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作者：Kapetanios, George; Mumtaz, Haroon; Stevens, Ibrahim; Theodoridis, Konstantinos
作者单位：University of London; Queen Mary University London
摘要：This article examines the macroeconomic impact of the first round of quantitative easing (QE) by the Bank of England. We attempt to quantify the effects of these purchases by focusing on the impact of lower long-term interest rates on the wider economy. We use three different models to estimate the impact of QE on output and inflation: a large Bayesian vector autoregression (VAR), a change-point structural VAR and a time-varying parameter VAR. Our estimates suggest that QE may have had a peak ...
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作者：Esteves-Sorenson, Constanca; Perretti, Fabrizio
作者单位：Yale University
摘要：We document substantial default effects despite negligible switching costs in a novel setting: television programme choice in Italy. Despite the low costs of clicking the remote and of searching across only six channels and viewers extensive experience with the decision, show choice depends strongly on whether viewers happened to watch the previous programme on the channel. Specifically, male and female viewership of the news depends on whether the preceding programme appealed to men or women,...
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作者：Hsu, Wen-Tai
作者单位：National University of Singapore
摘要：This article proposes a theory of city size distribution via a hierarchy approach rather than the popular random growth process. It does so by formalising central place theory using an equilibrium entry model and specifying the conditions under which city size distribution follows a power law. The force driving the city size differences in this model is the heterogeneity in economies of scale across goods. The city size distribution under a central place hierarchy exhibits a power law if the d...
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作者：Gibson, John; McKenzie, David
作者单位：The World Bank; University of Waikato
摘要：This article presents results of innovative surveys that tracked academic high achievers from five countries to wherever they moved in the world to directly measure at the micro level the channels through which high-skilled emigration affects sending countries. There are high levels of emigration and of return and the income gains to the best and brightest from migrating are an order of magnitude greater than any other effect. Most high-skilled migrants from poorer countries remit but involvem...
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作者：Bohacek, Radim; Zubricky, Jozef
作者单位：Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences
摘要：This article studies a flat tax reform and capital tax reform in an economy with occupational choice and borrowing constraints. Building on previous models with heterogeneous agents and the flat tax reform within the representative firm framework, we introduce entrepreneurs as an occupation. We model endogenous entry and exit of firms whose size, number and production decisions are affected by the tax system. We compare steady state allocations in the benchmark economy with a progressive tax s...
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作者：Bruelhart, Marius; Jametti, Mario; Schmidheiny, Kurt
作者单位：University of Lausanne; Universita della Svizzera Italiana; University of Basel
摘要：Recent theoretical work in economic geography has shown that agglomeration forces can mitigate race-to-the-bottom tax competition, by partly or fully offsetting firms sensitivity to tax differentials. We test this proposition using data on firm births across Swiss municipalities. We find that corporate taxes deter firm births less in more spatially concentrated sectors. Firms in sectors with an agglomeration intensity in the top quintile are less than half as responsive to differences in corpo...
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作者：Arezki, Rabah; Brueckner, Markus
作者单位：International Monetary Fund; University of Adelaide
摘要：We examine the effects that windfalls from international commodity price booms have on external debt in a panel of 93 countries during the period 19702007. Our main finding is that increases in the international prices of exported commodity goods lead to a significant reduction in the level of external debt in democracies but to no significant reduction in the level of external debt in autocracies. To explain this finding, we show that in autocracies commodity windfalls lead to a statistically...
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作者：Dixon, Huw; Le Bihan, Herve
作者单位：Cardiff University; European Central Bank; Bank of France
摘要：The Generalised Calvo and the Generalised Taylor models of price and wage setting are, unlike the standard Calvo and Taylor counterparts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro-data from a major euro area economy (France), we develop calibrated versions of these models. We assess the consequences for monetary policy transmission by embedding these calibrated models in a standard dynamic stochastic general equilibrium model. The Ge...
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作者：Andres, Javier; Arce, Oscar
作者单位：University of Valencia
摘要：We develop a macroeconomic model with an imperfectly competitive bank-loans market and collateral constraints that tie investors credit capacity to the value of their real estate holdings. Lending margins are optimally set by banks and have a significant effect on aggregate variables. Over the long run, stronger banking competition increases output by triggering a reallocation of available collateral towards investors. In the short-run, output, credit and housing prices are more responsive on ...
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作者：Joyce, Michael; Miles, David; Scott, Andrew; Vayanos, Dimitri
作者单位：Bank of England; University of London; London School Economics & Political Science
摘要：This article assesses the impact of Quantitative Easing and other unconventional monetary policies followed by central banks in the wake of the financial crisis that began in 2007. We consider the implications of theoretical models for the effectiveness of asset purchases and look at the evidence from a range of empirical studies. We also provide an overview of the contributions of the other articles in this Feature.
