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作者：Yurdagul, Emircan
作者单位：Universidad Carlos III de Madrid
摘要：The focus of this paper is the flexibility in working hours as a motive for entrepreneurship. The model exhibits inflexibilities for workers and entrepreneurs, which arise due to complementarities in production. In addition, it allows for volatile value of leisure to make flexibility in hours desirable. Differences in occupation-specific flexibility, disciplined with the observed patterns in hours (level, persistence, dispersion) and income (persistence, dispersion), can explain relatively low...
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作者：Cortes, Guido Matias; Jaimovich, Nir; Siu, Henry E.
作者单位：York University - Canada; University of Zurich; National Bureau of Economic Research; University of British Columbia
摘要：We study the deterioration of employment in middle-wage, routine occupations in the United States in the last 35 years. The decline is primarily driven by changes in the propensity to work in routine jobs for individuals from a small set of demographic groups. These same groups account for a substantial fraction of both the increase in non-employment and employment in low-wage, non-routine manual occupations observed during the same period. We analyze a general neoclassical model of the labor ...
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作者：Quadrini, Vincenzo
作者单位：University of Southern California; Centre for Economic Policy Research - UK
摘要：The financial intermediation sector is important not only for channeling resources from agents in excess of funds to agents in need of funds (lending channel). By issuing liabilities it also creates financial assets held by other sectors of the economy for insurance or liquidity purpose. When the intermediation sector creates less liabilities or their value falls, agents are less willing to engage in activities that are individually risky but desirable in aggregate (bank liabilities channel). ...
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作者：Armenter, Roc; Hnatkovska, Viktoria
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of British Columbia
摘要：The U.S. non-financial corporate sector became a net lender to the rest of the economy in the early 2000s, with close to half of all publicly-traded firms holding financial assets in excess of their debt liabilities. We develop a simple dynamic model of debt and equity financing where firms strive to accumulate financial assets even though debt is fiscally advantageous relative to equity. Moreover, firms find it optimal to fund additional financial asset holdings through equity revenues. The c...
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作者：Kaplan, Greg; Schulhofer-Wohl, Sam
作者单位：University of Chicago; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We use scanner data to estimate inflation rates at the household level. Households' inflation rates have an annual interquartile range of 6.2-9.0 percentage points. Most of the heterogeneity comes not from variation in broadly defined consumption bundles but from variation in prices paid for the same types of goods. Lower-income households experience higher inflation, but most cross-sectional variation is uncorrelated with observables. Households' deviations from aggregate inflation exhibit on...
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作者：Iraola, Miguel A.; Santos, Manuel S.
作者单位：University of Miami
摘要：A variant of the neoclassical growth model is considered to study the role of innovation, lags in technology adoption, total factor productivity TFP, and price markups as main determinants of asset price volatility. The model confers a prominent role to price markups as opposed to other macroeconomic sources of uncertainty. In the data, price markups are highly correlated with stock market values, whereas other financial measures of profitability exhibit much less volatility and are weakly cor...
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作者：Forbes, Kristin; Reinhardt, Dennis; Wieladek, Tomasz
作者单位：Bank of England; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Bank of England; Barclays
摘要：Have bank regulatory policies and unconventional monetary policies and any possible interactions been a factor behind the recent deglobalisation in cross-border bank lending? To test this hypothesis, we use banic-level data from the UK-a country at the heart of the global financial system. Our results suggest that increases in microprudential capital requirements tend to reduce international bank lending and some forms of unconventional monetary policy can amplify this effect. Specifically, th...
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作者：Ready, Robert; Roussanov, Nikolai; Ward, Colin
作者单位：University of Rochester; University of Pennsylvania; University of Minnesota System; University of Minnesota Twin Cities
摘要：The decade prior to the Great Recession saw a boom in global trade and rising transportation costs. High-yielding commodity exporters' currencies appreciated, boosting carry trade profits. The Global Recession sharply reversed these trends. We interpret these facts with a two-country general equilibrium model that features specialization in production and endogenous fluctuations in trade costs. Slow adjustment in the shipping sector generates boom-bust cycles in freight rates and, as a consequ...
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作者：Goldstein, Itay
作者单位：University of Pennsylvania
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作者：Morris, Stephen; Shim, Ilhyock; Shin, Hyun Song
作者单位：Princeton University; Bank for International Settlements (BIS); Bank for International Settlements (BIS)
摘要：Open-end mutual funds face investor redemptions, but the sale of the underlying assets depends on asset managers' portfolio decisions. If asset managers use cash holdings as a buffer to meet redemptions, they can mitigate fire sales of the assets. If they hoard cash in response to redemptions, they will amplify fire sales. We present a global game model of investor runs and identify conditions under which asset managers hoard cash. In an empirical investigation of bond mutual funds, we find th...
