens, Luminita
作者单位：Imperial College London; Centre for Economic Policy Research - UK; Boston College; University System of Maryland; University of Maryland Baltimore
摘要：Capital income inequality is large and growing fast, accounting for a significant portion of total income inequality. We study its growth in a general equilibrium portfolio choice model with endogenous information acquisition and heterogeneity across household sophistication and asset riskiness. The model implies capital income inequality that grows with aggregate information technology. Investors differentially adjust both the size and the composition of their portfolios, as unsophisticated i...
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作者：Erosa, Andres; Gonzalez, Beatriz
作者单位：Universidad Carlos III de Madrid; Banco de Espana
摘要：The Hopenhayn and Rogerson (1993) framework is extended to understand how different forms of taxing capital income affect firms' investment and financial policies over their life cycle. Relative to dividends and capital gains taxation, corporate income taxation slows down firm growth over the life cycle by reducing after-tax profits available for reinvesting. It also diminishes entry by negatively affecting the value of entrants relative to that of incumbent firms. After a tax reform eliminati...
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作者：Toda, Alexis Akira
作者单位：University of California System; University of California San Diego
摘要：To explain the Pareto tail behavior empirically observed in wealth distributions, the quantitative macro literature has occasionally assumed that agents have random discount factors. This paper formally proves that the stationary wealth distribution in a simple Huggett model with random discounting has power law tails and characterizes the Pareto exponents analytically. I find that in general there is no clear relationship between the return on wealth and inequality and that the Pareto exponen...
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作者：Caldara, Dario; Cavallo, Michele; Iacoviello, Matteo
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Studies identifying oil shocks using structural vector autoregressions (VARs) reach different conclusions on the relative importance of supply and demand factors in explaining oil market fluctuations. This disagreement is due to different assumptions on the oil supply and demand elasticities that determine the identification of the oil shocks. We provide new estimates of oil-market elasticities by combining a narrative analysis of episodes of large drops in oil production with country-level in...
