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作者：Su, Hsuan-Li
作者单位：National Central University
摘要：I study how input-output linkages amplify the aggregate impact of sectoral financial distortions in a dynamic general equilibrium model with endogenous capital wedges. The aggregate impact of a shock can be decomposed into weighted productivity changes and changes in allocative efficiency. A systematic uncertainty shock induces heterogenous responses in sectoral capital wedges , reducing allocative efficiency and aggregate total factor productivity ( TFP ) . However , idiosyncratic sectoral un...
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作者：Kina, Ozlem; Slavik, Ctirad; Yazici, Hakki
作者单位：University of Edinburgh; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Charles University Prague; Czech Academy of Sciences; University of Bristol
摘要：This paper uses a rich quantitative model with endogenous skill acquisition to show that capital-skill complementarity provides a quantitatively significant rationale to tax capital for redistributive governments. The optimal capital income tax rate is 67 percent , while it is 61 percent in an identically calibrated model without capital-skill complementarity. The skill premium falls from 1.9 to 1.84 along the transition following the optimal reform in the capital-skill complementarity model ,...
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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：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：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：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：Deng, Minjie
作者单位：Simon Fraser University
摘要：Income inequality and worker migration significantly affect sovereign default risk . Governments often impose progressive taxes to reduce inequality , which redistribute income but discourage labor supply and induce emigration . Reduced labor supply and a smaller high -income workforce erode the current and future tax base , reducing government's ability to repay debt . I develop a sovereign default model with endogenous nonlinear taxation and heterogeneous labor to quantify this effect . In t...
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作者：Zabek, Mike
作者单位：Federal Reserve System - USA
摘要：Someone who lives in an economically depressed place was probably born there. And having workers with local ties who prefer to live in their birthplaces leads to smaller migration responses in depressed places. Smaller migration responses lead to lower real incomes and make incomes more volatile , a form of hysteresis. Local ties can also persist for generations. Subsidies to economically depressed places cause smaller distortions , because few people want to move to depressed places. Finally ...
