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作者：Eden, Maya
作者单位：The World Bank
摘要：This paper highlights a pecuniary externality that results in excessive financing costs. Firms borrow to finance purchases of an inelastically supplied input, bidding up its price. Since higher input prices necessitate more debt obligations, this leads to an increase in intermediation costs. A quantitative interpretation of the model suggests that it is optimal to tax financial intermediation by increasing the borrowing rate by 3 percentage points.
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作者：Ranciere, Romain; Tornell, Aaron
作者单位：Paris School of Economics; University of California System; University of California Los Angeles
摘要：Financial liberalization increases growth, but leads to more crises and costly bailouts. We present a two-sector model in which liberalization, by allowing debt-denomination mismatch, relaxes borrowing limits in the financially constrained sector, but endogenously generates crisis risk. When regulation restricts external financing to standard debt, liberalization preserves financial discipline and may increase allocative efficiency, growth, and consumption possibilities. By contrast, under unf...
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作者：Slavtchev, Viktor; Wiederhold, Simon
作者单位：Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Leibniz Association; Ifo Institut
摘要：Governments purchase everything from airplanes to zucchini. This paper investigates the role of the technological content of government procurement in innovation. In a theoretical model, we first show that a shift in the composition of public purchases toward high-tech products translates into higher economy-wide returns to innovation, leading to an increase in the aggregate level of private R&D. Using unique data on federal procurement in US states and performing panel fixed-effects estimatio...
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作者：Hattori, Masazumi; Schrimpf, Andreas; Sushko, Vladyslav
作者单位：Hitotsubashi University; Bank for International Settlements (BIS)
摘要：We examine the impact of unconventional monetary policy (UMP) on stock market tail risk and risks of extreme interest rate movements. We find that UMP announcements substantially reduced option-implied equity market tail risks and interest rate risks. Most of the impact derives from forward guidance rather than asset purchase announcements. Communication about the future path of policy rates reduced volatility expectations of long-term rates and the associated risk premia. The reaction of equi...
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作者：Karabarbounis, Marios
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：This paper characterizes optimal labor income taxes that depend on age, household assets, and filing status (one or two earners) within a life-cycle model with heterogeneous, two-member households. The key innovation is a labor supply elasticity that varies endogenously among households. I find that tax distortions should be hump shaped in age, decrease in household assets, and be lower for joint relative to single filers. Age and assets act as complements within the optimal tax policy. Overal...
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作者：Hnatkovska, Viktoria; Lahiri, Amartya; Vegh, Carlos A.
作者单位：University of British Columbia; Johns Hopkins University
摘要：We present a new data fact: in response to a monetary tightening, the domestic currency tends to appreciate in developed countries but depreciate in developing countries. A model is developed to rationalize this contrasting pattern. It has three key channels of monetary transmission: a liquidity demand channel, a fiscal channel, and an output channel. The paper shows that a calibrated version of the model can explain the contrast between developed and developing countries. Using counterfactual...
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作者：Knittel, Christopher R.; Pindyck, Robert S.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：The price of crude oil never exceeded $40 per barrel until mid-2004. By July 2008 it peaked at $145 and by late 2008 it fell to $30 before increasing to $110 in 2011. Are speculators partly to blame for these price changes? Using a simple model of supply and demand in the cash and storage markets, we determine whether speculation is consistent with data on production, inventory changes, and convenience yields. We focus on crude oil, but our approach can be applied to other commodities. We show...
