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作者：Ampudi, Miguel; Cooper, Russell; Le Blanc, Julia; Zhu, Guozhong
作者单位：European Central Bank; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; European University Institute; National Bureau of Economic Research; European Commission Joint Research Centre; EC JRC ISPRA Site; University of Alberta
摘要：This paper studies how household financial choices affect the impact of monetary policy on consumption. Based on micro data from four major euro area countries, we estimate key structural parameters using a simulated method of moments approach to match moments related to asset market participation rates, portfolio shares, and wealth-to-income ratios by education and country. The country-spe-cific distributions of marginal propensities to consume(MPCs) out of income and financial wealth are not...
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作者：Mueller, Gernot J.; Wolf, Martin; Hettig, Homas
作者单位：Eberhard Karls University of Tubingen; Leibniz Association; Ifo Institut; University of St Gallen; Centre for Economic Policy Research - UK
摘要：We provide evidence that the delayed overshooting puzzle reflects a slow adjustment of exchange rate expectations to monetary policy shocks rather than a failure of uncovered interest parity. Consistent with this evidence, we put forward a New Keynesian model in which uncovered interest parity holds, but there are information rigidities: investors do not observe monetary policy shocks but learn rationally from unanticipated shifts in monetary policy about the state of the economy. We estimate ...
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作者：Fujita, Shigeru; Moscarini, Giuseppe; Postel-Vinay, Fabien
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Yale University; Yale University; National Bureau of Economic Research; University of London; University College London; University of London; University College London; London School Economics & Political Science
摘要：We revisit measurement of employer-to-employer (EE) transitions in the monthly Current Population Survey. The incidence of missing answers to the question on change of employer sharply increases starting with the introduction of a new software instrument to con-duct interviews in January 2007 and of the Respondent Identification Policy in 2008-2009. We document nonrandom nonresponse selec-tion by observable and unobservable worker characteristics that correlate with EE mobility. We propose a s...
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作者：Guo, Xing
作者单位：Bank of Canada
摘要：I study the transmission of financial shocks using an estimated het-erogeneous firm model. Following a contractionary financial shock,financially constrained firms cut investment, but unconstrained firms increase investment due to the lower capital price and interest rate. After matching the empirical dynamics of prices and the price elasticity of investment, I find a limited role of the unconstrained firms' response in dampening the aggregate investment decline. Nonfinancial capital adjustmen...
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作者：Doepke, Matthias; Gaetani, Ruben
作者单位：University of London; London School Economics & Political Science; Northwestern University; University of Toronto
摘要：Why has the college wage premium risen rapidly in the United States since the 1980s but not in European economies such as Germany? We argue that differences in employment protection can account for much of the gap. We develop a model in which firms and workers make relationship-specific investments in skill accumulation. The incentive to invest is stronger when employment protection creates an expecta-tion of long-lasting matches. We argue that changes in the economic environment have reduced ...
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作者：Jang, Youngsoo; Yum, Minchul
作者单位：University of Queensland; University of Southampton; Centre for Economic Policy Research - UK
摘要：This paper quantitatively investigates the medium- and long-term macroeconomic and distributional consequences of school closures through intergenerational channels. The model economy is a dynas-tic overlapping-generations general equilibrium model in which schools, in the form of public education investments, complement parental investments in producing children's human capital. We find that unexpected school closure shocks have long-lasting adverse effects on macroeconomic aggregates and red...
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作者：Cespede, Luis Felipe; Chang, Roberto
作者单位：Universidad de Chile; Central Bank of Chile; Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research
摘要：We study foreign reserves accumulation and liquidity policy in an open economy under financial stress. Firms and households finance investment and consumption by borrowing from banks, which bor-row from abroad. Binding financial constraints cause the domestic interest rate to rise over the world rate and the exchange rate to depreciate, implying inefficiently low investment and consumption. A role emerges for a central bank that accumulates reserves to provide international liquidity when fina...
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作者：Auerbach, Alan J.; Gorodnichenko, Yuriy; Murphy, Daniel
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Virginia
摘要：How do demand shocks affect the economy? We exploit detailed data on US defense spending to examine a large set of outcome variables in response to well-identified local demand shocks, jointly exam-ining new outcomes (e.g., firm entry and housing rents) and other key macroeconomic outcomes and elasticities that previously have been estimated separately or in settings with weaker identification.We find that government spending crowds in employment, firm entry,private consumption, and labor prod...
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作者：Esfahani, Mehrdad; Fernald, John g.; Hobijn, Bart
作者单位：Arizona State University; Arizona State University-Tempe; INSEAD Business School; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We use a new growth accounting method to quantify the drivers of world total factor productivity (TFP) growth during 1996-2014and uncover four main results. World productivity growth is volatile from year to year. This mainly reflects reallocation of labor across country-industries. The contribution of country-industry level productivity growth to world productivity is relatively constant over time. This constancy masks that the increased importance of emerging economies offsets a productivity...
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作者：Anderson, Gareth; Cesa-Bianchi, Ambrogio
作者单位：International Monetary Fund; Bank of England
摘要：Firms with high leverage experience a more pronounced increase in credit spreads than firms with low leverage in response to a monetary policy tightening. A large fraction of this increase is due to a component of credit spreads that is in excess of firms' expected default risk. A stylized heterogeneous firm model with default risk, financially constrained intermediaries, and segmented financial markets is able to account for these facts. Our findings imply that financial intermediaries play a...
