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作者：Bouakez, Hafedh; Rachedi, Omar; Santoro, Emiliano
作者单位：University of Copenhagen
摘要：We study the effects of aggregate government spending shocks in a production network economy where sectors differ in their price rigidity, factor intensities, use of intermediate inputs, and contribution to final demand. The model implies an aggregate value-added multiplier that is 75 percent (and $0.32) larger than that obtained in the average one-sector economy. This amplification is mainly driven by input-output linkages and -to a lesser extent-sectoral heterogeneity in price rigidity. Aggr...
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作者：Cao, Dan; Luo, Wenlan; Nie, Guangyu
作者单位：Georgetown University; Tsinghua University; Shanghai University of Finance & Economics
摘要：We study the effects of the zero lower bound (ZLB) on the severity of financial crises using an incomplete markets New Keynesian model with two occasionally binding constraints: a ZLB on the nominal interest rate and a borrowing constraint tied to an asset price. The model's financial wedge corresponds to an endogenous multiplier on the borrowing constraint. Binding ZLB exacerbates financial crises through its interaction with the asset fire sale vicious cycle, driving up the financial wedge. ...
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作者：Lambertini, Luisa; Proebsting, Christian
摘要：The hoped-for silver lining of euro-area austerity programs was to raise external competitiveness and improve current accounts. Using product-and industry-level data for 12 countries over the period 1999-2018, we show that reductions in government spending reduce prices and wages but only for products with low import content and industries with low export shares. This leads to asymmetric expen-diture switching, with net exports improving through lower imports rather than higher exports. The st...
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作者：Asturias, Jose; Hur, Sewon; Kehoe, Timothy J.; Ruhl, Kim J.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Wisconsin System; National Bureau of Economic Research
摘要：Applying the Foster, Haltiwanger, and Krizan (2001) decomposition to plant-level manufacturing data from Chile and Korea, we find that the entry and exit of plants account for a larger fraction of aggregate productivity growth during periods of fast GDP growth. To analyze this relationship, we develop a model of firm entry and exit based on Hopenhayn (1992). When we introduce reforms that reduce entry costs or reduce barriers to technology adoption into a calibrated model, we find that the ent...
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作者：Graham, James; Makridis, Christos A.
作者单位：University of Sydney; Arizona State University; Arizona State University-Tempe; Stanford University
摘要：We introduce a novel Bartik-like instrument for house prices con-sisting of the local composition of housing characteristics interacted with aggregate changes in the marginal prices of these character-istics. Using household-level panel data, we estimate elasticities of nondurable consumption expenditures with respect to house prices of around 0.1. These consumption effects are concentrated among the young and those most likely to be facing tight borrowing constraints. A decomposition shows th...
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作者：Moschini, Emily G.
作者单位：William & Mary
摘要：I examine the role of family structure and childcare subsidies in child skill accumulation. I establish empirically that skill accumulation is more responsive to childcare price for one-parent families than for two-parent families. I analyze the effects of childcare subsidies in a model featuring endogenous family formation, parental altruism, and a baseline subsidy resembling that of the United States. I find that eliminating this subsidy generates welfare losses of 1.63 percent of lifetime c...
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作者：Paluszynski, Radoslaw
作者单位：University of Houston System; University of Houston
摘要：The European debt crisis presents a challenge to our understanding of the relationship between government bond yields and economic fundamentals. I argue that information frictions are an important missing element and support that claim with evidence on the evolution of GDP forecast errors after 2008. I build a quantitative model of sovereign default where output features rare disasters and agents learn about their realizations. Debt crises coincide with economic depressions and develop gradual...
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作者：Chahrour, Ryan; Ulbricht, Robert
作者单位：Boston College
摘要：We provide predictions for DSGE models with incomplete informa-tion that are robust across information structures. Our approach maps an incomplete-information model into a full-information econ-omy with time-varying expectation wedges and provides conditions that ensure the wedges are rationalizable by some information struc-ture. Using our approach, we quantify the potential importance of information as a source of business cycle fluctuations in an other-wise frictionless model. Our approach ...
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作者：Rudanko, Leena
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：This paper studies wage setting in a directed search model of multiworker firms facing within-firm equity constraints on wages. The constraints reduce wages, as firms exploit their monopsony power over their existing workers, rendering wages less responsive to productivity in doing so. They also give rise to a time inconsistency in the dynamic firm problem, as firms face a less elastic labor supply in the short run than in the long run, making commitment to future wages valuable. Constrained f...
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作者：Carvalho, Carlos; Eusepi, Stefano; Moench, Emanuel; Preston, Bruce
作者单位：Pontificia Universidade Catolica do Rio de Janeiro; University of Texas System; University of Texas Austin; Deutsche Bundesbank; Goethe University Frankfurt; Centre for Economic Policy Research - UK; University of Melbourne
摘要：We develop a theory of low-frequency movements in inflation expec-tations, and use it to interpret joint dynamics of inflation and infla-tion expectations for the United States and other countries over the postwar period. In our theory, long-run inflation expectations are endogenous. They are driven by short-run inflation surprises, in a way that depends on recent forecasting performance and mone-tary policy. This distinguishes our theory from common explana-tions of low-frequency properties o...
