-
作者：Geanakoplos, John; Wang, Haobin
作者单位：Yale University; The Santa Fe Institute; International Monetary Fund
摘要：The steady application of quantitative easing (QE) has been followed by big and nonmonotonic effects on international asset prices and capital flows. We rationalize these observations in a model in which a central bank buys domestic assets that serve as the best collateral for investors worldwide. The crucial insight is that domestic private agents adjust their portfolios of domestic and foreign assets in different ways to offset QE, conditional on whether they are (i) fully leveraged, (ii) pa...
-
作者：Wolf, Christian K.
作者单位：University of Chicago
摘要：I argue that the seemingly disparate findings of the recent empirical literature on monetary policy transmission are all consistent with the same standard macro models. Weak sign restrictions, which suggest that contractionary monetary policy, if anything, boosts output, present as policy shocks what actually are expansionary demand and supply shocks. Classical zero restrictions are robust to such misidentification, but miss short-horizon effects. Two recent approaches-restrictions on Taylor r...
-
作者：Biswas, Siddhartha; Hanson, Andrew; Phan, Toan
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We develop a tractable bubbles model with financial friction and downward wage rigidity. Competitive speculation in risky bubbles can result in excessive investment booms that precede inefficient busts, where -post-bubble aggregate economic activities collapse below the -pre-bubble trend. Risky bubbles can reduce ex ante social welfare, and leaning-against-the-bubble policies that balance the boom-bust-trade-off can be warranted. We further show that the collapse of a bubble can push the econo...
-
作者：Buera, Francisco J.; Nicolini, Juan Pablo
作者单位：Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We study a model with heterogeneous producers that face collateral and cash-in-advance constraints. A tightening of the collateral constraint results in a credit-crunch-generated recession that reproduces some features of the financial crisis that unraveled in 2007 in the United States. We use the model to study the effects, following a credit crunch, of alternative monetary and fiscal policies.
-
作者：Howard, Greg
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：What is the role of migration in regional evolutions? I document that within-US migration causes a reduction in the unemployment rate of the receiving city over several years. To establish this causal effect, I construct an instrument using out-migration of other places and predict its destination from historical patterns. The decline in unemployment is due to housing. Housing is durable, so increased demand causes a surge of new houses and construction jobs. Additionally, migrants' housing de...
-
作者：Benigno, Pierpaolo
作者单位：Luiss Guido Carli University; Centre for Economic Policy Research - UK
摘要：This paper develops a theory in which the central bank can control the price level without fiscal backing. It is shown that the remittances policy and the balance sheet of the central bank are important elements to specify. A central bank that is appropriately capitalized can succeed in controlling prices by setting the interest rate on reserves, holding short-term assets, and rebating its income to the treasury from which it has to maintain financial independence.
-
作者：L'Huillier, Jean-Paul
作者单位：Brandeis University
摘要：This paper studies the propagation of monetary shocks in an economy featuring a strategic microfoundation for price rigidities. Following an aggregate shock to money, most consumers are initially uninformed. The market for goods is decentralized. Firms are better off delaying the adjustment of prices until enough consumers learn. At the same time, consumers learn from firms that have adjusted prices. The implied endogenous information diffusion follows a Bernoulli differential equation, implyi...
-
作者：Swanson, Eric T.
作者单位：University of California System; University of California Irvine
摘要：A flexible labor margin allows households to absorb asset value shocks with changes in hours worked, altering the households' attitudes toward risk (Swanson 2012). This paper analyzes how frictional labor markets affect that analysis. Risk aversion is higher (i) in countries with more frictional labor markets, (ii) in recessions, and (iii) for households that have more difficulty finding a job. Labor market frictions in Europe are large enough to raise risk aversion in those countries. Neverth...
-
作者：McGrattan, Ellen R.; Waddle, Andrea
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Richmond
摘要：Using simulations from a multi-country neoclassical growth model, we analyze several post-Brexit scenarios. First, the United Kingdom unilaterally imposes tighter restrictions on FDI and trade from other EU nations. Second, the European Uunion retaliates and imposes the same restrictions on the United Kingdom. Finally, the United Kingdom reduces restrictions on other nations during the post-Brexit transition. Model predictions depend crucially on the policy response of multinationals' investme...
-
作者：Alvarez, Fernando; Lippi, Francesco
作者单位：University of Chicago; Luiss Guido Carli University
摘要：We present a sticky price model that features the coexistence of many price changes, most of which are temporary, with a modest flexibility of the aggregate price level. Stickiness is introduced in the form of a price plan, namely a set of two prices: either price can be charged at any moment but changing the plan entails a menu cost. We analytically solve for the optimal plan and for the aggregate output response to a monetary shock. We present evidence consistent with the model implications ...
