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作者：Pavan, Marina
作者单位：University College Dublin
摘要：There exist substantial differences in the generosity Of bankruptcy protection across U.S. states. This paper exploits cross-state variation in exemption levels to assess the dual role Of durable goods as informal collateral for unsecured debt and self insurance against had shocks to earnings. The generosity of bankruptcy protection is found to change both the incentives and the ability of households to accumulate durable wealth. The gains from a high level of insurance are reduced by the effe...
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作者：Bergin, Paul R.; Corsetti, Giancarlo
作者单位：University of California System; University of California Davis; European University Institute; Roma Tre University
摘要：The creation of new firms, referred to as the extensive margin, is a significant but overlooked dimension of monetary policy. A monetary VAR documents that monetary policy has significant effects on firm creation. An analytically tractable model combining sticky prices and firm entry shows that entry alters the transmission of monetary policy innovations, acting much like a type of investment in more standard models. Monetary policy rules that offset the uncertainty of productivity shocks can ...
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作者：Rotemberg, Julio J.
作者单位：Harvard University
摘要：A monopsony model with a symmetric equilibrium is developed where posting higher wages reduces employee departures. This monopsony implies that wage changes have small effects on profits so that employer altruism affects wages as well. Even selfish firms act altruistically if workers punish firms that fail to do so. If the marginal utility of income falls sharply with income, the model can explain modest responses of wages to shifts in labor demand. If there are fluctuations in the altruism re...
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作者：[Anonymous]
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作者：Chakraborty, Avik; Evans, George W.
作者单位：University of Oregon; University of Tennessee System; University of Tennessee Knoxville
摘要：Under rational expectations and risk neutrality the linear projection of exchange-rate change on the forward premium has a unit coefficient. However, empirical estimates of this coefficient are significantly less than one and often negative. We show that replacing rational expectations by discounted least-squares (or perpetual) learning generates a negative bias that becomes strongest when the fundamentals are strongly persistent, i.e. close to a random walk. Perpetual learning can explain the...
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作者：Adam, Klaus; Billi, Roberto M.
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：Does an inflation conservative central bank a la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal Policy games Without commitment in a dynamic, stochastic sticky-price economy with monopolistic distortions. Monetary policy determines nominal interest Fates and fiscal policy provides public goods generating private utility. We find that lack of fiscal commitment gives rise to excessive Public spending. The optimal infla...
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作者：Christoffel, Kai; Kuester, Keith
作者单位：European Central Bank; European Central Bank
摘要：Higher wages all else equal translate into higher inflation. More rigid wages imply a weaker response of inflation to shocks. This view of the wage channel is deeply entrenched in central banks' views and models of their economies. In this paper, we present a model with equilibrium unemployment which has three distinctive Properties. First, using a search and matching model with right-to-manage wage bargaining a proper wage channel obtains. Second, accounting for fixed costs associated with ma...
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作者：Krause, Michael U.; Lopez-Salido, David; Lubik, Thomas A.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Deutsche Bundesbank; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：The New Keynesian Phillips curve explains inflation dynamics as being driven by current and expected future real marginal costs. In competitive labor markets, the labor share can serve as a proxy for the latter. In this paper, we study the role of real marginal cost components implied by search frictions in the labor market. We construct a measure of real marginal costs by using newly available labor market data on worker finding rates. Over the business cycle, the measure is highly correlated...
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作者：Lustig, Hanno; Sleet, Christopher; Yeltekin, Sevin
作者单位：Carnegie Mellon University; University of California System; University of California Los Angeles
摘要：We analyze optimal fiscal and monetary policy in an economy with distortionary labor incorne taxes, nominal rigidities, nominal debt of various maturities and short-selling constraints. Optimal policy prescribes the almost exclusive use of long term debt. Such debt mitigates the distortions associated with hedging fiscal shocks by allowing the government to allocate them efficiently across states and periods. (c) 2008 Elsevier B.V. All rights reserved.
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作者：Backus, David; Henriksen, Espen; Storesletten, Kjetil
作者单位：New York University; National Bureau of Economic Research; University of Oslo
摘要：Despite enormous growth in international capital flows, capital-output ratios continue to exhibit substantial heterogeneity across countries. We explore the possibility that taxes, particularly corporate taxes, are a significant source of this heterogeneity. The evidence is mixed. Tax rates computed from tax revenue are inversely correlated with capital-output ratios, as we might expect. However, effective tax rates constructed from official tax rates show little relation to capital-or to reve...
