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作者：Dong, Feng; Wen, Yi
作者单位：Shanghai Jiao Tong University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：We develop an N-sector business cycle network model a la Long and Plosser (1983), featuring heterogenous money demand a la Bewley (1980) and Lucas (1980). Despite incomplete markets and a well-defined distribution of real money balances across heterogeneous households, the Bewley-Lucas-Long-Plosser model remains analytically tractable with closed-form solutions. Relying on the tractability, we establish several important results: (i) The economy's input-output network linkages become endogenou...
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作者：Bianchi, Francesco; Kung, Howard; Morales, Gonzalo
作者单位：National Bureau of Economic Research; Duke University; Center for Economic & Policy Research (CEPR); University of London; London Business School; Centre for Economic Policy Research - UK; University of Alberta
摘要：We construct and estimate an endogenous growth model with debt and equity financing frictions to understand the relation between business cycle fluctuations and long-term growth. The presence of spillover effects from R&D imply an endogenous relation between productivity growth and the state of the economy. A large contractionary shock to equity financing in the 2001 recession led to a persistent growth slowdown that was more severe than in the 2008 recession. Equity (debt) financing shocks ar...
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作者：Glover, Andrew
作者单位：University of Texas System; University of Texas Austin
摘要：The Fair Minimum Wage Act of 2007 increased the U.S. nominal minimum wage by 41%, just as interest rates hit the zero lower bound. I study the interaction of these events in a parsimonious extension of the sticky-price New Keynesian model with heterogeneous labor. A minimum -wage augmented Phillips Curve relates inflation to output and the real minimum wage, which I estimate with aggregate data. Consistent with theory, controlling for the real minimum wage reduces the effect of output on infla...
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作者：[Anonymous]
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作者：Kurlat, Pablo
作者单位：University of Southern California
摘要：High nominal interest rates are associated with high deposit spreads, which is consistent with a model where banks have monopoly power and currency and deposits are substitutes. Therefore, higher interest rates raise the implicit price of banking services, increase bank profits and attract entry into the banking sector. Taking these effects into account, a one percentage point increase in inflation has a welfare cost of 0.083% of GDP, 6.7 times higher than traditional estimates. (C) 2019 Elsev...
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作者：Arias, Jonas E.; Caldara, Dario; Rubio-Ramirez, Juan F.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Federal Reserve System - USA; Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：This paper studies the effects of monetary policy shocks using structural VARs. We achieve identification by imposing sign and zero restrictions on the systematic component of monetary policy. Importantly, our identification scheme does not restrict the contemporaneous response of output to a monetary policy shock. Using data for the period 1965-2007, we consistently find that an increase in the federal funds rate induces a contraction in output. We also find that monetary policy shocks are co...
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作者：Fernandez-Villaverde, Jesus; Sanches, Daniel
作者单位：National Bureau of Economic Research; University of Pennsylvania; Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Can competition among privately-issued fiat currencies work? Only sometimes and partially. To show this, we build a model of competition among privately-issued fiat currencies. A purely private arrangement fails to implement an efficient allocation, even though it can deliver price stability under certain technological conditions. Although currency competition creates problems for monetary policy, it is possible to design a policy rule that uniquely implements an efficient allocation. (C) 2019...
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作者：Ferrante, Francesco
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：A standard New Keynesian model is extended to include a rich financial system in which financially constrained banks lend to firms and homeowners via defaultable long-term loans. The model generates two endogenous components of interest rate spreads on mortgages and corporate loans: i) a default premium and ii) a liquidity premium. Financial shocks affecting these premiums can reproduce the behavior of several macroeconomic variables during the Great Recession, when we take into account the im...
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作者：Coen-Pirani, Daniele; Sieg, Holger
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Pennsylvania; National Bureau of Economic Research
摘要：The Tax Cut and Jobs Act of 2017 capped state and local tax deductions. We show that this new cap primarily affects households in the top percentile of the income distribution residing in high-tax, high-cost cities. We develop a new dynamic spatial equilibrium model to evaluate the impact of this policy change on the distribution of economic activity and aggregate welfare. We show that the tax reform is likely to lead to a relocation of older high-productivity households to low-cost cities. If...
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作者：Sposi, Michael
作者单位：Southern Methodist University; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：Intermediate-input intensities vary systematically with economic development across countries. These cross-country differences in input-output linkages account for 74% of the curvature in the hump shape in industry's share in value added across levels of income per capita. This is twice as much as can be accounted for by variation in the composition of final demand. Using a three-sector, open-economy model of structural change I find that this result is robust to general equilibrium effects. (...
