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作者：Carlstrom, Charles T.; Fuerst, Timothy S.; Paustian, Matthias
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Notre Dame; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper derives the optimal lending contract in the financial accelerator model of Bernanke, Gertler, and Gilchrist (1999), henceforth, BGG. The optimal contract includes indexation to the aggregate return on capital, household consumption, and the return to internal funds. This triple indexation results in a dampening of fluctuations in leverage and the risk premium. Hence, compared with the contract originally imposed by BGG, the privately optimal contract implies essentially no financial...
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作者：Alder, Simeon D.
作者单位：University of Notre Dame
摘要：I explore mismatch between firms and their managers as a source of variation in aggregate output and total factor productivity (TFP). The model is calibrated to match observations on the size distribution of US manufacturing firms, managerial compensation, and aggregate moments in the national accounts. Quantitatively, small deviations from assortative matching can have sizeable effects on output and TFP. Cronyism, where managerial positions are allocated by status rather than talent, imposes ...
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作者：Greenwood, Jeremy; Guner, Nezih; Kocharkov, Georgi; Santos, Cezar
作者单位：University of Pennsylvania; Autonomous University of Barcelona; ICREA; Autonomous University of Barcelona; University of Konstanz
摘要：Marriage has declined since 1960, with the drop being more significant for noncollege-educated individuals versus college-educated ones. Divorce has increased, more so for the noncollege-educated. Additionally, positive assortative mating has risen. Income inequality among households has also widened. A unified model of marriage, divorce, educational attainment, and married female labor-force participation is developed and estimated to fit the postwar US data. Two underlying driving forces are...
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作者：Decker, Ryan A.; D'Erasmo, Pablo N.; Boedo, Hernan Moscoso
作者单位：Federal Reserve System - USA; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University System of Ohio; University of Cincinnati
摘要：We propose a theory of endogenous firm-level risk over the business cycle based on endogenous market exposure. Firms that reach a larger number of markets diversify market-specific demand shocks at a cost. The model is driven only by total factor productivity shocks and captures the observed countercyclity of firm-level risk. Using a panel of US firms we show that, consistent with our theoretical model, measures of market reach are procyclical, and the counter-cyclicality of firm-level risk is...
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作者：Fostel, Ana; Geanakoplos, John
作者单位：University of Virginia; Yale University; The Santa Fe Institute
摘要：Financial innovations that change how promises are collateralized affect prices and investment, even in the absence of any change in fundamentals. In C-models, the ability to leverage an asset always generates overinvestment compared to Arrow-Debreu. Credit Default Swaps always leads to underinvestment with respect to Arrow-Debreu, and in some cases even robustly destroy competitive equilibrium. The need for collateral would seem to cause underinvestment. Our analysis illustrates a countervail...
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作者：Magnani, Jacopo; Gorry, Aspen; Oprea, Ryan
作者单位：Purdue University System; Purdue University; Utah System of Higher Education; Utah State University; University of California System; University of California Santa Barbara
摘要：Flow earnings in a laboratory experiment decline the further a Brownian state variable, z, evolves from its optimal level, z*. Optimal state dependent models predict subjects will pay a fixed cost to return z to z* only when z strays outside a critical inaction region around the optimum. On average, subjects adjust at states remarkably close to optimal threshold levels but, as in the field, do not establish true state dependent inaction regions, suggesting significant time dependent components...
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作者：Gaballo, Gaetano
作者单位：European Central Bank; Bank of France
摘要：This paper studies the social value of information about the future. In a stylized OLG model, agents need to forecast the future price level, they observe the current price and perceive with idiosyncratic noise the expectation announced by a more informed authority. When forward guidance communication is loose, the market becomes a main source of information about the future. Reliance on market information amplifies the impact of shocks on prices, which increases ex ante uncertainty and worsen...
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作者：Schroth, Josef
作者单位：Bank of Canada
摘要：This paper studies a dynamic production economy with financial intermediation. It is assumed that claims held on intermediaries cannot be fully enforced such that intermediation is subject to intermediary equity requirements. It is shown that competitive equilibria are not constrained efficient whenever the aggregate amount of intermediary equity in the economy is low enough to limit production. Specifically, a constrained social planner can achieve a Pareto improvement by creating long-term r...
