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作者：Allub, Lian; Erosa, Andres
作者单位：Universidad Carlos III de Madrid
摘要：The Lucas (1978) model is extended to incorporate heterogeneity in working ability and a time allocation decision by entrepreneurs (work versus manage). Financial frictions distort not only the average skill of entrepreneurs but also the average skill of workers. The model economy accounts for half of the association between entrepreneurship and external finance to GDP in the data, whereas a standard span of control model explains only about one tenth. The variation in entrepreneurship is most...
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作者：Carceles-Poveda, Eva
作者单位：State University of New York (SUNY) System; Stony Brook University
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作者：Andreasen, Eugenia; Sandleris, Guido; Van der Ghote, Alejandro
作者单位：Universidad de Santiago de Chile; Universidad Torcuato Di Tella; European Central Bank
摘要：How do income distribution and the tax system affect sovereign borrowing and default decisions? Are these effects shaped by the political constraints that governments face when raising revenues to repay the debt? To address these questions, we incorporate agent heterogeneity, in terms of income distribution and tax burden, and a political support constraint into a standard DSGE model of sovereign default. The results show that income inequality and regressive taxes make defaults more likely fo...
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作者：Fehr, Dietmar; Heinemann, Frank; Llorente-Saguer, Aniol
作者单位：Ruprecht Karls University Heidelberg; Technical University of Berlin; University of London; Queen Mary University London; Centre for Economic Policy Research - UK
摘要：In an experiment using a coordination game with extrinsic random signals (sunspots), we systematically vary the stochastic process generating these signals and measure how signals affect behavior. We find that sunspot equilibria emerge naturally with salient public signals. However, highly correlated private signals can also lead to sunspot-driven behavior, even when this is not an equilibrium. Private signals reduce the power of public signals as sunspot variables. The higher the correlation ...
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作者：Khan, Aubhik
作者单位：University System of Ohio; Ohio State University
摘要：Feng Dong and Yi Wen introduce money into the Long and Plosser multi-sector real business cycle model. Money exists as a liquid asset that allows households to respond to idiosyncratic preference shocks. Despite the resulting heterogeneity in consumption, a constant marginal utility of leisure implies that households eliminated differences in their wealth each period. I argue that this framework implies excessive consumption volatility at the household level. (C) 2019 Elsevier B.V. All rights ...
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作者：Elsby, Michael W. L.; Michaels, Ryan
作者单位：University of Edinburgh; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：This paper studies the analytics of a canonical model of lumpy microeconomic adjustment. We provide a novel characterization of the implied aggregate dynamics. In general, the distribution of firm outcomes follows a simple and intuitive law of motion that links aggregate outcomes to rates of adjustment. Analytical approximations reveal, however, that the aggregate dynamics are approximately invariant to a relevant range of adjustment costs. This neutrality is an aggregation result that emerges...
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作者：Venkateswaran, Venky
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作者：Rupert, Peter; Sustek, Roman
作者单位：University of California System; University of California Santa Barbara; University of London; Queen Mary University London
摘要：The monetary transmission mechanism in New-Keynesian models is put to scrutiny. We show that, contrary to the conventional view, the transmission mechanism does not operate through the real interest rate channel. Instead, equilibrium inflation is approximately determined as in a flexible-price model; output is then pinned down by the New-Keynesian Phillips curve. The real rate only reflects the feasibility to keep consumption smooth when income changes. Contractionary monetary policy shocks re...
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作者：Enders, Zeno; Huennekes, Franziska; Mueller, Gernot J.
作者单位：Leibniz Association; Ifo Institut; Ruprecht Karls University Heidelberg; University of Munich; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); Leibniz Association; Ifo Institut; Eberhard Karls University of Tubingen
摘要：We assess empirically whether monetary policy announcements impact firm expectations. Two features of our data set are key. First, we rely on a survey of production and price expectations of German firms, that is, expectations of actual price setters. Second, we observe the day on which firms submit their answers to the survey. We compare the responses of firms before and after monetary policy surprises and obtain two results. First, firm expectations respond to policy surprises. Second, the r...
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作者：Devereux, Michael B.; Young, Eric R.; Yu, Changhua
作者单位：University of British Columbia; Zhejiang University; University of Virginia; Peking University
摘要：The dangers of high capital flow volatility and sudden stops have led economists to promote the use of capital controls as an addition to monetary policy in emerging market economies. This paper studies the benefits of capital controls and monetary policy in a small open economy with financial frictions, nominal rigidities, and sudden stops. Without commitment, the optimal monetary policy should sharply diverge from price stability. The policymakers will also tax capital inflows in a crisis, b...
