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作者：Campbell, Jeffrey R.; Hercowitz, Zvi
作者单位：Tel Aviv University; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research
摘要：Aggressive deregulation of the mortgage market in the early 1980s triggered innovations that greatly reduced indebted households' required home equity, and a borrowing surge followed. This paper uses a calibrated general equilibrium model of lending from the wealthy to the middle class to evaluate the welfare effects of this reform quantitatively. We find that the indirect effects of endogenous interest rate and other relative price changes dominate the direct effect of relaxing the constraint...
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作者：Corbae, Dean; D'Erasmo, Pablo; Kuruscu, Burhanettin
作者单位：University of Texas System; University of Texas Austin; University System of Maryland; University of Maryland College Park
摘要：This paper uses a dynamic political economy model to evaluate whether the observed rise in wage inequality and decrease in median to mean wages can explain sonic portion of the relative increase in transfers to low earnings quintiles and relative increase in effective tax rates for high earnings quintiles in the U.S. over the past several decades. Specifically, we assume that households have uninsurable idiosyncratic labor efficiency shocks and consider policy choices by a median voter which a...
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作者：Bergin, Paul R.; Glick, Reuven
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of California System; University of California Davis; National Bureau of Economic Research
摘要：While nontraded goods play an important role in many open economy macroeconomic models, these models have difficulty explaining the low volatility in the relative price of nontraded goods. In contrast to macroeconomic convention. this paper argues that the share of nontraded goods is endogenous, a time-varying product of macroeconomic shocks and trade costs that are heterogeneous across goods. A simple open economy model demonstrates that trade cost heterogeneity and a time-varying margin of t...
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作者：Poschke, Markus
作者单位：McGill University
摘要：How do firing costs affect aggregate productivity growth? To address this question, a model of endogenous growth through selection and imitation is developed. it is consistent with recent evidence on firm dynamics and on the importance of reallocation for productivity growth. In the model, growth is driven by selection among heterogeneous incumbent firms and is sustained as entrants imitate the best incumbents. In this framework, firing costs not only induce misallocation of labor, but also af...
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作者：Adam, Klaus
作者单位：University of Mannheim
摘要：Discretionary conduct of monetary stabilization policy can increase real and nominal aggregate volatility by arbitrary amounts when firms pay limited attention to aggregate shocks. A conservative central banker with stronger preference for price stability eliminates the commitment problem, thereby reduces output and price volatility and gives rise to a policy-induced 'Great Moderation'. Increased focus on price stability facilitates firms' information processing and aligns their expectations b...
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作者：Carroll, Christopher D.
作者单位：Johns Hopkins University; National Bureau of Economic Research
摘要：The budget constraint requires that, eventually, consumption must adjust fully to any permanent shock to income. Intuition suggests that, knowing this, optimizing agents will fully adjust their spending immediately upon experiencing a permanent shock. However, this paper shows that if consumers are impatient and are subject to transitory as well as permanent shocks, the optimal marginal propensity to consume out of permanent shocks (the MPCP) is strictly less than one, because buffer-stock sav...
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作者：Colacelli, Mariana; Blackburn, David J. H.
作者单位：Columbia University
摘要：Many cases exist of multiple Currency usage throughout history. As two leading examples, secondary currencies were widespread during both the Great Depression in the United States and the 2002 recession in Argentina. What are the determinants of multiple currency usage and what is the effect on economic activity? Both issues are empirically addressed using inclividual-level surveys collected by the authors in Argentina during 2002 and 2003. The evidence supports the theoretically predicted det...
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作者：Deviatov, Alexei; Wallace, Neil
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; New Economic School
摘要：Optimal monetary policy is Studied in a model with (i) heterogeneity in the degree to which different people are monitored (have publicly known histories); (ii) idiosyncratic shocks that give rise to heterogeneity in earning and spending realizations; and (iii) central-bank intervention in a market in claims or credit in which the participants are those who are heavily monitored. A special case of the model has everyone perfectly monitored. In that case, there is no role for money and no role ...
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作者：Carlstrom, Charles T.; Fuerst, Timothy S.; Paustian, Matthias
作者单位：University System of Ohio; Bowling Green State University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Bank of England
摘要：A popular identifying assumption in structural VAR studies is that the monetary policy shock does not affect macroeconomic variables contemporaneously. We examine the consequences of using this identification strategy when the data-generating process is a basic Dynamic New Keynesian (DNK) model but without these assumed time delays. The principle conclusion is that the standard Choleski assumption can severely distort the impulse response functions, producing price puzzles and muted responses ...
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作者：Berndt, Antje; Gupta, Anurag
作者单位：Carnegie Mellon University; University System of Ohio; Case Western Reserve University
摘要：Bank credit has evolved from the traditional relationship banking model to an originate-to-distribute model. We show that the borrowers whose loans are sold in the secondary market underperform their peers by about 9% per year (risk-adjusted) over the three-year period following the initial sale of their loans. Therefore, either banks are originating and selling loans of lower quality borrowers based on unobservable private information (adverse selection), and/or loan sales lead to diminished ...
