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作者：Gali, Jordi
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics
摘要：Central banks projections - i.e. forecasts conditional on a given interest rate path - are often criticized on the grounds that their assumptions are inconsistent with the existence of a unique equilibrium in many forward-looking models. The present paper describes three alternative approaches to constructing projections that are not subject to the above criticism, using the New Keynesian model as a reference framework. The three approaches are shown to generate different projections for infla...
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作者：Lagakos, David; Ordonez, Guillermo L.
作者单位：Arizona State University; Arizona State University-Tempe; Yale University
摘要：Industry-level time series data suggest that low-skilled workers get less insurance within the firm than high-skilled workers. In particular, wages respond relatively more to productivity shocks in low-skilled industries than high-skilled industries. Our theory is that low-skilled workers get relatively less insurance from their firms because they have relatively lower displacement costs. Under limited commitment, lower displacement costs make the workers' outside options more attractive, and ...
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作者：Costain, James; Nakov, Anton
作者单位：Banco de Espana; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Starting from the assumption that firms are more likely to adjust their prices when doing so is more valuable, this paper analyzes monetary policy shocks in a DSGE model with firm-level heterogeneity. The model is calibrated to retail price microdata, and inflation responses are decomposed into intensive, extensive, and selection margins. Money growth and Taylor rule shocks both have nontrivial real effects, because the low state dependence implied by the data rules out the strong selection ef...
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作者：Pratap, Sangeeta; Quintin, Erwan
作者单位：City University of New York (CUNY) System; Hunter College (CUNY); City University of New York (CUNY) System
摘要：Financial crises in emerging markets trigger a significant reallocation of labor as exchange rate depreciations and interest rate increases cause relative prices to change drastically. Household survey data for Mexico reveal that individuals who switched industry or occupation during the 1994-1995 crisis lost about 10% of their hourly earnings on average compared to similar workers who did not move. This suggests that many workers became less productive in the process of migrating to different...
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作者：Hachem, Kinda
作者单位：University of Chicago
摘要：Repeated interactions allow lenders to uncover private information about their clients, decreasing the informational asymmetry between a borrower and his lender but introducing one between the lender and competing financiers. This paper constructs a credit-based model of production to analyze how learning through lending relationships affects monetary transmission. I examine how monetary policy changes the incentives of borrowers and lenders to engage in relationship lending and how these chan...
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作者：Miyamoto, Hiroaki; Takahashi, Yuya
作者单位：University of Mannheim
摘要：The impact of long-run productivity growth on unemployment is studied. We incorporate disembodied technological progress and on-the-job search into the endogenous job separation model of Mortensen and Pissarides (1994). Because we include on-the-job search, faster growth reduces unemployment by decreasing job separation and inducing job creation. The incorporation of on-the-job search substantially improves the ability of the Mortensen and Pissarides model to explain the effect of growth on la...
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作者：Davis, Douglas; Korenok, Oleg
作者单位：Virginia Commonwealth University
摘要：A market experiment examines the capacity of price and information frictions to explain real responses to nominal price shocks. Results indicate that both price and information frictions impede the response to a nominal shock, as predicted by the standard dynamic adjustment models. Observed adjustment delays, however, far exceed predicted levels. Results of a pair of subsequent treatments indicate that a combination of announcing the shock privately to all sellers (rather than publicly) and a ...
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作者：Edge, Rochelle M.; Rudd, Jeremy B.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：A new-Keynesian model with a nominal tax system is developed and used to study the macroeconomic effects of temporary tax-based investment incentives. Two claims regarding the effects of these incentives are examined: first that they are overstated in partial-equilibrium frameworks: and second that repeated use of such incentives by policymakers can ultimately be destabilizing. The results contradict the first claim and imply that the second claim is not general. The model is also used to comp...
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作者：Herrera, Ana Maria; Kolar, Marek; Minetti, Raoul
作者单位：Michigan State University; Wayne State University
摘要：A growing empirical literature finds that the allocation of credit across firms is as important as its total volume for economic performance. This paper investigates the process through which credit is reallocated across US businesses employing the methodology developed by Davis and Haltiwanger (1992) for the analysis of job reallocation. We find that credit reallocation is intense, highly volatile and moderately procyclical and that it primarily occurs across firms similar in size, industry o...
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作者：Boz, Emine; Daude, Christian; Durdu, C. Bora
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; International Monetary Fund
摘要：Emerging market business cycles feature a higher variability of consumption relative to output and a strongly countercyclical trade balance. An equilibrium business cycle model in which agents learn to distinguish between the permanent and transitory components of total factor productivity shocks using the Kalman filter accounts for these features. Calibrated to Mexico, the model accounts for the behavior of consumption and the trade balance for a wide range of variability and persistence of p...
