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作者：Rothert, Jacek
作者单位：United States Department of Defense; United States Navy; United States Naval Academy
摘要：I document cyclical behavior of real exchange rates (RERs) in emerging and developed economies: stronger RER procyclicality coincides with larger relative volatility of consumption and more countercyclical trade balance. I then reevaluate the sources of fluctuations in emerging economies using an international business cycle model estimated to match the behavior of the RERs. Interest rate shocks, without any frictions, account for most of output fluctuations. This result is driven by imperfect...
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作者：Amaral, Pedro S.; Quintin, Erwan; Corbae, Dean
作者单位：California State University System; California State University Fullerton; University of Wisconsin System; University of Wisconsin Madison
摘要：The volume of cash-flow transformation activities has grown markedly over the past few decades. We develop a dynamic model that characterizes the effects of changes in the costs and benefits of security creation. Lower tranching costs and increases in foreign appetite for safe assets can both increase costly security creation with positive effects on GDP and have diverse macroeconomic implications. Whereas the former counterfactually increases yields, the latter lowers them and also raises ren...
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作者：Bachmann, Ruediger; Rueth, Sebastian K.
作者单位：University of Notre Dame; Leibniz Association; Ifo Institut; Ruprecht Karls University Heidelberg; Ghent University
摘要：What are the macroeconomic consequences of changing aggregate lending standards in residential mortgage markets, as measured by loan-to-value (LTV) ratios? Using a structural vector autoregression (VAR), we find that GDP and business investment increase following an expansionary LTV shock. Residential investment, by contrast, falls after a small initial uptick, a result that depends on the systematic reaction of monetary policy. We show that, historically, the Fed tended to respond to expansio...
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作者：Lindner, Ines; Strulik, Holger
作者单位：Vrije Universiteit Amsterdam; University of Gottingen
摘要：We present a multicountry theory of economic growth and R&D-driven technological progress in which countries are connected by a network of knowledge exchange. Technological progress in any country depends on the state of technology in the countries it exchanges knowledge with. The diffusion of knowledge throughout the world explains a period of increasing world inequality, followed by decreasing relative inequality. Knowledge diffusion through a small world network produces an extraordinary di...
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作者：Imrohoroglu, Ayse; Zhao, Kai
作者单位：University of Southern California; University of Connecticut
摘要：In this article, we present a model that can account for the changes in the current account balance in China since the 2000s. Our results suggest that inadequate insurance through government programs for the elderly and the decline in family insurance due to the one-child policy led to large increases in the household saving rate. These increases coupled with the financial frictions preventing the household saving from being invested in domestic firms resulted in large current account surpluse...
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作者：Bloise, Gaetano
作者单位：Yeshiva University
摘要：I develop a recursive method for the characterization of competitive equilibrium under limited commitment with not-too-tight solvency constraints. The reputational mechanism is fragile, as it sustains constrained efficiency as well as a large set of constrained inefficient equilibria. However, I establish that the only strongly ergodic Markov equilibrium with trade is constrained efficient. The method relies on a planning program along with the theory of monotone concave operators. It is suita...
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作者：Karle, Heiko; Moeller, Marc
作者单位：Frankfurt School Finance & Management; University of Bern
摘要：This article examines the influence of information on market performance in an advance purchase setting. Information reduces the risk that an advance purchase results in a mismatch between consumer preferences and product characteristics. However, information may also raise the number of advance purchases by increasing firms' incentive to offer advance purchase discounts. Accounting for consumers' aversion toward losses/risks turns out to be crucial as it changes our assessment of policies aim...
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作者：Cai, Xiaoming
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：This article studies efficiency in a general class of search models where both unemployed and employed workers search for better jobs and can meet multiple firms simultaneously. Employers can respond to outside offers and wages are a weighted average of the productivities of the current employer and a credible poaching firm. I derive a condition that balances firms' bargaining power and their meeting externality. This condition ensures efficiency of both worker turnover and firm entry. Finally...
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作者：Fella, Giulio; Frache, Serafin; Koeniger, Winfried
作者单位：University of London; Queen Mary University London; Universidad de Montevideo; University of St Gallen; Leibniz Association; Ifo Institut
摘要：We exploit information on the joint dynamics of household labor income, consumption, and wealth in the Italian Survey of Household Income and Wealth to structurally estimate a buffer-stock saving model. We compare the degree of consumption smoothing implied by the model to the corresponding empirical estimates based on the same data set. We estimate that Italian households smooth 12% of permanent income shocks in the data that is comparable to the model counterpart of 11% . This result contras...
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作者：Pennerstorfer, Dieter; Schmidt-Dengler, Philipp; Schutz, Nicolas; Weiss, Christoph; Yontcheva, Biliana
作者单位：Johannes Kepler University Linz; University of Vienna; Centre for Economic Policy Research - UK; University of Mannheim; Vienna University of Economics & Business
摘要：Limited information is the key element generating price dispersion in models of homogeneous-goods markets. We show that the global relationship between information and price dispersion is an inverse-U shape. We test this mechanism for the retail gasoline market using a new measure of information based on commuter data from Austria. Commuters sample gasoline prices on their commuting route, providing us with spatial variation in the share of informed consumers. Our empirical estimates are in li...
