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作者：Di Casola, Paola; Sichlimiris, Spyridon
作者单位：European Central Bank; Goethe University Frankfurt
摘要：We develop a model that features costly market segmentation and financial repression to link domestic and external sovereign debt with default. In a financially repressed economy, a government that exploits its market power in the domestic economy can also increase its external debt capacity, owing to a novel, additional endogenous cost of default. A government forfeits the gains from trading in segmented debt markets when it defaults. Among other empirical regularities, our model can account ...
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作者：Rivera-Padilla, Alberto
作者单位：Tulane University
摘要：I document new facts on life-cycle wage growth within three countries: Brazil, Mexico, and the United States. In every case, I find that experience-wage profiles are steeper in rich states. Differences in education and industry mix can account for a large share of the covariance between income and profile steepness in both developing countries, while differences in occupations are key in every case. Using a general equilibrium model, I estimate meaningful productivity gains from inducing migra...
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作者：Ennis, Huberto M.; Klee, Elizabeth
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study banks' use of the Fed's discount window during a time of relative calm in financial markets. We merge transaction-level data on discount window borrowings with quarterly bank balance sheet information between 2010 and 2019. We develop a model of the borrowing decisions of banks and contrast its implications with the data. In line with the model, we find that discount window borrowing is tightly linked to the composition of banks' balance sheets. Importantly, banks holding less reserve...
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作者：Dong, Feng; Mei, Dongzhou; Sun, Haoning
作者单位：Tsinghua University; Central University of Finance & Economics
摘要：China's increasing use of structural monetary policy raises questions about its optimal role. This study investigates when and how SMP should be deployed using a multisector DSGE model incorporating distinct financing conditions and intermediary constraints for SOEs and POEs. We find that credit tightening disproportionately raises POE credit spreads, which conventional policy struggles to correct. Credit shocks significantly amplify resource misallocation and necessitate active SMP to address...
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作者：Crawford, Ian
作者单位：University of Oxford
摘要：This paper describes a novel method for combining revealed preference analysis in the tradition of Afriat (1967, International Economic Review, 8: 76-77) with a statistical demand model. The approach is illustrated with an analysis of the labor supply of the nonneoclassical taxi drivers described in Farber (2005, Journal of Political Economy, 113, no. 1: 46-82; 2008, American Economic Review, 98, no. 2: 1069-1082) and Crawford and Meng (2011, American Economic Review, 101: 1912-1932).
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作者：Cha'ngom, Narcisse; Deuster, Christoph; Docquier, Frederic; Machado, Joel
作者单位：European Commission Joint Research Centre; EC JRC ISPRA Site
摘要：International migration is a selective process with ambiguous effects on human capital and economic development in sending countries. We establish the theoretical microfoundations of the relationship between selective emigration and human capital accumulation in a multicountry context. We embed this migration-education nexus into a development accounting framework to quantify the effects of migration on development and inequality. Selective emigration stimulates human capital accumulation and ...
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作者：Lu, Dan
作者单位：Chinese University of Hong Kong
摘要：Comments on Ma and Zhang (2025).
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作者：Bastani, Spencer; Blumkin, Tomer; Micheletto, Luca
作者单位：Uppsala University; Research Institute of Industrial Economics (IFN); Ben-Gurion University of the Negev; University of Milan
摘要：We develop a theory of optimal income and education taxation under asymmetric information between firms and workers. Our results show that a max-min optimal tax code can achieve predistribution by pooling wages across ability levels, conditional on income. We identify conditions under which the optimal solution leads to pooling or separating equilibria, highlighting bidirectional incentive constraints. Implementation requires nonlinear income taxes coupled with education subsidies or mandates....
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作者：Fang, Hanming; Wang, Yongqin; Wu, Xian
作者单位：University of Pennsylvania; National Bureau of Economic Research; Fudan University; Fudan University; Chinese University of Hong Kong; University of Wisconsin System; University of Wisconsin Madison
摘要：We exploit the unique institutional features of Chinese bond markets to estimate the causal effect of collateral-based monetary policy on asset prices and the real economy. A policy change allowed certain bonds to be used as collateral for the Medium-Term Lending Facility in the interbank market, while the same bonds in the exchange market remained ineligible. This change reduced the spreads of the newly eligible bonds by 37-53 basis points, or 10%-15% of the average spread in the secondary in...
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作者：Miao, Jianjun; Shen, Zhouxiang; Su, Dongling
作者单位：Zhejiang University; Zhejiang University; Zhejiang University; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics; Shanghai University of Finance & Economics
摘要：We provide a New Keynesian model with overlapping generations to study the impact of temporary and permanent increases in fiscal deficits financed by debt rollover policy when interest rates are lower than economic growth rates. The debt rollover policy is feasible in the monetary regime but leads to very slow-moving debt. This policy generates persistent inflation for a temporary increase in fiscal deficits, but persistent disinflation for a permanent increase. For social welfare, the debt ro...
