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作者：Renkin, Tobias; Zullig, Gabriel
作者单位：Swiss National Bank (SNB)
摘要：We study the response of firms' output prices to a cut in credit supply. We combine data on loans between Danish firms and banks with survey -based producer prices and transaction -based export unit values. Exploiting banks' heterogeneous exposure to the global financial crisis, we show that loans to firms with relationships to exposed banks drop and lending rates increase. In response, firms raise prices by 3-5 percent. This effect is decreasing in the elasticity of firms' demand but positive...
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作者：Guo, Xing
作者单位：Bank of Canada
摘要：I study the transmission of financial shocks using an estimated het-erogeneous firm model. Following a contractionary financial shock,financially constrained firms cut investment, but unconstrained firms increase investment due to the lower capital price and interest rate. After matching the empirical dynamics of prices and the price elasticity of investment, I find a limited role of the unconstrained firms' response in dampening the aggregate investment decline. Nonfinancial capital adjustmen...
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作者：Michelacci, Claudio; Paciello, Luigi
作者单位：Centre for Economic Policy Research - UK
摘要：UK households that wish for lower inflation and lower nominal interest rates have higher expected inflation. We interpret the evidence through the lens of a New Keynesian model where ambiguity -averse households differ in wealth , skill , labor market participation , and the receipt of government transfers and are subject to Knightian uncertainty. Households act based on beliefs that are negatively affected by their wishes , the more so the greater the amount of uncertainty. Using indirect inf...
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作者：Haan, Peter; Prowse, Victoria
作者单位：Purdue University System; Purdue University
摘要：We empirically analyze the heterogeneous welfare effects of unemployment insurance and social assistance. We estimate a structural life cycle model of singles' and married couples' labor supply and savings decisions. The model includes heterogeneity by age, education, wealth, sex, and household composition. In aggregate, social assistance dominates unemployment insurance; however, the opposite holds true for married men, whose leisure time declines more than that of their spouses when unemploy...
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作者：Beaudry, Paul; Hou, Chenyu; Portier, Franck
作者单位：University of British Columbia; The Chinese University of Hong Kong, Shenzhen; University of London; University College London; Center for Economic & Policy Research (CEPR)
摘要：This paper highlights how the presence of a monetary policy cost channel can offer new insights into the relation between monetary policy and inflation when the Phillips curve is quite flat. For instance, we highlight a key condition whereby lax monetary policy can push the economy to a low -inflation trap, and we discuss how, under the same condition, standard policy rules targeting inflation may need to be modified. In the empirical part of the paper, we explore the relevance of the conditio...
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作者：Fishback, Price; Vickers, Chris; Ziebarth, Nicolas l.
作者单位：University of Arizona; National Bureau of Economic Research; Auburn University System; Auburn University
摘要：We study the effects of restrictions on the length of the workweek under the President's Reemployment Agreement ( PRA ) of July 1933 and the National Industrial Recovery Act. We construct a model in which the equilibrium without such a workweek restriction has an inefficiently low level of employment. We find that employment rose by about 24 percent in the month following the imposition of the workweek restriction. Industries with longer workweeks pre-PRA experienced 9.4 percent faster growth ...
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作者：Boberg-Fazlic, Nina; Sharp, Paul
作者单位：Dortmund University of Technology; University of Southern Denmark
摘要：Despite the growing literature on the impact of immigration, little is known about the role existing migrant settlements can play for knowledge transmission and the location of industry. We present a case that can illustrate this important mechanism and hypothesize that nineteenth-century Danish American communities helped spread knowledge on modern dairying to rural America. From around 1880 Denmark developed rapidly, and by 1890 it was a world -leading dairy producer. Using a difference -in ...
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作者：Burlon, Lorenzo; Munoz, Manuel a.; Smets, Frank
作者单位：European Central Bank; Ghent University; Centre for Economic Policy Research - UK
摘要：We show that the estimated effect of digital euro news on bank stock valuations and lending depends on the bank's deposit reliance and the central bank digital currency ( CBDC ) design features. Using a quantitative DSGE model calibrated to the euro area economy that replicates such evidence, we find that CBDC issuance yields nontrivial welfare trade-offs between, on one side, the positive expansion of liquidity services and the improved stabilization of deposit funding and lending and, on the...
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作者：Doepke, Matthias; Gaetani, Ruben
作者单位：University of London; London School Economics & Political Science; Northwestern University; University of Toronto
摘要：Why has the college wage premium risen rapidly in the United States since the 1980s but not in European economies such as Germany? We argue that differences in employment protection can account for much of the gap. We develop a model in which firms and workers make relationship-specific investments in skill accumulation. The incentive to invest is stronger when employment protection creates an expecta-tion of long-lasting matches. We argue that changes in the economic environment have reduced ...
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作者：Gorn, Alexey; Trigari, Antonella
作者单位：University of Liverpool; Bocconi University; Center for Economic & Policy Research (CEPR); Bocconi University
摘要：We study the stabilizing role of benefit extensions. We develop a tractable quantitative model with heterogeneous agents, search frictions, and nominal rigidities. The model allows for a stabilizing aggregate demand channel and a destabilizing labor market channel. We characterize each channel analytically and find that aggregate demand effects quantitatively prevail in the United States. When feeding in estimated shocks, the model tracks unemployment in the two most recent downturns. We find ...
