-
作者：Kapicka, Marek
作者单位：University of California System; University of California Santa Barbara
摘要：I construct measures of technology capital and country openness for the US economy and the rest of the world for 1982-2007. The key identifying assumption is that firms equalize returns on tangible and technology capital. For the US economy, technology capital is about one-third of tangible capital, and the degree of openness is between 0.61 and 0.70. I provide both a two-country estimation and a multicountry estimation, and find that the US estimates are almost identical in both cases. The we...
-
作者：Coibion, Olivier
作者单位：William & Mary; National Bureau of Economic Research
摘要：This paper studies the small estimated effects of monetary policy shocks from standard VARs versus the large effects from the Romer and Romer (2004) approach. The differences are driven by three factors: the different contractionary impetus, the period of reserves targeting, and lag length selection. Accounting for these factors, the real effects of policy shocks are consistent across approaches and most likely medium. Alternative monetary policy shock measures from estimated Taylor rules also...
-
作者：Acharya, Viral V.; Gromb, Denis; Yorulmazer, Tanju
作者单位：New York University; National Bureau of Economic Research; INSEAD Business School; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We study interbank lending and asset sales markets in which banks with surplus liquidity have market power vis-a-vis banks needing liquidity, frictions arise in lending due to moral hazard, and assets are bank-specific. Surplus banks ration lending and instead purchase assets from needy banks, an inefficiency more acute during financial crises. A central bank acting as a lender-of-last-resort can ameliorate this inefficiency provided it is prepared to extend potentially loss-making loans or is...
-
作者：Silva, Andre C.
作者单位：Universidade Nova de Lisboa
摘要：Cash-in-advance models usually require agents to reallocate money and bonds in fixed periods. Every month or quarter, for example. I show that fixed periods underestimate the welfare cost of inflation. I use a model in which agents choose how often they exchange bonds for money. In the benchmark specification, the welfare cost of 10 percent instead of 0 inflation increases from 0.1 percent of income with fixed periods to 1 percent with optimal periods. The results are robust to different prefe...
-
作者：Weise, Charles L.
作者单位：Gettysburg College
摘要：Drawing on an analysis of Federal Open Market Committee (FOMC) documents, this paper argues that political pressures on the Federal Reserve were an important contributor to the rise in inflation in the United States in the 1970s. Members of the FOMC understood that a serious attempt to tackle inflation would generate opposition from Congress and the executive branch. Political considerations contributed to delays in monetary tightening, insufficiently aggressive anti-inflation policies, and th...
-
作者：Carneiro, Anabela; Guimaraes, Paulo; Portugal, Pedro
作者单位：Universidade do Porto; Universidade do Porto; University of South Carolina System; University of South Carolina Columbia; Banco de Portugal; Universidade Nova de Lisboa
摘要：Using a longitudinal matched employer-employee dataset for Portugal over the 1986-2007 period, this study analyzes the wage responses to aggregate labor market conditions for newly hired workers and existing workers within the same firm. Accounting for worker, firm, and job title heterogeneity, the data support the hypothesis that entry wages are more procyclical than wages of stayers. A one point increase in the unemployment rate decreases wages of newly hired workers within a given firm-job ...
-
作者：Chari, Anusha; Henry, Peter Blair; Sasson, Diego
作者单位：University of North Carolina; University of North Carolina Chapel Hill; National Bureau of Economic Research; New York University; Brookings Institution
摘要：For three years after the typical emerging economy opens its stock market to inflows of foreign capital, the average annual growth rate of the real wage in the manufacturing sector increases by a factor of three. No such increase occurs in a control group of countries that do not liberalize. The temporary increase in wage growth drives up the level of the average worker's annual compensation by US $487-an increase equal to nearly one-fifth of their annual pre-liberalization salary. Overall, th...
-
作者：Slobodyan, Sergey; Wouters, Raf
作者单位：Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Universite Catholique Louvain; European Central Bank; National Bank of Belgium
摘要：This paper evaluates the empirical performance of a medium-scale DSGE model with agents forming expectations using small forecasting models updated by the Kalman filter. The adaptive learning model fits the data better than the rational expectations (RE) model. Beliefs about the inflation persistence explain the observed decline in the mean and the volatility of inflation as well as Phillips curve flattening. Learning about inflation results in lower estimates for the persistence of the exogen...
