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作者：Williamson, Stephen D.
作者单位：Western University (University of Western Ontario)
摘要：A model is constructed in which households and banks have incentives to fake the quality of collateral. These incentive problems matter when collateral is scarce in the aggregate-when real interest rates are low. Conventional monetary easing can exacerbate these problems, in that the misrepresentation of collateral becomes more profitable, thus increasing haircuts and interest rate differentials. Central bank purchases of private mortgages may not be feasible, due to the misrepresentation of a...
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作者：Blaum, Joaquin; Lelarge, Claire; Peters, Michael
作者单位：Brown University; Universite Paris Saclay; Center for Economic & Policy Research (CEPR); Yale University; National Bureau of Economic Research
摘要：Firms differ substantially in their participation in foreign input markets. We develop a methodology to measure the aggregate effects of input trade that takes such heterogeneity into account. We provide a theoretical result that holds in a variety of settings: the firm-level data on value added and domestic expenditure shares in material spending is sufficient to compute the change in consumer prices due to a shock to the import environment. We characterize the bias of approaches that rely on...
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作者：Chen, Daphne; Qi, Shi; Schlagenhauf, Don
作者单位：William & Mary; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：A dynamic stochastic occupational choice model with heterogeneous agents is developed to evaluate the impact of a corporate income tax reduction on employment. In this framework, the key margin is the endogenous entrepreneurial choice of the legal form of organization. A reduction in the corporate income tax burden encourages adoption of the C corporation legal form, which reduces capital constraints on firms. Improved capital reallocation increases the overall productive efficiency in the eco...
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作者：Jin, Keyu; Li, Nan
作者单位：University of London; London School Economics & Political Science; International Monetary Fund
摘要：This paper documents new facts about the behavior of capital- and labor-intensive goods over the business cycle and also identifies a mechanism that generates international investment co-movement through shifting compositional changes of production and trade across sectors. Our model's quantitative predictions not only match aggregate and sectoral statistics but also generate empirically plausible sectoral composition effects. Finally, we show that essential segments of the transmission proces...
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作者：Ferrante, Francesco
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：I develop a macroeconomic model in which banks can affect loan quality by exerting costly screening effort. Informational frictions limit the amount of external funds that banks can raise. In this framework, I consider two types of financial intermediation: traditional banking and shadow banking. By pooling different loans, shadow banks achieve a higher endogenous leverage compared to traditional banks, increasing credit availability. However, shadow banks also make the financial sector more f...
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作者：Gillitzer, Christian; Prasad, Nalini
作者单位：University of Sydney; University of New South Wales Sydney
摘要：We seek to identify the causal effect of sentiment innovations on consumption. Using unique Australian consumer sentiment survey data, we show that, immediately after elections with a change of government, supporters of the winning party report substantially more optimistic beliefs about economic conditions than supporters of the losing party. We argue that this variation in beliefs is orthogonal to changes in fundamentals and find robust evidence that the shifts in sentiment affect spending i...
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作者：Bjornland, Hilde C.; Larsen, Vegard H.; Maih, Junior
作者单位：BI Norwegian Business School; Norges Bank; BI Norwegian Business School
摘要：We analyze the role of oil price volatility in reducing US macroeconomic instability. Using a Markov Switching Rational Expectation New Keynesian model we revisit the timing of the Great Moderation and the sources of changes in the volatility of macroeconomic variables. We find that smaller or fewer oil price shocks did not play a major role in explaining the Great Moderation. Instead oil price shocks are recurrent sources of economic fluctuations. The most important factor reducing overall va...
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作者：Santaeulalia-Llopis, Raul; Zheng, Yu
作者单位：Autonomous University of Barcelona; Barcelona School of Economics; Autonomous University of Barcelona; City University of Hong Kong
摘要：We exploit a novel and unique opportunity to document the transmission of income risk to consumption in a growing economy. Our laboratory is China, an economy that has witnessed enormous and sustained growth. We build a long panel of household-level consumption and income data. We find that consumption insurance deteriorates along the growth process with a transmission of permanent income shocks to consumption that at least triples from 1989 to 2009. Although preliminary, our welfare analysis ...
