-
作者：Onder, Yasin Kursat; Restrepo-Tamayo, Sara; Ruiz-Sanchez, Maria Alejandra; Villamizar-Villegas, Mauricio
作者单位：Ghent University; Universidad del Rosario; Banco de la Republica Colombia
摘要：We investigate the impact of fiscal expansions on firm investment by exploiting firms with multiple banking relationships. Further, we conduct a localized approach and compare the lending behavior of banks that barely met and missed the criteria of being a primary dealer, as well as barely winners and losers at government auctions. Our results indicate that a 1 percentage point increase in primary dealer banks' bonds -to -assets ratio decreases loans by 0.2 percent, which leads to declines in ...
-
作者：Beaudry, Paul; Hou, Chenyu; Portier, Franck
作者单位：University of British Columbia; The Chinese University of Hong Kong, Shenzhen; University of London; University College London; Center for Economic & Policy Research (CEPR)
摘要：This paper highlights how the presence of a monetary policy cost channel can offer new insights into the relation between monetary policy and inflation when the Phillips curve is quite flat. For instance, we highlight a key condition whereby lax monetary policy can push the economy to a low -inflation trap, and we discuss how, under the same condition, standard policy rules targeting inflation may need to be modified. In the empirical part of the paper, we explore the relevance of the conditio...
-
作者：Boberg-Fazlic, Nina; Sharp, Paul
作者单位：Dortmund University of Technology; University of Southern Denmark
摘要：Despite the growing literature on the impact of immigration, little is known about the role existing migrant settlements can play for knowledge transmission and the location of industry. We present a case that can illustrate this important mechanism and hypothesize that nineteenth-century Danish American communities helped spread knowledge on modern dairying to rural America. From around 1880 Denmark developed rapidly, and by 1890 it was a world -leading dairy producer. Using a difference -in ...
-
作者：Gorn, Alexey; Trigari, Antonella
作者单位：University of Liverpool; Bocconi University; Center for Economic & Policy Research (CEPR); Bocconi University
摘要：We study the stabilizing role of benefit extensions. We develop a tractable quantitative model with heterogeneous agents, search frictions, and nominal rigidities. The model allows for a stabilizing aggregate demand channel and a destabilizing labor market channel. We characterize each channel analytically and find that aggregate demand effects quantitatively prevail in the United States. When feeding in estimated shocks, the model tracks unemployment in the two most recent downturns. We find ...
-
作者：Melcangi, Davide
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Can the macroeconomic effects of credit supply shocks be large even when a small share of firms is credit constrained? I use UK firm -level accounting data to discipline a heterogeneous -firm model where the interaction between real and financial frictions induces precautionary cash holdings. In the data, firms increased their cash ratios during the Great Recession, and cash -intensive firms displayed higher employment growth. A tightening of firms'credit conditions generates the same dynamics...
-
作者：Micco, Alejandro; Munoz, Pablo
作者单位：Universidad de Chile; Universidad de Chile; Getulio Vargas Foundation
摘要：We study the impact of a reform that extended employment protection to temporary agency workers. Using a difference -in -difference research design, we show that plants more exposed to the regulation experienced a decrease in revenues and total employment, and that the latter effect was attenuated in industries with high elasticity of substitution between agency and nonagency workers. We also find that labor misallocation increased as a consequence of the regulation. A model of labor demand in...
-
作者：Paz-Pardo, Gonzalo
作者单位：European Central Bank
摘要：Earnings are riskier and more unequal for households born in the 1960s and 1980s than for those born in the 1940s. Despite improvements in financial conditions, younger generations are less likely to be living in their own homes than older generations at the same age. By using a life cycle model with housing and portfolio choice that includes flexible earnings risk and aggregate asset price risk, I show that changes in earnings dynamics account for a large part of the reduction in homeownershi...
-
作者：Ehrlich, Gabriel; Montes, Joshua
作者单位：University of Michigan System; University of Michigan; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper examines the relationship between downward nominal wage rigidity and employment outcomes using linked employer -employee data. Wage rigidity prevents 27.1 percent of counterfactual wage cuts, with a standard deviation of 19.2 percent across establishments. An establishment with the sample -average level of wage rigidity is predicted to have a 3.3 percentage point higher layoff rate, a 7.4 percentage point lower quit rate, and a 2.0 percentage point lower hire rate. Estimating a stru...
-
作者：Malmendier, Ulrike; Shen, Leslie Sheng
作者单位：University of California System; University of California Berkeley
摘要：We show that prior lifetime experiences can scar consumers. Consumers who have lived through times of unemployment exhibit persistent pessimism about their future financial situation and spend significantly less years later , controlling for income , employment , and other life -cycle consumption factors. Due to their experience -induced frugality , scarred consumers build up more wealth. We use a stochastic life -cycle model to show that financial constraints and traditional models of income ...
-
作者：Lemoine, Derek
作者单位：University of Arizona
摘要：Generalizing models of directed technical change, I show that complementarities between innovations and factors of production (here, energy resources) can drive transitions away from a dominant sector. In a calibrated numerical implementation, the economy gradually transitions energy supply from coal to gas and then to renewable energy, even in the absence of policy. The welfare -maximizing tax on carbon emissions is J -shaped, immediately redirects most research to renewables, and rapidly tra...
