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作者：Telyukova, Irina A.; Visschers, Ludo
作者单位：University of California System; University of California San Diego; Universidad Carlos III de Madrid; University of Edinburgh
摘要：Precautionary demand for money is significant in the data, and may have important implications for business-cycle dynamics of velocity and other nominal aggregates. Accounting for such dynamics is a standing challenge in monetary macroeconomics: standard business-cycle models that have incorporated money have failed to generate realistic predictions in this regard. In those models, the only uncertainty affecting money demand is aggregate. We investigate a model with uninsurable idiosyncratic u...
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作者：Andrade, Philippe; Le Bihan, Herve
作者单位：European Central Bank; Bank of France; Universite de Caen Normandie
摘要：Using the ECB Survey of Professional Forecasters to characterize expectations at the micro-level, we emphasize two new facts: forecasters (i) fail to systematically update their forecasts and (ii) disagree even when updating. It is moreover found that forecasters have predictable forecast errors. These facts are qualitatively supportive of recent models of inattention and suggest a setup where agents imperfectly process information due to both sticky information a la Mankiw-Reis, and noisy inf...
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作者：Haefke, Christian; Sonntag, Marcus; van Rens, Thijs
作者单位：New York University; New York University Abu Dhabi; University of Warwick
摘要：Recent research in macroeconomics emphasizes the role of wage rigidity in accounting for the volatility of unemployment fluctuations. We use worker-level data from the CPS to measure the sensitivity of wages of newly hired workers to changes in aggregate labor market conditions. The wage of new hires, unlike the aggregate wage, is volatile and responds almost one-to-one to changes in labor productivity. We conclude that there is little evidence for wage rigidity in the data. (C) 2013 Elsevier ...
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作者：Fujiwara, Ippei; Nakajima, Tomoyuki; Sudo, Nao; Teranishi, Yuki
作者单位：Australian National University; Kyoto University; Keio University
摘要：How should monetary policy respond to a global liquidity trap, where the two countries may fall into a liquidity trap simultaneously? Using a two-country New Open Economy Macroeconomics model, we first characterize optimal monetary policy, and show that the optimal rate of inflation in one country is affected by whether or not the other country is in a liquidity trap. We next examine how well the optimal monetary policy is approximated by relatively simple monetary policy rules. The interest-r...
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作者：Conesa, Juan C.; Dominguez, Begona
作者单位：State University of New York (SUNY) System; Stony Brook University; University of Queensland
摘要：The standard analysis of optimal fiscal policy aggregates different types of assets into a unique capital good and all types of capital taxes into a unique capital tax. This paper considers a disaggregated framework: an economy with corporate and dividend taxes, where firms invest in both tangible and intangible assets (which can be expensed or sweat). In our setup, firms can always respond to changes in the timing of taxation. We find that the optimal long-run policy features zero corporate t...
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作者：Jeske, Karsten; Krueger, Dirk; Mitman, Kurt
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：What are the macroeconomic and distributional effects of government bailout guarantees for Government Sponsored Enterprises (e.g., Fannie Mae)? A model with heterogeneous, infinitely lived households and competitive housing and mortgage markets is constructed to evaluate this question. Households can default on their mortgages via foreclosure. The bailout guarantee is a tax-financed mortgage interest rate subsidy. Eliminating this subsidy leads to a large decline in mortgage origination and in...
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作者：Barakchian, S. Mandi; Crowe, Christopher
作者单位：Sharif University of Technology
摘要：The evidence suggests that monetary policy post 1988 became more forward-looking, invalidating the identifying assumptions in conventional methods of measuring monetary policy's effects, leading to spurious and unlikely results for this period. We propose a new identification scheme that uses factors extracted from Fed Funds futures to measure exogenous changes in policy. Using this shock series in a VAR, we recover the contractionary effect of monetary tightening on output. Moreover, we find ...
