2期

最新文章

• The Great Housing Boom of China AI翻译
  作者：Chen, Kaiji; Wen, Yi
  作者单位：Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Tsinghua University
  摘要：China's housing prices have been growing nearly twice as fast as national income over the past decade, despite a high vacancy rate and a high rate of return to capital. This paper interprets China's housing boom as a rational bubble emerging naturally from its economic transition. The bubble arises because high capital returns driven by resource reallocation are not sustainable in the long run. Rational expectations of a strong future demand for alternative stores of value can thus induce curr...
• Credit Relationships and Business Bankruptcy during the Great Depression AI翻译
  作者：Hansen, Mary Eschelbach; Ziebarth, Nicolas L.
  作者单位：American University; University of Iowa; National Bureau of Economic Research
  摘要：Credit relationships are sticky. Stickiness makes relationships beneficial to borrowers in times of their own distress but makes them potentially problematic when lenders themselves face hardship. To examine the role of credit relationships during a financial crisis, we exploit a natural experiment in Mississippi during the Great Depression that generated plausibly exogenous differences in financial distress for banks. Using new data drawn from the publications of the credit rating agency Dun ...
• Moving to a Job: The Role of Home Equity, Debt, and Access to Credit AI翻译
  作者：Demyanyk, Yuliya; Hryshko, Dmytro; Luengo-Prado, Maria Jose; Sorensen, Bent E.
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Alberta; Federal Reserve System - USA; Federal Reserve Bank - Boston; University of Houston System; University of Houston; Centre for Economic Policy Research - UK
  摘要：We use individual-level credit reports merged with loan-level mortgage data to estimate how home equity interacted with mobility in relatively weak and strong labor markets in the United States during the Great Recession. We construct a dynamic model of housing, consumption, employment, and relocation, which provides a structural interpretation of our empirical results and allows us to explore the role that foreclosure played in labor mobility. We find that negative home equity is not a signif...
• The Effects of the Real Oil Price on Regional Wage Dispersion AI翻译
  作者：Kehrig, Matthias; Ziebarth, Nicolas L.
  作者单位：Duke University; Auburn University System; Auburn University; National Bureau of Economic Research
  摘要：We find that oil supply shocks decrease average real wages, particularly skilled wages, and increase wage dispersion across regions, particularly unskilled wage dispersion. In a model with spatial energy intensity differences and nontradables, labor demand shifts, while explaining the response of average wages to oil supply shocks, have counterfactual implications for the response of wage dispersion. Only an additional response in labor supply can explain this latter fact, highlighting the imp...
• Nominal Exchange Rate Determinacy under the Threat of Currency Counterfeiting AI翻译
  作者：Gomis-Porqueras, Pedro; Kam, Timothy; Waller, Christopher
  作者单位：Deakin University; Australian National University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
  摘要：We study the endogenous choice to accept fiat objects as media of exchange and their implications for nominal exchange rate determination. We consider a two-country environment with two currencies that can be used to settle any transactions. However, currencies can be counterfeited at a fixed cost and the decision to counterfeit is private information. This induces equilibrium liquidity constraints on the currencies in circulation. We show that the threat of counterfeiting can pin down the nom...
• Safe Assets, Liquidity, and Monetary Policy AI翻译
  作者：Benigno, Pierpaolo; Nistico, Salvatore
  作者单位：Luiss Guido Carli University; Sapienza University Rome
  摘要：This paper studies monetary policy in models where multiple assets have different liquidity properties: safe and pseudo-safe assets coexist. A shock worsening the liquidity properties of the pseudo-safe assets raises interest rate spreads and can cause a deep recession-cum-deflation. Expanding the central bank's balance sheet fills the shortage of safe assets and counteracts the recession. Lowering the interest rate on reserves insulates market interest rates from the liquidity shock and impro...
• Job Ladders and Earnings of Displaced Workers AI翻译
  作者：Krolikowski, Pawel
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland
  摘要：Workers who suffer job displacement experience surprisingly large and persistent earnings losses. This paper proposes an explanation for this robust empirical puzzle in a model of search with a significant job ladder and increased separation rates for the recently hired. In addition to capturing the depth and persistence of displaced worker earnings losses, the model matches: employment-to-nonemployment and employer-to-employer probabilities by tenure; the empirical decomposition of earnings l...
• Bank Leverage Cycles AI翻译
  作者：Nuno, Galo; Thomas, Carlos
  作者单位：Banco de Espana
  摘要：We propose a general equilibrium framework with financial intermediaries subject to endogenous leverage constraints, and assess its ability to explain the observed fluctuations in intermediary leverage and real economic activity. In the model, intermediaries (banks) borrow in the form of short-term risky debt. The presence of risk-shifting moral hazard gives rise to a leverage constraint, and creates a link between the volatility in bank asset returns and leverage. Unlike TFP or capital qualit...