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作者：Benhabib, Jess; Szoke, Balint
作者单位：New York University
摘要：We generalize recent results of Bassetto and Benhabib (2006) and Straub and Werning (2019) in a neoclassical model with endogenous labor-leisure choice where all agents are allowed to save and accumulate capital. We provide a sufficient condition under which optimal redistributive capital taxes remain at their allowed upper bound forever, even if the resulting equilibrium trajectory converges to a unique steady state with positive and finite consumption, capital, and labor. We then provide an ...
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作者：Basso, Henrique S.; Rachedi, Omar
作者单位：Banco de Espana; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：We document that government spending multipliers depend on the population age structure. Using the variation in military spending and birth rates across US states, we show that the local fiscal multiplier is 1.5 and increases with the population share of young people, implying multipliers of 1.1-1.9 in the -interquartile range. A parsimonious -life cycle -open economy New Keynesian model with credit market imperfections and -age-specific differences in labor supply and demand explains 87 perce...
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作者：Coibion, Olivier; Gorodnichenko, Yuriy; Koustas, Dmitri
作者单位：University of Texas System; University of Texas Austin; University of California System; University of California Berkeley; University of Chicago
摘要：We document a decline in the frequency of shopping trips in the United States since 1980 and consider its implications for the measurement of consumption inequality. A decline in shopping frequency as households stock up on storable goods (i.e., inventory behavior) will lead to a rise in expenditure inequality when the latter is measured at high frequency, even when underlying consumption inequality is unchanged. We find that most of the recently documented rise in expenditure inequality in th...
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作者：Iachan, Felipe S.; Nenov, Plamen T.; Simsek, Alp
作者单位：Getulio Vargas Foundation; BI Norwegian Business School; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Financial innovation in recent decades has expanded portfolio choice. We investigate how greater choice affects investors' savings and asset returns. We establish a choice channel by which greater portfolio choice increases investors' savings-by enabling them to earn the aggregate risk premium or take speculative positions. In equilibrium, portfolio customization (access to risky assets beyond the market portfolio) reduces the risk-free rate. Participation (access to the market portfolio) redu...
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作者：Akcigit, Ufuk; Ates, Sina T.
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：In this paper, we review the literature on declining business dynamism and its implications in the United States and propose a unifying theory to analyze the symptoms and the potential causes of this decline. We first highlight 10 pronounced stylized facts related to declining business dynamism documented in the literature and discuss some of the existing attempts to explain them. We then describe a theoretical framework of endogenous markups, innovation, and competition that can potentially s...
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作者：Ates, Sina T.; Saffie, Felipe E.
作者单位：University of Virginia
摘要：We develop a tractable quantitative framework to study the productivity effects of financial crises. The model features endogenous productivity, heterogeneous firm dynamics, and aggregate risk. Selection of the most promising ideas gives rise to a trade-off between mass (quantity) and composition (quality) in the entrant cohort. Chilean plant-level data from the sudden stop triggered by the Russian sovereign default in 1998 confirm the model's main mechanism, as firms born during the credit sh...
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作者：Choi, Michael; Rocheteau, Guillaume
作者单位：University of California System; University of California Irvine; Universite Paris-Pantheon-Assas
摘要：We develop a -random-matching model to study the price dynamics of monies produced privately according to a time-consuming mining technology. For our leading example, there exists a unique equilibrium where the value of money increases over time and reaches a steady state. There is also a continuum of -perfect-foresight equilibria where the price of money inflates and bursts gradually over time. Initially, money is held for a speculative motive, but it acquires a transactional role as it becom...
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作者：Brueggemann, Bettina
作者单位：McMaster University
摘要：This paper computes optimal top marginal tax rates in -BewleyHuggett-Aiyagari-type economies that include entrepreneurs. Consistent with the data, entrepreneurs are -overrepresented at the top of the income distribution and are thus disproportionately affected by an increase in the top marginal income tax rate. The top marginal tax rate that maximizes welfare is 60 percent. While average welfare gains are positive and similar across occupations along the transition, they are larger for entrepr...
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作者：Cavenaile, Laurent; Roldan-Blanco, Pau
作者单位：University of Toronto; University Toronto Scarborough; University of Toronto; Banco de Espana
摘要：This paper analyzes the implications of advertising for firm dynamics and economic growth through its interaction with R&D. We develop a model of endogenous growth with firm heterogeneity that incorporates advertising decisions and calibrate it to match several empirical regularities across firm size. Our model provides micro-foundations for the empirically observed negative relationship between both firm R&D intensity and growth and firm size. In the calibrated model, about half of the deviat...
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作者：Miranda-Agrippino, Silvia; Ricco, Giovanni
作者单位：Bank of England; Centre for Economic Policy Research - UK; University of Warwick
摘要：Commonly used instruments for the identification of monetary policy disturbances are likely to combine the true policy shock with information about the state of the economy due to the information disclosed through the policy action. We show that this signaling effect of monetary policy can give rise to the empirical puzzles reported in the literature, and propose a new-high-frequency instrument for monetary policy shocks that accounts for informational rigidities. We find that a monetary tight...
