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作者：Mikosch, Heiner; Roth, Christopher; Sarferaz, Samad; Wohlfart, Johannes
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Max Planck Society; University of Cologne; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut; University of Cologne
摘要：We leverage the small open economy Switzerland as a testing ground for basic premises of macroeconomic models of endogenous information acquisition, using tailored surveys of firms and households. Firms and households perceiving a greater exposure to exchange rate fluctuations acquire more information about the exchange rate. Moreover, higher perceived costs of acquiring or processing information are associated with lower levels of information acquisition. Finally, an exogenous increase in the...
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作者：Melcangi, Davide
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Can the macroeconomic effects of credit supply shocks be large even when a small share of firms is credit constrained? I use UK firm -level accounting data to discipline a heterogeneous -firm model where the interaction between real and financial frictions induces precautionary cash holdings. In the data, firms increased their cash ratios during the Great Recession, and cash -intensive firms displayed higher employment growth. A tightening of firms'credit conditions generates the same dynamics...
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作者：Micco, Alejandro; Munoz, Pablo
作者单位：Universidad de Chile; Universidad de Chile; Getulio Vargas Foundation
摘要：We study the impact of a reform that extended employment protection to temporary agency workers. Using a difference -in -difference research design, we show that plants more exposed to the regulation experienced a decrease in revenues and total employment, and that the latter effect was attenuated in industries with high elasticity of substitution between agency and nonagency workers. We also find that labor misallocation increased as a consequence of the regulation. A model of labor demand in...
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作者：Jang, Youngsoo; Yum, Minchul
作者单位：University of Queensland; University of Southampton; Centre for Economic Policy Research - UK
摘要：This paper quantitatively investigates the medium- and long-term macroeconomic and distributional consequences of school closures through intergenerational channels. The model economy is a dynas-tic overlapping-generations general equilibrium model in which schools, in the form of public education investments, complement parental investments in producing children's human capital. We find that unexpected school closure shocks have long-lasting adverse effects on macroeconomic aggregates and red...
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作者：Ikeda, Daisuke; Li, Shangshang; Mavroeidis, Sophocles; Zanetti, Francesco
作者单位：Bank of Japan; University of Liverpool; University of Oxford; Centre for Economic Policy Research - UK
摘要：Unconventional monetary policy (UMP) may make the effective lower bound (ELB) on the short-term interest rate irrelevant. We develop a theoretical model that underpins our empirical test of this irrelevance hypothesis, based on the simple idea that under the hypothesis, the short rate can be excluded in any empirical model that accounts for alternative measures of monetary policy. We test the hypothesis for Japan and the United States using a structural vector autoregressive model with the ELB...
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作者：Pasten, Ernesto; Schoenle, Raphael; Weber, Michael
作者单位：Central Bank of Chile; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Brandeis University; National Bureau of Economic Research
摘要：We study the role of heterogeneity in nominal price rigidity for aggregate fluctuations in a model with sectoral productivity shocks. Theoretically , sectoral heterogeneity in the pricing friction has an ambiguous effect on GDP and aggregate price volatility. Quantitatively , ( i ) GDP volatility is amplified when the friction is heterogeneous rather than homogeneous; ( ii ) sectoral shocks can jointly rationalize the volatility of sectoral prices , aggregate prices , and GDP , unlike aggregat...
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作者：Paz-Pardo, Gonzalo
作者单位：European Central Bank
摘要：Earnings are riskier and more unequal for households born in the 1960s and 1980s than for those born in the 1940s. Despite improvements in financial conditions, younger generations are less likely to be living in their own homes than older generations at the same age. By using a life cycle model with housing and portfolio choice that includes flexible earnings risk and aggregate asset price risk, I show that changes in earnings dynamics account for a large part of the reduction in homeownershi...
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作者：Miao, Jianjun; Su, Dongling
作者单位：Boston University; Shanghai Institute of International Finance & Economics; Shanghai University of Finance & Economics
摘要：We provide a new Keynesian model where entrepreneurs face uninsurable idiosyncratic investment risk and credit constraints. Government bonds provide liquidity services. Multiple steady states with positive values of public debt can be supported for a given permanent deficit-to-output ratio. The steady-state interest rates are lower than the economic growth rate, and public debt contains a bubble component. We analyze the determinacy regions of policy parameter space and find that a large set o...
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作者：Cespede, Luis Felipe; Chang, Roberto
作者单位：Universidad de Chile; Central Bank of Chile; Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research
摘要：We study foreign reserves accumulation and liquidity policy in an open economy under financial stress. Firms and households finance investment and consumption by borrowing from banks, which bor-row from abroad. Binding financial constraints cause the domestic interest rate to rise over the world rate and the exchange rate to depreciate, implying inefficiently low investment and consumption. A role emerges for a central bank that accumulates reserves to provide international liquidity when fina...
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作者：Ehrlich, Gabriel; Montes, Joshua
作者单位：University of Michigan System; University of Michigan; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper examines the relationship between downward nominal wage rigidity and employment outcomes using linked employer -employee data. Wage rigidity prevents 27.1 percent of counterfactual wage cuts, with a standard deviation of 19.2 percent across establishments. An establishment with the sample -average level of wage rigidity is predicted to have a 3.3 percentage point higher layoff rate, a 7.4 percentage point lower quit rate, and a 2.0 percentage point lower hire rate. Estimating a stru...
