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作者：Blum, Bernardo S.; Claro, Sebastian; Dasgupta, Kunal; Horstmann, Ignatius J.
作者单位：University of Toronto; Pontificia Universidad Catolica de Chile; University of Toronto
摘要：Previous research has documented that export shipments are lumpy-exporters make infrequent and relatively large shipments to any given export destination. This fact has been interpreted as implying that fixed, per shipment cost and inventory management decisions play a key role in international trade. We document here that exports from poor countries are considerably more lumpy-have higher fixed per shipment cost-than those from rich countries. Using a model of trade with inventory management,...
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作者：Hsieh, Chang-Tai; Moretti, Enrico
作者单位：University of Chicago; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：We quantify the amount of spatial misallocation of labor across US cities and its aggregate costs. Misallocation arises because high productivity cities like New York and the San Francisco Bay Area have adopted stringent restrictions to new housing supply, effectively limiting the number of workers who have access to such high productivity. Using a spatial equilibrium model and data from 220 metropolitan areas we find that these constraints lowered aggregate US growth by 36 percent from 1964 t...
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作者：Bilbiie, Florin O.; Ghironi, Fabio; Melitz, Marc J.
作者单位：University of Lausanne; University of Washington; University of Washington Seattle; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Harvard University; National Bureau of Economic Research
摘要：The inefficiencies related to endogenous product creation and variety under monopolistic competition are-two-fold: one static-the misalignment between consumers and producers regarding the value of a new variety; and one dynamic-time variation in markups. When production factors (labor and physical capital) are elastic and traded in competitive markets, further distortions appear. Appropriate taxation schemes can restore optimality if they preserve entry incentives. Quantitatively, the welfare...
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作者：Cavallino, Paolo
作者单位：Bank for International Settlements (BIS)
摘要：I consider a small open economy model where international financial markets are imperfect and the exchange rate is determined by capital flows. I use this framework to study the effects of portfolio flow shocks, derive the optimal foreign exchange intervention policy, and characterize its interaction with monetary policy. I derive the optimal intervention rule in closed form as a function of three implicit targets. Finally, using Swiss data, I estimate the model to quantify the inefficiencies ...
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作者：Bjorklund, Maria; Carlsson, Mikael; Skans, Oskar Nordstrom
作者单位：Uppsala University; Sveriges Riksbank
摘要：We study the importance of wage rigidities for the monetary policy transmission mechanism. Using uniquely rich micro data on Swedish wage negotiations, we isolate periods when the labor market is covered by fixed-wage contracts. Importantly, negotiations are coordinated in time but their seasonal patterns are far from deterministic. Using a two-regime VAR model, we document that monetary policy shocks have a larger impact on production during fixed-wage episodes as compared to the average resp...
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作者：Flaaen, Aaron; Shapiro, Matthew D.; Sorkin, Isaac
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Michigan System; University of Michigan; National Bureau of Economic Research; Stanford University
摘要：Prior literature has established that displaced workers suffer persistent earnings losses by following workers in administrative data after mass layoffs. This literature assumes that these are involuntary separations owing to economic distress. This paper examines this assumption by matching survey data on worker-supplied reasons for separations with administrative data. Workers exhibit substantially different earnings dynamics in mass layoffs depending on the reason for separation. Using a ne...
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作者：Ueda, Kozo; Watanabe, Kota; Watanabe, Tsutomu
作者单位：Waseda University; University of Tokyo; University of Tokyo
摘要：This paper evaluates the effects of product turnover on a welfare-based cost-of-living index by incorporating the quality effect and the fashion effect. Employing scanner data for Japan for the years 1988-2013, we find that (i) the price and quantity of a new product tend to be higher than those of its predecessor at its exit; (ii) a considerable fashion effect exists for the entire sample period, while the quality effect is declining over time; and (iii) the discrepancy between the cost-of-li...
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作者：Andrade, Philippe; Gaballo, Gaetano; Mengus, Eric; Mojon, Benoit
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston; European Central Bank; Bank of France; Paris School of Economics; Centre for Economic Policy Research - UK; Hautes Etudes Commerciales (HEC) Paris; Bank for International Settlements (BIS)
摘要：Central banks' announcements that rates are expected to remain low could signal either a weak macroeconomic outlook, which would slow expenditures, or a more accommodative stance, which may stimulate economic activity. We use the Survey of Professional Forecasters to show that, when the Fed gave guidance between 2011:III and 2012:IV, these two interpretations coexisted despite a consensus on low expected rates. We rationalize these facts in a New-Keynesian model where heterogeneous beliefs int...
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作者：Karadi, Peter; Reiff, Adam
作者单位：European Central Bank; Center for Economic & Policy Research (CEPR)
摘要：We document that the aggregate price level responds flexibly and asymmetrically to large positive and negative value-added tax changes. We present a price-setting model with menu costs, trend inflation, and fat-tailed product-level shocks that is consistent with these observations. The model predicts a flexible price-level response to standard monetary policy shocks because it anticipates a large number of firms on the verge of price adjustment and far from their optimal prices when the shock ...
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作者：Monge-Naranjo, Alexander; Sanchez, Juan M.; Santaeulalia-Llopis, Raul
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Washington University (WUSTL); Barcelona School of Economics
摘要：Are production factors allocated efficiently across countries? To differentiate misallocation from factor intensity differences, we provide a new methodology to estimate output shares of natural resources based solely on current rent flows data. With this methodology, we construct a new dataset of estimates for the output shares of natural resources for a large panel of countries. In sharp contrast with Caselli and Feyrer (2007), we find a significant and persistent degree of misallocation of ...
