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作者：Arellano, Cristina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
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作者：Sommer, Kamila; Sullivan, Paul; Verbrugge, Randal
作者单位：United States Department of Labor
摘要：Using a dynamic equilibrium model of housing tenure choice with fully specified markets for homeownership and rental properties, and endogenous house prices and rents, this paper studies the effect of fundamentals on equilibrium house prices and rents. Lower interest rates, relaxed lending standards, and higher incomes are shown to account for approximately one-half of the increase in the U.S. house price-rent ratio between 1995 and 2006, and to generate the pattern of rapidly growing house pr...
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作者：Cestau, Dario; Green, Richard C.; Schuerhoff, Norman
作者单位：Carnegie Mellon University; University of Lausanne; University of Geneva; Centre for Economic Policy Research - UK
摘要：Build America Bonds (BABs) were issued by municipalities for 20 months as a part of the 2009 fiscal package. Unlike traditional tax-exempt municipals, BABs are taxable to the holder, but the Treasury rebates 35% of the coupon to the issuer. The stated purpose was to provide municipalities access to a more liquid market including foreign, tax-exempt, and tax-deferred investors. We find BABs do not exhibit greater liquidity than traditional municipals. BABs are more underpriced initially, partic...
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作者：Gunn, Christopher M.; Johri, Alok
作者单位：Carleton University; McMaster University
摘要：The boom-years preceding the great recession were a time of rapid innovation in the financial industry. We explore the idea that both the boom and eventual bust emerged from overoptimistic expectations of efficiency-gains in the financial sector. We treat the bankruptcy costs facing intermediaries in a costly state verification problem as a stochastic process, and model the boom-bust in terms of an unfulfilled news-shock where the expected fall in costs are eventually not realized. In response...
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作者：Belo, Frederico; Yu, Jianfeng
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：High rates of government investment in public sector capital forecast high risk premiums both at the aggregate and firm-level. This result is in sharp contrast with the well-documented negative relationship between the private sector investment rate and risk premiums. To explain the empirical findings, we extend the neoclassical q-theory model of investment and specify public sector capital as an additional input in the firm's technology. We show that the model can quantitatively replicate the...
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作者：Armenter, Roc; Mertens, Thomas M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; New York University
摘要：Insurance schemes rely on legal consequences to deter fraud and tax evasion. This observation guides us to introduce random state verification in a dynamic economy with private information. With some probability, an agent's skill becomes known to the planner who prescribes punishments to misreporting agents. Deferring consumption can ease the provision of incentives creating a motive for subsidizing savings. In an infinite horizon economy, the constrained-efficient allocation converges to high...
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作者：Champagne, Julien; Kurmann, Andre
作者单位：University of Quebec; University of Quebec Montreal; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Over the past 25 years, real average hourly wages in the United States have become substantially more volatile relative to output. Microdata from the Current Population Survey (CPS) is used to show that this increase in relative volatility is predominantly due to increases in the relative volatility of hourly wages across different groups of workers. Compositional changes of the workforce, by contrast, account for only a small fraction of the increase in relative wage volatility. Simulations w...
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作者：Alessandria, George; Kaboski, Joseph; Midrigan, Virgiliu
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Notre Dame; National Bureau of Economic Research; New York University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：The large, persistent fluctuations in international trade that cannot be explained in standard models by changes in expenditures and relative prices are often attributed to trade wedges. We show that these trade wedges can reflect the decisions of importers to change their inventory holdings. We find that a two-country model of international business cycles with an inventory management decision can generate trade flows and wedges consistent with the data. Moreover, matching trade flows alters ...
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作者：Dedola, Luca; Karadi, Peter; Lombardo, Giovanni
作者单位：European Central Bank
摘要：Financial integration in the markets for banks' assets and liabilities makes balance sheet constraints highly correlated across countries, resulting in a high degree of financial and macroeconomic interdependence. Likewise, under financial integration unconventional policies aimed at stabilizing domestic financial and credit conditions could entail large international spillovers. Therefore, stabilization by one country will also benefit other countries, reducing incentives to implement credit ...
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作者：Ellison, Martin; Scott, Andrew
作者单位：University of Oxford; Bank of Finland; University of London; London Business School; Centre for Economic Policy Research - UK
摘要：The combination of learning and depletion in non-renewable resource markets adds significant volatility to commodity prices. The market consists of a small number of suppliers who make depletion plans based on their perceptions of how sensitive price is to supply. Learning leads to changes in these perceptions and hence the revision of depletion plans, which can have a dramatic effect on market supply and price. Firstly, price trends upwards faster than the rate of time preference as the non-r...
