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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：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：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：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...
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作者：Ausubel, Lawrence M.; Baranov, Oleg
作者单位：University System of Maryland; University of Maryland College Park; University of Colorado System; University of Colorado Boulder
摘要：Activity rules-constraints that limit bidding in future rounds based on past bids-are intended to limit strategic bidding delays in high-stakes auctions. This article provides a general treatment of activity rules. Traditional point-based rules are effective for homogeneous goods and reasonably suited for substitute goods. However, they are simultaneously too strong and too weak for general environments; they allow parking, while sometimes preventing straightforward bidding. We prove that the ...
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作者：Ascari, Guido; Florio, Anna; Gobbi, Alessandro
作者单位：University of Oxford; University of Pavia; Polytechnic University of Milan; Catholic University of the Sacred Heart; IRCCS Policlinico Gemelli
摘要：Can monetary policy control inflation when both monetary and fiscal policies change over time? When monetary policy is active, a long-run fiscal principle entails flexibility in fiscal policy that preserves determinacy even when deviating from passive fiscal, substantially for brief periods or timidly for prolonged periods. In order to guarantee a unique equilibrium, monetary and fiscal policies must coordinate not only within but also across regimes, and not simply on being active or passive,...
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作者：Hincapie, Andres
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Most individuals do not start a business and, if they do, they start well into their 30s. To explain these stylized facts, I estimate a dynamic Roy model with experience accumulation, risk aversion, and imperfect information about ability using the Panel Study of Income Dynamics. Information frictions and income risk reduce entrepreneurship by up to 40% and 35%, respectively. Entry costs and information frictions explain most of the delayed entry. Results from counterfactual policies targeting...
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作者：Svensson, Roger; Westermark, Andreas
作者单位：Research Institute of Industrial Economics (IFN); Sveriges Riksbank
摘要：Gesell taxes on money have recently received attention as a way of alleviating the zero lower bound on interest rates. Less known is that such taxes generated seigniorage in medieval Europe for around two centuries. When a Gesell tax was levied, current coins ceased to be legal and had to be exchanged into new coins for a fee. Using a cash-in-advance model, we analyze under what conditions agents exchange coins and the tax generates revenues. A low exchange fee, high punishments for using old ...
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作者：Au, Pak Hung; Fong, Yuk-Fai; Li, Jin
作者单位：Hong Kong University of Science & Technology; University of Hong Kong
摘要：We investigate the impact of corporate governance on customers' trust using a dynamic model of experience-goods firm. In the optimal equilibrium, customers' trust in the firm is linked to its behavior in the market for corporate control, so that the controlling shareholder has incentives to ensure high product quality while noncontrolling shareholders' interests are protected. Following a trust-damaging event, turnover of the controlling share block restores customers' trust and enhances total...
