-
作者：Goldberg, Linda S.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
-
作者：Bhandari, Anmol; Evans, David; Golosov, Mikhail; Sargent, Thomas J.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Oregon; University of Chicago; New York University
摘要：We study public debt in competitive equilibria in which a government chooses transfers and taxes optimally and in addition decides how thoroughly to enforce debt contracts. If the government enforces perfectly, asset inequality is determined in an optimum competitive equilibrium but the level of government debt is not. Welfare increases if private debt contracts are not enforced. Borrowing frictions let the government gather monopoly rents that come from issuing public debt without facing comp...
-
作者：Erol, Selman; Ordonez, Guillermo
作者单位：Massachusetts Institute of Technology (MIT); Carnegie Mellon University; University of Pennsylvania; National Bureau of Economic Research
摘要：Optimal regulatory restrictions on banks have to solve a delicate balance. Tighter regulations reduce the likelihood of banks' distress. Looser regulations foster the allocation of funds toward productive investments. With multiple banks, optimal regulation becomes even more challenging. Banks form partnerships in the interbank lending market in order to face liquidity needs and to meet investment possibilities. We show that the interbank network can suddenly collapse when regulations are push...
-
作者：Coibion, Olivier; Gorodnichenko, Yuriy; Kueng, Lorenz; Silvia, John
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; University of California System; University of California Berkeley; Northwestern University; Wells Fargo Company
摘要：We study the effects of monetary policy shocks on-and their historical contribution to-consumption and income inequality in the United States since 1980 as measured by the Consumer Expenditure Survey. Contractionary monetary policy systematically increases inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary policy shocks account for a non-trivial component of the historical cyclical variation in income and consumption inequality. Using detailed...
-
作者：Abel, Andrew B.
作者单位：University of Pennsylvania
摘要：The crowding-out coefficient is the ratio of the reduction in privately-issued bonds to the increase in government bonds that are issued to finance a tax cut. If (1) Ricardian Equivalence holds, and (2) households do not borrow risklessly while holding positive gross positions in other riskless assets, the crowding-out coefficient equals the fraction of the aggregate tax cut that accrues to households that borrow. In the conventional case in which all households receive equal tax cuts, the cro...
-
作者：Popp, Aaron
作者单位：California State University System; California State University Fullerton
摘要：The paper extends the model of Krusell etal. (2010) to study the welfare effects of unemployment insurance. The model unemployment insurance program includes four realistic features: 1) a 50% replacement rate up to a benefit cap; 2) finite duration of eligibility during a jobless spell; 3) limited eligibility; and 4) and an imperfectly monitored job search requirement. The model is parameterized to fit the size of scope of unemployment insurance in the United States. Removing unemployment insu...
-
作者：Shen, Junyan; Yu, Jianfeng; Zhao, Shen
作者单位：Iowa State University; Tsinghua University; University of Minnesota System; University of Minnesota Twin Cities; The Chinese University of Hong Kong, Shenzhen
摘要：Economic theory suggests that pervasive factors should be priced in the cross-section of stock returns. However, our evidence shows that portfolios with higher risk exposure do not earn higher returns. More importantly, our evidence shows a striking two-regime pattern for all 10 macro-related factors: high-risk portfolios earn significantly higher returns than low-risk portfolios following low-sentiment periods, whereas the exact opposite occurs following high-sentiment periods. These findings...
-
作者：Svensson, Lars E. O.
作者单位：Stockholm School of Economics
摘要：An obvious cost of leaning against the wind is a weaker economy if no (financial) crisis occurs. Possible benefits are lower probabilities and smaller magnitudes of crises. A second cost-less obvious, previously overlooked, but higher-is a weaker economy if a crisis occurs. For representative estimates, costs exceed benefits by substantial margins. Overturning the result requires policy-rate effects on the probability and magnitude of crises more than 5-40 standard errors larger than represent...
-
作者：Koijen, Ralph S. J.; Lustig, Hanno; Van Nieuwerburgh, Stijn
作者单位：National Bureau of Economic Research; New York University; New York University; Center for Economic & Policy Research (CEPR); Stanford University; National Bureau of Economic Research
摘要：Bond factors which predict future U.S. economic activity at business cycle horizons are priced in the cross-section of U.S. stock returns. High book-to-market stocks have larger exposures to these bond factors than low book-to-market stocks, because their cash flows are more sensitive to the business cycle. Because of this new nexus between stock and bond markets, a parsimonious three-factor dynamic no-arbitrage model can be used to jointly price book-to-market-sorted portfolios of stocks and ...
-
作者：Khaw, Mel Win; Stevens, Luminita; Woodford, Michael
作者单位：Columbia University; University System of Maryland; University of Maryland College Park; Columbia University
摘要：A laboratory experiment illustrates cognitive limitations in decision-making that may be relevant for modeling price-setting. Our subjects systematically depart from the optimal Bayesian response in several respects. Their responses are random, even conditioning on available information. Subjects adjust in discrete jumps rather than after each new piece of information, and by both large and small amounts, contrary to the predictions of an Ss model of optimal adjustment subject to a fixed cost....
