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作者：Gilmore, Stephen; Hayashi, Fumio
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作者：Kapicka, Marek
作者单位：University of California System; University of California Santa Barbara
摘要：I construct measures of technology capital and country openness for the US economy and the rest of the world for 1982-2007. The key identifying assumption is that firms equalize returns on tangible and technology capital. For the US economy, technology capital is about one-third of tangible capital, and the degree of openness is between 0.61 and 0.70. I provide both a two-country estimation and a multicountry estimation, and find that the US estimates are almost identical in both cases. The we...
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作者：Coenen, Guenter; Erceg, Christopher J.; Freedman, Charles; Furceri, Davide; Kumhof, Michael; Lalonde, Rene; Laxton, Douglas; Linde, Jesper; Mourougane, Annabelle; Muir, Dirk; Mursula, Susanna; de Resende, Carlos; Roberts, John; Roeger, Werner; Snudden, Stephen; Trabandt, Mathias; Veld, Jan In't
作者单位：European Central Bank; Federal Reserve System - USA; Federal Reserve System Board of Governors; Carleton University; University of Palermo; International Monetary Fund; Bank of Canada; Organisation for Economic Co-operation & Development (OECD)
摘要：The paper subjects seven structural DSGE models, all used heavily by policymaking institutions, to discretionary fiscal stimulus shocks using seven different fiscal instruments, and compares the results to those of two prominent academic DSGE models. There is considerable agreement across models on both the absolute and relative sizes of different types of fiscal multipliers. The size of many multipliers is large, particularly for spending and targeted transfers. Fiscal policy is most effectiv...
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作者：Sevcik, Pavel
作者单位：University of Quebec; University of Quebec Montreal
摘要：This paper studies the joint dynamics of investor protection and economic development in a political economy model with capital accumulation and occupational choice. Less investor protection implies higher costs of external financing for entrepreneurs. This excludes poorer agents from entrepreneurship, increasing the profits of the remaining entrepreneurs. The main determinants of investor protection policy preferences are the agent's net worth and the expected return from entrepreneurship. Wh...
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作者：Coibion, Olivier
作者单位：William & Mary; National Bureau of Economic Research
摘要：This paper studies the small estimated effects of monetary policy shocks from standard VARs versus the large effects from the Romer and Romer (2004) approach. The differences are driven by three factors: the different contractionary impetus, the period of reserves targeting, and lag length selection. Accounting for these factors, the real effects of policy shocks are consistent across approaches and most likely medium. Alternative monetary policy shock measures from estimated Taylor rules also...
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作者：Acharya, Viral V.; Gromb, Denis; Yorulmazer, Tanju
作者单位：New York University; National Bureau of Economic Research; INSEAD Business School; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We study interbank lending and asset sales markets in which banks with surplus liquidity have market power vis-a-vis banks needing liquidity, frictions arise in lending due to moral hazard, and assets are bank-specific. Surplus banks ration lending and instead purchase assets from needy banks, an inefficiency more acute during financial crises. A central bank acting as a lender-of-last-resort can ameliorate this inefficiency provided it is prepared to extend potentially loss-making loans or is...
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作者：Kashyap, Anil K.; Stein, Jeremy C.
作者单位：University of Chicago; National Bureau of Economic Research; Harvard University
摘要：In a world with interest on reserves, the central bank has two distinct tools that it can use to raise the short-term policy rate: it can either increase the interest it pays on reserve balances, or it can reduce the quantity of reserves in the system. We argue that by using both of these tools together, and by broadening the scope of reserve requirements, the central bank can simultaneously pursue two objectives: it can manage the inflation-output tradeoff using a Taylor-type rule, and it can...
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作者：Fujita, Shigeru; Ramey, Garey
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of California System; University of California San Diego
摘要：This paper assesses how various approaches to modeling the separation margin affect the quantitative ability of the Mortensen-Pissarides labor matching model. The model with a constant separation rate fails to produce realistic volatility and productivity responsiveness of the separation rate and worker flows. The specification with endogenous separation succeeds along these dimensions. Allowing for on-the-job search enables the model to replicate the Beveridge curve. All specifications, howev...
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作者：Dell, Melissa; Jones, Benjamin F.; Olken, Benjamin A.
作者单位：Massachusetts Institute of Technology (MIT); Northwestern University
摘要：This paper uses historical fluctuations in temperature within countries to identify its effects on aggregate economic outcomes. We find three primary results. First, higher temperatures substantially reduce economic growth in poor countries. Second, higher temperatures may reduce growth rates, not just the level of output. Third, higher temperatures have wide-ranging effects, reducing agricultural output, industrial output, and political stability. These findings inform debates over climate's ...
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作者：Le Bihan, Herve; Montornes, Jeremi; Heckel, Thomas
作者单位：BNP Paribas
摘要：Using an original micro-dataset from France, we investigate nominal wage stickiness. Nominal wage changes are found to occur at a quarterly frequency of around 38 percent over our sample period, and to be to a large extent staggered across establishments, and very synchronized within establishments. We carry out an econometric analysis of wage changes based on a two-threshold sample selection model. Our results are that the timing of wage adjustments is time-dependent as opposed to state-depen...
