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作者：Boissay, Frederic; Cooper, Russell
作者单位：Bank for International Settlements (BIS); European University Institute; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Wholesale financial markets reallocate deposits. Because of incentive problems, these flows are limited by endogenous collateral constraints. The composition of collateral matters. The use of inside collateral creates a collateral pyramid: cash flows from one loan are pledged to secure another. Outside collateral, such as treasuries, stabilizes the pyramid. Through collateral pyramids the financial sector sustains a large volume of reallocation across banks, but at the cost of systemic panics....
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作者：Leon-Ledesma, Miguel; Moro, Alessio
作者单位：University of Kent; Center for Economic & Policy Research (CEPR); University of Cagliari
摘要：We investigate the effect of structural transformation on the process of economic growth. Using a two-sector growth model we show that, in addition to Baumol's cost disease, structural transformation from goods to services generates other predictions that are in line with cross-country growth facts: an increase in the real investment rate, a decline in the real interest rate and the marginal product of capital, and an acceleration of investment-specific technological change as the share of ser...
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作者：De Silva, Tiloka; Tenreyro, Silvana
作者单位：University Moratuwa; University of London; London School Economics & Political Science; Bank of England; Centre for Economic Policy Research - UK
摘要：Over the past six decades, fertility rates have fallen dramatically in most middle- and low-income countries. To analyze these developments, we study a quantitative model of endogenous human capital and fertility choice, augmented to allow for social norms over family size. We parametrize the model using data on socioeconomic variables and information on funding for population-control policies aimed at affecting social norms and improving access to contraceptives. We simulate the implementatio...
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作者：Challe, Edouard
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique; Institut Polytechnique de Paris; ENSAE Paris; Ecole Polytechnique
摘要：I study optimal monetary policy in a sticky-price economy wherein households precautionary-save against uninsured, endogenous unemployment risk. In this economy greater unemployment risk raises desired savings, causing aggregate demand to fall and feed back to greater unemployment risk. This deflationary spiral is constrained inefficient and calls for an accommodative monetary policy response: after a contractionary aggregate shock the policy rate should be kept significantly lower and for lon...
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作者：Jarocinski, Marek; Karadi, Peter
作者单位：European Central Bank; Center for Economic & Policy Research (CEPR)
摘要：Central bank announcements simultaneously convey information about monetary policy and the central bank's assessment of the economic outlook. This paper disentangles these two components and studies their effect on the economy using a structural vector autoregression. It relies on the information inherent in high-frequency co-movement of interest rates and stock prices around policy announcements: a surprise policy tightening raises interest rates and reduces stock prices, while the complement...
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作者：Bergin, Paul R.; Corsetti, Giancarlo
作者单位：University of California System; University of California Davis; University of Cambridge
摘要：Motivated by the long-standing debate on competitive devaluation, we propose a new perspective on how monetary and exchange rate policies can contribute to a country's international competitiveness. We refocus the analysis on the implications of monetary stabilization for a country's comparative advantage. We develop a two-country New Keynesian model with two tradable sectors in each country: one perfectly competitive, the other producing differentiated goods under monopolistic competition sub...
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作者：Ellison, Martin; Scott, Andrew
作者单位：University of Oxford; Centre for Economic Policy Research - UK; University of London; London Business School
摘要：We examine UK debt management using a new monthly dataset on the quantity and market price of every individual bond issued by the government since 1694. Our bond-by-bond dataset identifies variations in the market value of debt and so captures investors' one-period holding returns, which is the cost of debt management in the government's intertemporal budget constraint. We find a substantial cost advantage in favor of issuing short bonds, even when considering some of the operational risks imp...
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作者：Leduc, Sylvain; Liu, Zheng
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We show that cyclical fluctuations in search and recruiting intensity are quantitatively important for explaining the weak job recovery from the Great Recession. We demonstrate this result using an estimated labor search model that features endogenous search and recruiting intensity. Since the textbook model with free entry implies constant recruiting intensity, we introduce a cost of vacancy creation, so that firms respond to aggregate shocks by adjusting both vacancies and recruiting intensi...
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作者：Jensen, Henrik; Petrella, Ivan; Ravn, Soren Hove; Santoro, Emiliano
作者单位：University of Copenhagen; Center for Economic & Policy Research (CEPR); University of Warwick
摘要：We document that the United States and other G7 economies have been characterized by an increasingly negative business-cycle asymmetry over the last three decades. This finding can be explained by the concurrent increase in the financial leverage of households and firms. To support this view, we devise and estimate a dynamic general equilibrium model with collateralized borrowing and occasionally binding credit constraints. Improved access to credit increases the likelihood that financial cons...
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作者：Adamopoulos, Tasso; Restuccia, Diego
作者单位：York University - Canada; University of Toronto; National Bureau of Economic Research
摘要：We assess the effects of a major land policy change on farm size and agricultural productivity using a quantitative model and micro-level data. We study the 1988 land reform in the Philippines that imposed a ceiling on land holdings, redistributed above-ceiling lands to landless and smallholder households, and severely restricted the transferability of the redistributed farmlands. We study this reform in the context of an industry model of agriculture with a nondegenerate distribution of farm ...
