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作者：Beck, Thorsten; Demirguc-Kunt, Asli; Levine, Ross
作者单位：Brown University
摘要：Which commercial bank supervisory policies ease-or intensify-the degree to which bank corruption is an obstacle to firms raising external finance? Based on new data from more than 2500 firms across 37 countries, this paper provides the first empirical assessment of the impact of different bank supervisory policies on firms' financing obstacles. We find that the traditional approach to bank supervision, which involves empowering official supervisory agencies to monitor, discipline, and influenc...
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作者：Luengo-Prado, Maria Jose
作者单位：Northeastern University
摘要：We examine a model that generalizes the standard buffer-stock model of saving to accommodate durables, nondurables, down payment requirements, and adjustment costs in the durables market. We find that nondurable consumption becomes more volatile relative to income as down payments decrease at the individual and at the aggregate level. Moreover, for plausible parameter values, the model can explain the excess smoothness and excess sensitivity observed in U.S. aggregate data. The result follows ...
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作者：Wang, N
作者单位：Columbia University
摘要：Friedman's contribution to the consumption literature goes well beyond the seminal permanent-income hypothesis. He conjectured that the marginal propensity to consume out of financial wealth shall be larger than out of human wealth, the present discounted value of future labor income. I present an explicitly solved model to deliver this widely noted consumption property by specifying that the conditional variance of changes in income increases with its level. A larger realization of income not...
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作者：Aksoy, Y; Piskorski, T
作者单位：University of London; Birkbeck University London; New York University
摘要：Recent empirical research documents that the strong short-term relationship between U.S. monetary aggregates on one side and inflation and real output on the other has mostly disappeared since the early 1980s. Using the direct estimate of flows of U.S. dollars abroad we find that domestic money (currency corrected for the foreign holdings of dollars) contains valuable information about future movements of U.S. inflation and real output. Statistical evidence suggests that the Friedman-Schwartz ...
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作者：Love, David
作者单位：Williams College
摘要：We use a dynamic programming model to explore the possibility and extent of precautionary saving in tax-sheltered accounts such as the 401(k). The main policy experiment examines the behavior of saving for different levels of unemployment insurance (UI), which is a perfect substitute for precautionary saving against job loss. Our results indicate that increasing the generosity of UI crowds out 401(k) contributions made by younger workers, who save primarily for precautionary reasons. At the ag...
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作者：Araujo, Luis; Shevchenko, Andrei
作者单位：Michigan State University
摘要：We consider an economy where trade is decentralized and agents have incomplete information with respect to the value of money. Agents' learning evolves from private experiences and we explore how the formation of prices interacts with learning. We show that multiple equilibria arise, and equilibria with price dispersion entail more learning than equilibria with one price. Price dispersion increases communication about private histories, which in turn increases the overall amount of information...
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作者：Burnside, Craig; Eichenbaum, Martin; Rebelo, Sergio
作者单位：National Bureau of Economic Research; Northwestern University; Northwestern University; Center for Economic & Policy Research (CEPR); Duke University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We address three questions: (i) Can classical models be reconciled with the fact that many crises are marked by high rates of depreciation and small increases in seignorage revenue? (ii) What are the implications of different financing methods for post-crisis rates of inflation and depreciation? (iii) How do governments pay for the fiscal costs associated with currency crises? To study these questions we use a general equilibrium model in which prospective government deficits trigger a currenc...
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作者：Preston, Bruce
作者单位：Columbia University
摘要：This paper argues that recently popular forecast-based instrument rules for monetary policy may fail to stabilize economic fluctuations. In a New Keynesian model of output gap and inflation determination in which private agents face multi-period decision problems, but have non-rational expectations and learn over time, if the monetary authority adopts a forecast-based instrument rule and responds to observed private forecasts then this class of policies frequently induce divergent learning dyn...
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作者：Giannitsarou, C
作者单位：University of Cambridge
摘要：This paper studies the nature, the magnitude and the length of the transition after a capital tax cut. The transition is analysed with adaptive learning, under which agents do not need to adjust instantaneously to the change, as with rational expectations (RE). Impulse response analysis reveals that the transition with learning is asymmetrically sensitive to the nature of the exogenous technological shock at the time of the reform. If the reform coincides with a negative shock, the transition ...
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作者：Bernard, Andrew B.; Jensen, J. Bradford; Schott, Peter K.
作者单位：Dartmouth College; National Bureau of Economic Research; Yale University; National Bureau of Economic Research
摘要：This paper examines the response of U.S. manufacturing industries and plants to changes in trade costs using a unique new dataset on industry-level tariff and transportation rates. Our results lend support to recent heterogeneous-firm models of international trade that predict a reallocation of economic activity towards high-productivity firms as trade costs fall. We find that industries experiencing relatively large declines in trade costs exhibit relatively strong productivity growth. We als...
