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作者：Fuerst, Timothy S.
作者单位：University of Notre Dame; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
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作者：Backus, David; Ferriere, Axelle; Zin, Stanley
作者单位：New York University; National Bureau of Economic Research
摘要：We inject aggregate uncertainty - risk and ambiguity - into an otherwise standard business cycle model and describe its consequences. We find that increases in uncertainty generally reduce consumption, but they do not account, in this model, for either the magnitude or the persistence of the most recent recession. We speculate about extensions that might do better along one or both dimensions. (C) 2014 Elsevier B.V. All rights reserved.
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作者：Sterk, Vincent
作者单位：University of London; University College London
摘要：How does a fall in house prices affect real activity? This paper presents a tractable business cycle model in which a decline in house prices reduces geographical mobility, creating distortions in the labor market. This happens because homeowners face declines in their home equity levels, which makes it more difficult to provide the downpayment required for a new mortgage loan. Therefore, unemployed homeowners more often turn down job offers that would require them to move. The model can accou...
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作者：[Anonymous]
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作者：Chakraborty, Indraneel; Holter, Hans A.; Stepanchuk, Serhiy
作者单位：Southern Methodist University; University of Miami; University of Oslo; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne
摘要：Americans work more than Europeans. Using micro-data from the United States and 17 European countries, we document that women are typically the largest contributors to the cross-country differences in work hours. We also show that there is a negative relation between taxes and annual hours worked, driven by men, and a positive relation between divorce rates and annual hours worked, driven by women. In a calibrated life-cycle model with heterogeneous agents, marriage and divorce, we find that t...
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作者：Alessandria, George; Choi, Horag; Kaboski, Joseph P.; Midrigan, Virgiliu
作者单位：University of Rochester; National Bureau of Economic Research; Monash University; National Bureau of Economic Research; University of Notre Dame; New York University; National Bureau of Economic Research
摘要：The extent and direction of causation between micro volatility and business cycles are debated. We examine, empirically and theoretically, the source and effects of fluctuations in the dispersion of producer-level sales and production over the business cycle. On the theoretical side, we study the effect of exogenous first- and second-moment shocks to producer-level productivity in a two-country DSGE model with heterogeneous producers and an endogenous dynamic export participation decision. Fir...
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作者：Pflueger, Carolin E.
作者单位：University of British Columbia
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作者：Rupert, Peter; Zanella, Giulio
作者单位：University of California System; University of California Santa Barbara; University of Bologna
摘要：For the youngest cohorts whose entire working life can be observed, hours start falling much earlier than wages. Wages do not fall (if they fall at all) until one's late 60s. The data suggest that many workers start a smooth transition into retirement by working progressively fewer hours while still facing an upward-sloping wage profile. This pattern is not an artifact of staggered abrupt retirement or selection. This evidence imposes restrictions on dynamic models of the aggregate economy, an...
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作者：House, Christopher L.; Masatlioglu, Yusufcan
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：A model in which banks trade toxic assets to raise funds for investment is analyzed. Toxic assets generate an adverse selection problem and, consequently, the interbank asset market provides insufficient liquidity. Investment is inefficiently low because acquiring funding requires banks to sell high-quality assets for less than their fair value. Equity injections reduce liquidity and may be counterproductive as a policy for increasing investment. Paradoxically, if it is directed to firms with ...
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作者：Benati, Luca
作者单位：University of Bern
摘要：Both cointegration methods, and non-cointegrated structural VARs identified based on either long-run restrictions, or a combination of long-run and sign restrictions, are used in order to explore the long-run trade-off between inflation and the unemployment rate in the post-WWII U.S., U.K., Euro area, Canada, and Australia. Overall, neither approach produces clear evidence of a non-vertical trade-off. The extent of uncertainty surrounding the estimates is however substantial, thus implying tha...
