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作者：Luetticke, Ralph
作者单位：University of London; University College London
摘要：This paper assesses the importance of heterogeneity in household portfolios for the transmission of monetary policy in a New Keynesian business cycle model with uninsurable income risk and assets with different liquidity. In this environment, monetary transmission works through investment, but redistribution lowers the elasticity of investment via two channels: (i) heterogeneity in marginal propensities to invest, and (ii) time variation in the liquidity premium. Monetary contractions redistri...
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作者：Yang, Mu-Jeung
作者单位：Utah System of Higher Education; University of Utah
摘要：How large are the aggregate productivity losses from the misallocation of resources across firms? With endogenous selection, microfrictions can induce extensive margin misallocation among firms: too many unproductive firms are active (Zombies), and too many productive firms are inactive (Shadows). Therefore, the same set of measured distortions potentially induces much larger aggregate productivity losses, as the composition of firms is shifted toward unproductive active firms. I develop and c...
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作者：Qi, Ji; Tang, Xin; Xi, Xican
作者单位：Chinese Academy of Environmental Planning; Wuhan University; International Monetary Fund; Fudan University; Shanghai Institute of International Finance & Economics
摘要：We argue that misallocation across firms amplifies industrial water pollution by distorting the firm size distribution in China. Firm-level data indicate that larger firms are more likely to use clean technology but face higher distortions. In a heterogeneous firms model with an endogenous choice of pollution treatment technologies, we show that distortions that increase with firm-level TFP lower the adoption of clean technology, amplify aggregate pollution intensity, and lower aggregate outpu...
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作者：Kozlowski, Julian
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Trading frictions in financial markets affect more long-term than short-term bonds, generating an upward-sloping yield curve. Long-term financing is more expensive in economies with higher trading frictions so firms choose to borrow and invest in shorter horizons and lower productivity projects. The theory guides a new identification of the slope of liquidity spread in the data. We measure and calibrate the model for the United States, and counterfactual exercises suggest that variations in tr...
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作者：Di Tella, Sebastian; Kurlat, Pablo
作者单位：Stanford University; University of Southern California
摘要：We propose a model of banks' exposure to movements in interest rates and their role in the transmission of monetary shocks. Since bank deposits provide liquidity, higher interest rates allow banks to earn larger spreads on deposits. Therefore, if risk aversion is higher than one, banks' optimal dynamic hedging strategy is to take losses when interest rates rise. This risk exposure can be achieved by a traditional maturity-mismatched balance sheet and amplifies the effects of monetary shocks on...
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作者：Pilossoph, Laura; Wee, Shu Lin
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Carnegie Mellon University
摘要：We develop a model where selection into marriage and household search generate a marital wage premium. Beyond selection, married individuals earn higher wages for two reasons. First, income pooling within a joint household raises risk-averse individuals' reservation wages. Second, married individuals climb the job ladder faster, as they internalize that higher wages increase their partner's selectivity over offers. Specialization according to comparative advantage in search generates a premium...
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作者：Desmet, Klaus; Kopp, Robert E.; Kulp, Scott A.; Nagy, David Krisztian; Oppenheimer, Michael; Rossi-Hansberg, Esteban; Strauss, Benjamin H.
作者单位：Southern Methodist University; Southern Methodist University; Rutgers University System; Rutgers University New Brunswick; Centre de Recerca en Economia Internacional (CREI); Princeton University; Princeton University; Princeton University
摘要：Sea level rise will cause spatial shifts in economic activity over the next 200 years. Using a spatially disaggregated, dynamic model of the world economy, this paper estimates the consequences of probabilistic projections of local sea level changes. Under an intermediate scenario of greenhouse gas emissions, permanent flooding is projected to reduce global real GDP by 0.19 percent in present value terms. By the year 2200, a projected 1.46 percent of the population will be displaced. Losses in...
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作者：Dolado, Juan J.; Motyovszki, Gergo; Pappa, Evi
作者单位：Universidad Carlos III de Madrid; European University Institute
摘要：We provide a new channel through which monetary policy has distributional consequences at business cycle frequencies. We show that an unexpected monetary easing increases labor income inequality between high-skilled and less-skilled workers. To rationalize these findings, we build a New Keynesian DSGE model with asymmetric search-and-matching (SAM) frictions and capital-skill complementarity (CSC) in production. We show that CSC on its own introduces a dynamic demand amplification mechanism: t...
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作者：Liu, Zheng; Wang, Pengfei; Xu, Zhiwei
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Hong Kong University of Science & Technology; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Shanghai Jiao Tong University
摘要：We study the consequences of interest rate liberalization in a two-sector general equilibrium model of China. The model captures a key feature of China's distorted financial system: state-owned enterprises (SOEs) have greater incentive to expand production and easier access to credit than private firms. In this second-best environment, interest rate liberalization can improve capital allocations within each sector but can also exacerbate misallocations across sectors. Under calibrated paramete...
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作者：Bigio, Saki; d'Avernas, Adrien
作者单位：University of California System; University of California Los Angeles; Stockholm School of Economics
摘要：Financial crises are particularly severe and lengthy when banks fail to recapitalize after bearing large losses. We present a model that explains the slow recovery of bank capital and economic activity. Banks provide intermediation in markets with information asymmetries. Large equity losses force banks to tighten intermediation, which exacerbates adverse selection. Adverse selection lowers bank profit margins, which slows both the internal growth of equity and equity injections. This mechanis...
