-
作者：de Blas, Beatriz; Russ, Katheryn N.
作者单位：Autonomous University of Madrid; University of California System; University of California Davis; National Bureau of Economic Research
摘要：This paper presents a new model of Bertrand competition between heterogeneous firms in the open economy where the macroeconomic distribution of markups responds to the degree of trade openness and the underlying level of technology in each trading partner. The model's simple closed-form distributions for markups and pricing yield predictions that coincide with a number of stylized facts from the empirical literature on markups, pass-through, and trade openness which previously could be illustr...
-
作者：Araujo, Aloisio; Schommer, Susan; Woodford, Michael
作者单位：Getulio Vargas Foundation; Instituto Nacional de Matematica Pura e Aplicada (IMPA); Columbia University
摘要：We consider the effects of central bank purchases of a risky asset as an additional dimension of policy alongside conventional interest rate policy in a general-equilibrium model of asset pricing with endogenous collateral constraints. The effects of asset purchases depend on the way that they affect collateral constraints. We show that under some circumstances, central bank purchases relax financial constraints, increase aggregate demand, and may even achieve a Pareto improvement; but in othe...
-
作者：Moro, Alessio
作者单位：University of Cagliari
摘要：I construct a two-sector general equilibrium model of structural change to study the impact of sectoral composition of gross domestic product (GDP)on cross-country differences in GDP growth and volatility. For an empirically relevant parametrization of sectoral production functions, an increase in the share of services in GDP reduces both aggregate total factor productivity (TFP) growth and volatility, thus reducing GDP growth and volatility. When the model is calibrated to the US manufacturin...
-
作者：Christiano, Lawrence J.; Eichenbaum, Martin S.; Trabandt, Mathias
作者单位：Northwestern University; Federal Reserve System - USA
摘要：We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions. We reach this conclusion by looking through the lens of an estimated New Keynesian model in which firms face moderate degrees of price rigidities, no nominal rigidities in wages, and a binding zero lower bound constraint on the nominal interest rate. Our model does a good job of accounting for the joint behavior of labor and goods markets, as well as inflatio...
-
作者：Connolly, Michelle; Yi, Kei-Mu
作者单位：Duke University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper assesses the importance of trade policy reforms in South Korea, as well as the General Agreement on Tariffs and Trade (GATT) tariff reductions, in explaining Korea's growth miracle. We develop a model of neoclassical growth and trade in which lower tariffs lead to increased gross domestic product (GDP) per worker via comparative advantage and specialization, and capital accumulation. We calibrate the model and simulate the tariff reductions that occurred between early 1962 and 1989....
-
作者：Burstein, Ariel; Cravino, Javier
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; University of Michigan System; University of Michigan
摘要：We examine the implications of workhorse trade models for how aggregate productivity, real GDP and real consumption, as measured by statistical agencies, respond to changes in trade costs. In a range of models, changes in measured productivity are equal to the inverse of an export-share weighted average of changes in variable trade costs incurred domestically. Under certain conditions, despite the multiple biases in the CPI, measured real consumption captures the first-order effects of changes...
-
作者：Song, Zheng; Storesletten, Kjetil; Wang, Yikai; Zilibotti, Fabrizio
作者单位：University of Chicago; University of Oslo; University of Zurich
摘要：We analyze intergenerational redistribution in emerging economies with the aid of an overlapping generations model with endogenous labor supply. Growth is initially high but declines over time. A version of the model calibrated to China is used to analyze the welfare effects of alternative pension reforms. Although a reform of the current system is necessary to achieve financial sustainability, delaying its implementation implies large welfare gains for the (poorer) current generations, imposi...
-
作者：Lansing, Kevin J.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：This paper develops a production-based asset pricing model with two types of agents and concentrated ownership of physical capital. A temporary but persistent distribution shock causes the income share of capital owners to fluctuate in a procyclical manner, consistent with US data. The concentrated ownership model significantly magnifies the equity risk premium relative to a representative-agent model because the capital owners' consumption is more-strongly linked to volatile dividends from eq...
-
作者：Ellison, Martin; Sargent, Thomas J.
作者单位：University of Oxford; New York University
摘要：The welfare cost of random consumption fluctuations is known from De Santis (2007) to be increasing in the level of uninsured idiosyncratic consumption risk. It is known from Barillas, Hansen, and Sargent (2009) to increase if agents care about robustness to model misspecification. We calculate the cost of business cycles in an economy where agents face idiosyncratic consumption risk and fear model misspecification, finding that idiosyncratic risk has a greater impact on the cost of business c...
-
作者：Aghion, Philippe; Cai, Jing; Dewatripont, Mathias; Du, Luosha; Harrison, Ann; Legros, Patrick
作者单位：Harvard University; National Bureau of Economic Research; University of Michigan System; University of Michigan; Universite Libre de Bruxelles; University of Pennsylvania
摘要：Using a comprehensive dataset of all medium and large enterprises in China between 1998 and 2007, we show that industrial policies allocated to competitive sectors or that foster competition in a sector increase productivity growth. We measure competition using the Lerner Index and include as industrial policies subsidies tax holidays, loans, and tariffs. Measures to foster competition include policies that are more dispersed across firms in a sector or measures that encourage younger and more...
