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作者：Auray, Stephane; Gomme, Paul; Guo, Shen
作者单位：Concordia University - Canada; Central University of Finance & Economics
摘要：Capturing the boom phase of Pigou cycles and resolving the comovement problem require positive sectoral comovement. This article addresses these observations using a two-sector New Keynesian model. Price rigidities dampen movements in the relative price of durables following a monetary policy shock. Durables and non-durables are estimated to be complements in utility, allowing for a resolution of the comovement problem for modest degrees of price rigidity. Nominal rigidities also make firms fo...
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作者：Browning, Martin; Gortz, Mette; Leth-Petersen, Soren
作者单位：University of Copenhagen; University of Oxford; University of Copenhagen
摘要：There is strong evidence that house prices and consumption are synchronised. There is, however, disagreement over the causes of this link. This study examines if there is a wealth effect of house prices on consumption. Using a household-level panel data set with information about house ownership, income, wealth and demographics for a large sample of the Danish population in the period 198796, we model the dependence of the growth rate of total household expenditure with unanticipated innovatio...
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作者：Bingley, Paul; Cappellari, Lorenzo; Westergard-Nielsen, Niels
作者单位：Catholic University of the Sacred Heart; Aarhus University
摘要：We investigate the relationship between life cycle wages and individual membership of unemployment insurance schemes in Denmark. We separate permanent from transitory wages and characterise them using membership of unemployment insurance funds. We find that unemployment insurance is associated with lower wage growth heterogeneity over the life cycle and greater wage instability, changing the nature of wage inequality from permanent to transitory. Although we are in general unable to formally t...
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作者：Farmer, Roger E. A.
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：This article uses a rational expectations model with multiple equilibrium unemployment rates to explain financial crises. The model has equilibria where asset prices are unbounded above. I argue that this is an important feature of any rational-agent explanation of a financial crisis, since for the expansion phase of the crisis to be rational, investors must credibly believe that asset prices could keep increasing forever with positive probability. I explain the sudden crash in asset prices th...
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作者：Bonfiglioli, Alessandra; Gancia, Gino
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics
摘要：We study the determinants of political myopia in a rational model of electoral accountability with informational frictions and uncertainty. When politicians' ability is ex ante unknown and policy choices are unobservable, elections improve political accountability and selection. However, incumbents underinvest in costly policies with future returns to signal high ability and increase re-election probability. Surprisingly, uncertainty reduces political myopia and may increase social welfare. We...
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作者：Mondria, Jordi; Quintana-Domeque, Climent
作者单位：University of Toronto; University of North Carolina; University of North Carolina Chapel Hill; Universitat d'Alacant
摘要：We explain financial contagion between two stock markets with uncorrelated fundamentals using fluctuations in international investors' attention allocation. We also show that the degree of (non)anticipation of a crisis is crucial for the existence of contagion. Using daily data on stock market prices and news stories in the Financial Times, we find evidence supporting the attention reallocation mechanism of financial contagion: The higher the price volatility of the Asian market, the more abso...
