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作者：Davis, J. Scott; Van Wincoop, Eric
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of Virginia; National Bureau of Economic Research
摘要：The correlation between capital inflows and outflows has increased substantially over time in a sample of 127 advanced and developing countries. We provide evidence that this is a result of an increase in financial globalization (stock of external assets and liabilities). This dominates the effect of an increase in trade globalization (exports plus imports), which reduces the correlation between capital inflows and outflows. In the context of a two-country model with 8 shocks we show that the ...
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作者：Fujita, Shigeru
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：The rate of job loss has been on a secular decline for the last four decades or longer. Changes in demographics or industry composition do not account for the trend. This paper seeks to identify the possible sources of the decline using a simple search-and-matching model with two types of workers, experienced and inexperienced, where the former type faces a risk of skill loss during unemployment. The calibrated model suggests that a higher risk of skill loss during unemployment results in a lo...
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作者：Gandal, Neil; Hamrick, J. T.; Moore, Tyler; Oberman, Tali
作者单位：Tel Aviv University; University of Tulsa
摘要：To its proponents, the cryptocurrency Bitcoin offers the potential to disrupt payment systems and traditional currencies. It has also been subject to security breaches and wild price fluctuations. This paper identifies and analyzes the impact of suspicious trading activity on the Mt. Gox Bitcoin currency exchange, in which approximately 600,000 bitcoins (BTC) valued at $188 million were fraudulently acquired. During both periods, the USD-BTC exchange rate rose by an average of four percent on ...
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作者：Pugsley, Benjamin
作者单位：University of Notre Dame
摘要：Structural transformation and the rise of information technology by Gallipoli and Makridis provides compelling evidence on the effects of increasingly productive IT intensive occupations on within-sector productivity growth. I discuss their results and link them to patterns of aggregate productivity growth. While there are limits to aggregate conclusions from within-sector patterns, their findings provide rich empirical restrictions on equilibrium models of structural transformation. (C) 2018 ...
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作者：Imrohoroglu, Ayse; Zhao, Kai
作者单位：University of Southern California; University of Connecticut
摘要：A general equilibrium model that properly captures the risks in old age, the role of family insurance, changes in demographics, and the productivity growth rate is capable of generating changes in the national saving rate in China that mimic the data well. Our findings suggest that the combination of the risks faced by the elderly and the deterioration of family insurance due to the one-child policy may account for approximately half of the increase in the saving rate between 1980 and 2010. Ch...
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作者：Ennis, Huberto M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：In a general equilibrium macroeconomic model with a banking system that can hold large excess reserves and is subject to (possibly binding) capital constraints, I study how the quantity of government-provided monetary assets is related to the price level in steady state. When the central bank does not pay interest on reserves, the price level moves one for-one with the monetary base. If, instead, the central bank can pay interest on reserves at market rates, the price level can decouple from t...
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作者：Begenau, Juliane; Farboodi, Maryam; Veldkamp, Laura
作者单位：Stanford University; National Bureau of Economic Research; Princeton University; Centre for Economic Policy Research - UK
摘要：Two modern economic trends are the increase in firm size and advances in information technology. We explore the hypothesis that big data disproportionately benefits big firms. Because they have more economic activity and a longer firm history, large firms have produced more data. As processor speed rises, abundant data attracts more financial analysis. Data analysis improves investors' forecasts and reduces equity uncertainty, reducing the firm's cost of capital. When investors can process mor...
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作者：Gagnon, Etienne; Johannsen, Benjamin K.; Lopez-Salido, David
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
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作者：Herkenhoff, Kyle F.; Ohanian, Lee E.; Prescott, Edward C.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University of California System; University of California Los Angeles; National Bureau of Economic Research; Arizona State University; Arizona State University-Tempe
摘要：This paper studies the impact of state-level land-use restrictions on U.S. economic activity, focusing on how these restrictions have depressed macroeconomic activity since 2000. We use a variety of state-level data sources, together with a general equilibrium spatial model of the United States to systematically construct a panel dataset of state-level land use restrictions between 1950 and 2014. We show that these restrictions have generally tightened over time, particularly in California and...
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作者：Oikawa, Koki; Ueda, Kozo
作者单位：Waseda University; Waseda University
摘要：To analyze the relationship between inflation and economic growth, we construct an endogenous growth model with creative destruction, incorporating sticky prices due to menu costs. Price changes reduce the reward for innovation and thus lower the frequency of creative destruction. Central banks can maximize the growth rate by setting their inflation target at the negative of a fundamental growth rate. While the optimal inflation rate may be greater than the growth-maximizing inflation rate, ou...
