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作者：Giannetti, Mariassunta; Simonov, Andrei
作者单位：Stockholm School of Economics; Michigan State University; Michigan State University's Broad College of Business
摘要：Exploiting the Japanese banking crisis of the 1990s as a laboratory, we investigate the effects of bank bailouts on the supply of credit and the performance of banks' clients. Our findings indicate that the size of capital injections relative to the initial financial condition of banks is crucial for the success of bank bailouts. Capital injections that are large enough to reestablish bank capital requirements increase the supply of credit and spur investment. In contrast, not only do capital ...
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作者：Giuliano, Paola; Mishra, Prachi; Spilimbergo, Antonio
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; International Monetary Fund
摘要：Empirical evidence on the relationship between democracy and economic reforms is limited to few reforms, countries, and years. This paper studies the effect of democracy on the adoption of economic reforms using a new dataset on reforms in the financial, capital and banking sectors, product markets, agriculture, and trade for 150 countries over the period 1960-2004. Democracy has a positive and significant impact on the adoption of economic reforms, but there is scarce evidence that economic r...
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作者：Bacchetta, Philippe; Benhima, Kenza; Kalantzis, Yannick
作者单位：University of Lausanne; European Central Bank; Bank of France
摘要：Motivated by the Chinese experience, we analyze an economy where the central bank has access to international capital markets, but the private sector does not. The central bank is modeled as a Ramsey planner who can choose the domestic interest rate and the level of international reserves. Consumers are credit-constrained as in Woodford (1990). We find that a rapidly growing economy has a higher welfare without capital mobility. In the Chinese context, we argue that the domestic interest rate ...
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作者：Bachmann, Ruediger; Elstner, Steffen; Sims, Eric R.
作者单位：RWTH Aachen University; National Bureau of Economic Research; Leibniz Association; Ifo Institut; University of Notre Dame; National Bureau of Economic Research
摘要：This paper uses survey expectations data to construct empirical proxies for time-varying business-level uncertainty. Access to the micro data from the German IFO Business Climate Survey permits construction of uncertainty measures based on both ex ante disagreement and ex post forecast errors. Ex ante disagreement is strongly correlated with dispersion in ex post forecast errors. Surprise movements in either measure lead to significant reductions in production that abate fairly quickly. We ext...
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作者：Benhima, Kenza; Massenot, Baptiste
作者单位：University of Lausanne
摘要：Fear of risk provides a rationale for protracted economic downturns. We develop a real business cycle model where investors with decreasing relative risk aversion choose between a risky and a safe technology that exhibit decreasing returns. Because of a feedback effect from the interest rate to risk aversion, two equilibria can emerge: a standard equilibrium and a safe one in which investors invest in safer assets. We refer to the dynamics of this second equilibrium as a safety trap because it...
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作者：Bachmann, Ruediger; Caballero, Ricardo J.; Engel, Eduardo M. R. A.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Universidad de Chile
摘要：The sensitivity of US aggregate investment to shocks is procyclical. The response upon impact increases by approximately 50 percent from the trough to the peak of the business cycle. This feature of the data follows naturally from a DSGE model with lumpy microeconomic capital adjustment. Beyond explaining this specific time variation, our model and evidence provide a counterexample to the claim that microeconomic investment lumpiness is inconsequential for macroeconomic analysis.
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作者：Broer, Tobias
作者单位：Stockholm University
摘要：This paper shows how two standard models of consumption-risk-sharing-self-insurance through borrowing and saving and limited commitment to insurance contracts-replicate similarly well the standard, second-moment measures of insurance observed in US micro data. A nonparametric analysis, however, reveals strongly contrasting and counterfactual joint distributions of consumption, income and wealth. Method of moments estimation shows how measurement error in consumption eliminates excessive skewne...
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作者：Nakamura, Emi; Steinsson, Jon; Barro, Robert; Ursua, Jose
作者单位：Columbia University; Columbia University; Harvard University
摘要：We estimate an empirical model of consumption disasters using new data on consumption for 24 countries over more than 100 years, and study its implications for asset prices. The model allows for partial recoveries after disasters that unfold over multiple years. We find that roughly half of the drop in consumption due to disasters is subsequently reversed. Our model generates a sizable equity premium from disaster risk, but one that is substantially smaller than in simpler models. It implies t...
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作者：Ragan, Kelly S.
作者单位：Stockholm School of Economics
摘要：Time use data on work and leisure is presented for a broad group of OECD countries. The home production model explicitly accounts for taxes and public expenditures on day care and elder care, substitutes for work households perform at home. Taxes are important for matching time use patterns in Canada, the UK, and continental Europe, but cannot explain the high levels of market work and low levels of home work observed in Scandinavia. Subsidies of services like day care that substitute for home...
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作者：Cook, David; Devereux, Michael B.
作者单位：Hong Kong University of Science & Technology; University of British Columbia
摘要：This paper analyzes optimal policy responses to a global liquidity trap. The key feature of this environment is that relative prices respond perversely. A fall in demand in one country causes an appreciation of its terms of trade, exacerbating the initial shock. At the zero bound, this country cannot counter this shock. Then it may be optimal for the partner country to raise interest rates. The partner may set a positive policy interest rate, even though its natural interest rate is below zero...
