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作者：Lippi, Francesco; Secchi, Alessandro
作者单位：University of Sassari
摘要：It is shown that accounting for technology variations, across households and periods, is important to obtain theoretically consistent estimates of the demand for currency. An inventory model is presented where the withdrawal technology is explicitly modeled. Both the level and the interest rate elasticity of cash holdings depend on the withdrawal technology available to households. Empirical proxies for the household withdrawal technology, based on the diffusion of cash withdrawal points measu...
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作者：Hellwig, Christian; Venkateswaran, Venky
作者单位：University of California System; University of California Los Angeles; Centre for Economic Policy Research - UK
摘要：Nominal price adjustment is studied in an environment with firm-specific and aggregate shocks to economic fundamentals and incomplete, dispersed information. Firms update their expectations about fundamentals based on their own cash flows (revenues and wages). We show that in a model with realistic levels of product-level price dispersion, the firms' inference about aggregate shocks is very gradual, yet in the aggregate prices adjust rapidly in response to aggregate nominal shocks. When an agg...
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作者：Pope, Clayne
作者单位：Brigham Young University
摘要：Economists with a few exceptions have automatically assumed that the important measure of well-being is income. In contrast, economic historians have broadened the measure of well-being with particular interest in mortality, morbidity, nutrition, education and leisure. When one takes this broader view of the standard of living, there appears to be a strong trend toward more equality in the distribution of well-being since the industrial revolution. Gini coefficients calculated for the distribu...
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作者：Allen, Franklin; Carletti, Elena; Gale, Douglas
作者单位：University of Pennsylvania; European University Institute; New York University
摘要：We develop a simple model of the interbank market where banks trade a long term, safe asset. When there is a lack of opportunities for banks to hedge idiosyncratic and aggregate liquidity shocks, the interbank market is characterized by excessive price volatility. in such a situation, a central bank can implement the constrained efficient allocation by using open market operations to fix the short term interest rate. It can be constrained efficient for banks to hoard liquidity and stop trading...
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作者：Carboni, Giacomo; Ellison, Martin
作者单位：University of Oxford; European Central Bank
摘要：Can the story of evolving Federal Reserve beliefs in The Conquest of American Inflation simultaneously explain the Great Inflation and the forecasts published in the Greenbook during that time? if Sargent is correct then evolving beliefs should be reflected not only in policy outcomes but also in Greenbook forecasts. In this paper they are. By conditioning on the Greenbook, it is show that both inflation outcomes and Greenbook forecasts can be rationalised by evolving beliefs. The results impr...
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作者：Alexopoulos, Michelle; Cohen, Jon
作者单位：University of Toronto
摘要：New indicators of technological change in the US based on information drawn from the catalogue of the Library of Congress for the period 1909-1949 are developed and used to pinpoint the relationship, first, between technical change and economic activity, and, second, between fluctuations in innovative activity and the Great Depression. Although links between technological change, output and productivity are found, results suggest that the slowdown in technological progress in the early 1930s d...
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作者：Faia, Ester
作者单位：Goethe University Frankfurt; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW)
摘要：Traditional New Keynesian models prescribe that optimal monetary policy should aim at price stability. In the absence of a labor market frictions, the monetary authority faces no unemployment/inflation trade-off. The design of optimal monetary policy is analyzed here for a framework with sticky prices and matching frictions in the labor market. Optimal policy features deviations from price stability in response to both productivity and government expenditure shocks. When the Hosios [1990. On t...
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作者：Alvarez-Parra, Fernando; Sanchez, Juan M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We consider the problem of optimal unemployment insurance (UI) in a repeated moral hazard framework. Unlike existing literature, unemployed individuals can secretly participate in a hidden labor market. This extension modifies the standard problem in three dimensions. First, it imposes an endogenous lower bound for the lifetime utility that a contract can deliver. Second, it breaks the identity between unemployment payments and consumption. And third, it hardens the encouragement of search eff...
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作者：Keys, Benjamin J.; Mukherjee, Tanmoy; Seru, Amit; Vig, Vikrant
作者单位：University of Chicago; University of Michigan System; University of Michigan; University of London; London Business School
摘要：We examine the consequences of existing regulations on the quality of mortgage loans originations in the originate-to-distribute (OTD) market. The information asymmetries in the OTD market can lead to moral hazard problems on the part of lenders. We find, using a plausibly exogenous source of variation in the ease of securitization, that the quality of loan origination varies inversely with the amount of regulation: more regulated lenders originate loans of worse quality. We interpret this res...
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作者：Min Ouyang
摘要：According to the conventional view, recessions improve resource allocation by driving out less productive firms. This paper posits an additional scarring effect: recessions impede the developments of potentially superior firms by destroying them during their infancy. A model is developed to capture both the cleansing and the scarring effects. A key ingredient of the model is that idiosyncratic productivity is not directly observable, but can be learned over time. When calibrated with statistic...
