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作者：Fuller, David L.
作者单位：Concordia University - Canada
摘要：A model of optimal unemployment insurance with adverse selection and moral hazard is constructed. The model generates both qualitative and quantitative implications for the optimal provision of unemployment insurance. Qualitatively, for some agents, incentives in the optimal contract imply consumption increases over the duration of non-employment. Calibrating the model to a stylized version of the U.S. economy quantitatively illustrates these theoretical predictions. The optimal contract achie...
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作者：Fernandez-Villaverde, Jesus
作者单位：University of Pennsylvania; National Bureau of Economic Research
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作者：Korinek, Anton; Kreamer, Jonathan
作者单位：Johns Hopkins University; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park
摘要：Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the distributive implications of financial regulation at center stage. We develop a model in which the financial sector benefits from financial risk-taking by earning greater expected returns. However, risk-taking also increases the incidence of large losses that lead to credit crunches and impose negative externalities on the real economy. A regulator has to trade off efficiency in the fin...
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作者：Carvalho, Carlos; Nechio, Fernanda
作者单位：Pontificia Universidade Catolica do Rio de Janeiro; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We combine questions from the Michigan Survey about future inflation, unemployment, and interest rates to investigate whether households are aware of the basic features of U.S. monetary policy. Our findings provide evidence that some households form their expectations in a way that is consistent with a Taylor (1993)-type rule. We also document a large degree of variation in the pattern of responses over the business cycle. In particular, the negative relationship between unemployment and inter...
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作者：Chari, V. V.; Phelan, Christopher
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：In this paper we argue that if monetary policy has insufficient deflation, private agents have incentives to set up alternative payment systems like fractionally backed bank deposits, which pay interest on the means of payment. In a competitive environment with free entry, these alternative systems are inherently fragile in the sense that they are subject to socially costly bank runs. These social costs are not internalized by private individuals and banks and may exceed their social benefits....
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作者：Broer, Tobias
作者单位：Stockholm University
摘要：When default leads to exclusion from financial markets, the implied loss of consumption smoothing opportunities is more costly when income volatility is high. A rise in income risk thus makes default less attractive, allowing creditors to relax borrowing limits. I show how, in an open economy, this endogenous financial deepening may reduce aggregate foreign assets in response to a rise in individual income risk, against the precautionary savings intuition. Conditions for this depend on whether...
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作者：Karabarbounis, Loukas
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Non-separabilities due to home production break the link between market consumption and its marginal utility and help explain several stylized facts of the open economy. In an estimated two-country model with complete asset markets in which home production generates a labor wedge that mimics its empirical counterpart, output is more correlated than consumption across countries, labor inputs and labor wedges are positively correlated across countries, and relative market consumption is negative...
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作者：Ohanian, Lee E.
作者单位：University of California System; University of California Los Angeles
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作者：Bhattarai, Saroj; Lee, Jae Won; Park, Woong Yong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Seoul National University (SNU); University of Hong Kong
摘要：In a passive monetary and active fiscal policy regime, changes in the value of public debt generate wealth effects on households. Then, in contrast to the active monetary and passive fiscal policy regime, inflation moves oppositely from the inflation target and a stronger reaction of interest rates to inflation increases the response of inflation to shocks. Moreover, a higher level of public debt increases the response of inflation while a weaker reaction of taxes to debt decreases the respons...
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作者：Quinn, Stephen; Roberds, William
作者单位：Texas Christian University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：A fiat money system was introduced in the seventeenth century by a prominent public bank of the time, the Bank of Amsterdam. Employing data from the bank's archives, we show that bank money became a more attractive transactions medium following a 1683 policy change, which unbundled the bank's account balances from a right to redeem these balances in coin. Balances not matched by a redemption right became fiat. This change also stabilized the value of bank money as a unit of account, freed the ...
