-
作者：Anenberg, Elliot; Ringo, Daniel
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Housing demand stimulus produces a multiplier effect by freeing up owners attempting to sell their current home, allowing them to reenter the market as buyers. Exploiting a shock to first-time home buyer demand caused by a cut in mortgage insurance premiums, we find that homeowners buy their next home sooner when the probability of their current home selling increases. We build and calibrate a search model that explains these findings as a result of homeowners avoiding the cost of owning two h...
-
作者：Morales-Jimenez, Camilo
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：I propose a new mechanism for sluggish wages based on workers' noisy information about the state of the economy. Wages do not respond immediately to a positive aggregate shock because workers do not (yet) have enough information to demand higher wages. The model is robust to two major criticisms of existing theories of sluggish wages and volatile unemployment, namely, that wages are flexible for new hires and the flow opportunity cost of employment (FOCE) is pro-cyclicality. The model generate...
-
作者：Canova, Fabio; Ferroni, Filippo
作者单位：BI Norwegian Business School; BI Norwegian Business School; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We study what happens to identified shocks and to dynamic responses when the data generating process features q disturbances but q1 < q variables are used in an empirical model. Identified shocks are lin-ear combinations of current and past values of all structural dis-turbances and do not necessarily combine disturbances of the same type. Theory-based restrictions may be insufficient to obtain struc-tural dynamics. We revisit the evidence regarding the transmission of house price and of uncer...
-
作者：Gross, Till; Klein, Paul; Makris, Miltiadis
作者单位：Carleton University; Stockholm University; University of Essex
摘要：We explore the short- and long-run implications of tax competition between jurisdictions, where governments can only tax capital at source. We do this in the context of a neoclassical growth model under commitment and capital mobility. We provide a new theoretical perspective on the dynamic capital tax externalities that emerge in this model. Numerically, we show that the net capital tax externality is positive in the short run but converges to zero in the long run. We also find that noncooper...
-
作者：Gust, Christopher; Herbst, Edward; Lopez-Salido, David
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We estimate a behavioral New Keynesian (NK) model in which households and firms plan over a finite horizon. The finite-horizon planning (FHP) model outperforms rational expectations versions of the NK model as well as other behavioral NK models. In the FHP model, households and firms are forward-looking in thinking about events over their planning horizon but are backward-looking regarding events beyond that point. This gives rise to substantial aggregate persistence without resorting to addit...
-
作者：Nakata, Taisuke; Schmidt, Sebastian
作者单位：University of Tokyo; European Central Bank; Center for Economic & Policy Research (CEPR)
摘要：We study optimal time-consistent monetary and fiscal policy in a New Keynesian model where occasional declines in agents' confi-dence give rise to persistent liquidity trap episodes. Insights from widely studied fundamental-driven liquidity traps are not a useful guide for enhancing welfare in this model. Raising the inflation tar-get, appointing an inflation-conservative central banker, or allowing for the use of government spending as an additional stabilization tool can exacerbate deflation...
-
作者：V. Leahy, John; Thapar, Aditi
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：We exploit cross-sectional variation in the response of US states to an identified monetary policy shock to study how the impact of mone-tary policy varies with the age structure of the population. We find that the economy's response is weaker the greater the share of population under 35 years of age and stronger the greater the share between 40 and 65. We find that all age groups become more responsive to mone-tary policy shocks when the proportion of the middle-aged increases. We provide evi...
-
作者：Fadinger, Harald; Ghiglino, Christian; Teteryatnikova, Mariya
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; University of Essex; HSE University (National Research University Higher School of Economics); Vienna University of Economics & Business
摘要：We study the importance of input-output (IO) linkages and sectoral productivity (TFP) in determining cross-country income differences. We find that while highly connected sectors are more productive than the typical sector in poor countries, the opposite is true in rich ones. To assess the quantitative role of linkages and sectoral TFP differences in cross-country income differences, we decompose cross-country income variation using a multisector general equilibrium model. We find that IO link...
-
作者：Alder, Simon; Boppart, Timo; Mueller, Andreas
作者单位：Swiss National Bank (SNB); University of North Carolina; University of North Carolina Chapel Hill; Stockholm University; University of St Gallen; Centre for Economic Policy Research - UK; University of Essex
摘要：We study structural change in the historical consumption expenditure of the United States , the United Kingdom , Canada , and Australia over more than a century. We characterize the most general class of preferences in a time-additive setting that admits aggregation of the saving decision and allows us to identify preference parameters from aggregate data. We parameterize and estimate such intertemporally aggregable (IA) preferences and discuss their properties in a dynamic general equilibrium...
-
作者：Kreamer, Jonathan
作者单位：State University System of Florida; Florida State University
摘要：Since sectors differ in their sensitivity to interest rates, monetary policy produces inefficient sectoral fluctuations. In a model with sectoral heterogeneity, I show that policymakers should weight sectors proportionally to their interest elasticities, account for dynamic demand effects from durable goods, and systematically utilize forward guidance to reduce sectoral volatility. A calibrated model confirms these recommendations and finds that neglecting sectoral volatility produces substant...
