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作者：Broda, Christian; Parker, Jonathan A.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Households in the Nielsen Consumer Panel were surveyed about their 2008 Economic Stimulus Payment In estimates identified by the randomized timing of disbursement, the average household's spending rose by 10 percent the week it received a Payment and remained high cumulating to 1.5-3.8 percent of spending over three months. These estimates imply partial-equilibrium increases in aggregate demand of 13 percent of consumption in the second quarter of 2008 and 0.6 percent in the third. Spending is...
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作者：Crucini, Mario J.; Yilmazkuday, Hakan
作者单位：Vanderbilt University; State University System of Florida; Florida International University
摘要：A unique panel of retail prices spanning 123 cities in 79 countries from 1990 to 2005 is used to uncover the novel properties of long-run international price dispersion. At the PPP level, almost all of price dispersion is attributed to unskilled wage dispersion. At the level of individual goods and services, the average contribution of these wages is significantly reduced, reflecting that good-specific sources of price dispersion, such as trade costs and good-specific markups, tend to average ...
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作者：Slavik, Ctirad; Yazici, Hakki
作者单位：Goethe University Frankfurt; Sabanci University
摘要：The effective taxes on capital returns differ depending on capital type in the U.S. tax code. This paper uncovers a novel reason for the optimality of differential capital taxation. We set up a model with two types of capital equipments and structures and equipment-skill complementarity. Under a plausible assumption, we show that it is optimal to tax equipments at a higher rate than structures. In a calibrated model, the optimal tax differential rises from 27 to 40 percentage points over the t...
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作者：Lowery, Richard
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作者：Bubb, Ryan; Kaufman, Alex
作者单位：New York University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：A growing literature exploits credit score cutoff rules as a natural experiment to estimate the moral hazard effect of securitization on lender screening. However, these cutoff rules can be traced to underwriting guidelines for originators, not for securitizers. Moreover, loan-level data reveal that lenders change their screening at credit score cutoffs in the absence of changes in the probability of securitization. Credit score cutoff rules thus cannot be used to learn about the moral hazard ...
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作者：Li, Erica X. N.; Palomino, Francisco
作者单位：University of Michigan System; University of Michigan
摘要：Asset-return implications of nominal price and wage rigidities are analyzed in general equilibrium. Nominal rigidities, combined with permanent productivity shocks, increase expected excess returns on production claims. This is mainly explained by consumption dynamics driven by rigidity-induced changes in employment and markups. An interest-rate monetary policy rule affects asset returns. Stronger (weaker) rule responses to inflation (output) increase expected excess returns. Policy shocks sub...
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作者：Gust, Christopher; Lopez-Salido, David
作者单位：Federal Reserve System - USA
摘要：A dynamic general equilibrium model to study the relationship between monetary policy and movements in risk is developed. Variation in risk arises because households face fixed costs of transferring cash across financial accounts, implying that some households rebalance their portfolios infrequently. Accordingly, prices for risky assets respond sharply to aggregate shocks because only a relatively small subset of consumers are available to absorb these shocks. The model can account for both th...
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作者：Ragot, Xavier
作者单位：Centre National de la Recherche Scientifique (CNRS); Paris School of Economics
摘要：The distribution of money across households is much more similar to the distribution of financial assets than to that of consumption expenditures. This is a puzzle for theories which directly link money demand to consumption. This paper shows that the joint distribution of money and financial assets can be explained in a heterogeneous-agent model where both a cash-in-advance constraint and financial adjustment costs, as in the Baumol-Tobin literature, are introduced. Studying each friction in ...
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作者：Niepelt, Dirk
作者单位：Study Center Gerzensee; University of Bern; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut
摘要：How does sovereign risk shape the maturity structure of public debt? We consider a government that balances benefits of default, due to tax savings, and costs, due to output losses. Debt issuance affects subsequent default and rollover decisions and thus, current debt prices. This induces welfare costs beyond the consumption smoothing benefits from the marginal unit of debt. The equilibrium maturity structure minimises these welfare costs. It is interior with positive gross positions and short...
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作者：Born, Benjamin; Pfeifer, Johannes
作者单位：University of Mannheim; Leibniz Association; Ifo Institut
摘要：The argument that uncertainty about monetary and fiscal policy has been holding back the recovery in the U.S. during the Great Recession has a large popular appeal. This paper uses an estimated New Keynesian model to analyze the role of policy risk in explaining business cycles. We directly measure risk from aggregate data and find a moderate amount of time-varying policy risk. The pure uncertainty effect of this policy risk is unlikely to play a major role in business cycle fluctuations. In t...
