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作者：Antoniades, Alexis; Zaniboni, Nicola
作者单位：Georgetown University
摘要：We study exchange rate pass-through and its determinants using scanner data on fast moving consumer goods sold by 1,041 outlets in the United Arab Emirates between 2006 and 2010. The data are augmented with country of origin information. Our main finding is that exchange rate pass-through varies more across retailers within regions than across regions, and in particular that pass-through increases with retailer market share. We also find that exchange rate pass-through is negatively correlated...
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作者：Chugh, Sanjay K.; Merkl, Christian
作者单位：University System of Ohio; Ohio State University; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); University of Erlangen Nuremberg; IZA Institute Labor Economics
摘要：This article characterizes efficient labor market allocations in a labor selection model. The model's crucial aspect is cross-sectional heterogeneity for new job contacts, which leads to an endogenousselection threshold for new hires. With cross-sectional dispersion calibrated to microeconomic data, 40% of empirically relevant fluctuations in the job-finding rate arise, which contrasts with results in an efficient search and matching economy. The efficient selection model's results hold in par...
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作者：Veracierto, Marcelo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This article introduces and analyzes a Walrasian model of worker flows, job flows, vacancies, and unemployment. Calibrating the model to U.S. data, the article finds that all variables comove with output quite well but that they fluctuate too little. However, the failure is not as bad as in Shimer's puzzle. Interestingly, the article also finds that introducing establishment dynamics into the model, while realistic, is irrelevant for understanding unemployment and vacancy fluctuations: The bus...
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作者：Mailath, George J.; Postlewaite, Andrew; Samuelson, Larry
作者单位：University of Pennsylvania; Australian National University; Yale University
摘要：Buy local arrangements encourage members of a community or group to patronize one another instead of the external economy. They range from formal mechanisms such as local currencies to informal I'll buy from you if you buy from me arrangements and are often championed on social or environmental grounds. We show that in a monopolistically competitive economy, buy local arrangements can have salutary effects even for selfish agents immune to social or environmental considerations. Buy local arra...
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作者：Auray, Stephane; Eyquem, Aurelien; Gomme, Paul
作者单位：Ecole Nationale de la Statistique et de l'Analyse de l'Information (ENSAI); Centre National de la Recherche Scientifique (CNRS); Concordia University - Canada; Universite de Montreal
摘要：To evaluate fiscal policy reforms for Euro-area countries, this article develops and calibrates a small open economy model. Debt reduction reforms require higher tax rates in the short term in exchange for lower rates in the long term as the debt-servicing burden falls. Using the capital income tax to implement such a policy leads to welfare gains; the consumption tax, a very small welfare gain; and the labor income tax, a welfare loss. Holding fixed the long-run debt-output ratio, offsetting ...
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作者：Boileau, Martin; Moyen, Nathalie
作者单位：University of Colorado System; University of Colorado Boulder
摘要：We investigate the factors driving the unprecedented rise in corporate liquidities since the 1970s. We find that an economy-wide reduction in the cost of holding liquidities and an increase in risk best explain the rise in cash holdings and the widespread use of credit lines. The structural estimation results shed light on two widely acknowledged motives for holding cash. The precautionary motive and the liquidity motive translate risk exposure into cash holdings. Our results, however, do not ...
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作者：Hosono, Kaoru; Miyakawa, Daisuke; Uchino, Taisuke; Hazama, Makoto; Ono, Arito; Uchida, Hirofumi; Uesugi, Iichiro
作者单位：Gakushuin University; Hitotsubashi University; Chuo University; Kobe University; Hitotsubashi University
摘要：This article investigates the effect of banks' lending capacity on firms' investment. To identify exogenous shocks to loan supply, we utilize the natural experiment provided by Japan's Great Hanshin-Awaji earthquake in 1995. Using a unique data set that allows us to identify firms and banks in the earthquake-affected areas, we find that the investment ratio of firms located outside the earthquake-affected areas but having a main bank inside the areas was significantly smaller than that of firm...
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作者：Clausen, Andrew; Strub, Carlo
作者单位：University of Edinburgh; University of St Gallen
摘要：Operating overheads are widespread and lead to concentrated bursts of activity. To transfer resources between active and idle spells, agents demand financial assets. Futures contracts and lotteries are unsuitable, as they have substantial overheads of their own. We show that moneyunder efficient monetary policyis a liquid asset that leads to efficient allocations. Under all other policies, agents follow inefficient money cycle patterns of saving, activity, and inactivity. Agents spend their mo...
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作者：Kydland, Finn E.; Rupert, Peter; Sustek, Roman
作者单位：University of California System; University of California Santa Barbara; National Bureau of Economic Research; University of London; Queen Mary University London
摘要：Housing construction, measured by housing starts, leads GDP in a number of countries. Measured as residential investment, the lead is observed only in the United States and Canada; elsewhere, residential investment is coincident. Variants of existing theory, however, predict housing construction lagging GDP. In all countries in the sample, nominal interest rates are low ahead of GDP peaks. Introducing long-term nominal mortgages, and an estimated process for nominal interest rates, into a stan...
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作者：Anenberg, Elliot
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：I examine the effects of seller uncertainty over their home value on the housing market. Using evidence from home listings and transactions data, I first show that sellers do not have full information about current period demand conditions for their homes. I incorporate this type of uncertainty into a dynamic microsearch model of the home selling problem with Bayesian learning. The estimated model highlights how information frictions help to explain the microdecisions of sellers and how these ...
