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作者：Petrosky-Nadeau, Nicolas; Wasmer, Etienne
作者单位：Carnegie Mellon University; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：We provide a dynamic extension of an economy with search on credit and labor markets (Wasmer and Weil 2004). Financial frictions create volatility. They add an additional, almost acyclical, entry cost to procyclical job creation costs, thus increasing the elasticity of labor market tightness to productivity shocks by a factor of five to eight, compared to a matching economy with perfect financial markets. We characterize a dynamic financial multiplier that is increasing in total financial cost...
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作者：Ziebarth, Nicolas L.
作者单位：University of Iowa
摘要：I examine the causal effect of bank failures during the Great Depression using the quasi-experimental setup of Richardson and Troost (2009). The experiment is based on Mississippi being divided into two Federal Reserve districts, which followed different policies for liquidity provision. This translated into variation in bank failures across the state. Employing a plant-level sample from the Census of Manufactures, I find that banking failures had a negative effect on revenue stemming from a f...
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作者：Cotet, Anca M.; Tsui, Kevin K.
作者单位：Seton Hall University; Clemson University
摘要：This paper re-examines the effect of oil wealth on political violence. Using a unique historical panel dataset of oil discoveries, we show that simply controlling for country fixed effects removes the statistical association between the value of oil reserves and civil war onset. Other macro-political violence measures, such as coup attempts, are also uncorrelated with oil wealth. To further address endogeneity concerns, we exploit changes in oil reserves due to randomness in the success of oil...
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作者：Giannetti, Mariassunta; Simonov, Andrei
作者单位：Stockholm School of Economics; Michigan State University; Michigan State University's Broad College of Business
摘要：Exploiting the Japanese banking crisis of the 1990s as a laboratory, we investigate the effects of bank bailouts on the supply of credit and the performance of banks' clients. Our findings indicate that the size of capital injections relative to the initial financial condition of banks is crucial for the success of bank bailouts. Capital injections that are large enough to reestablish bank capital requirements increase the supply of credit and spur investment. In contrast, not only do capital ...
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作者：Ragan, Kelly S.
作者单位：Stockholm School of Economics
摘要：Time use data on work and leisure is presented for a broad group of OECD countries. The home production model explicitly accounts for taxes and public expenditures on day care and elder care, substitutes for work households perform at home. Taxes are important for matching time use patterns in Canada, the UK, and continental Europe, but cannot explain the high levels of market work and low levels of home work observed in Scandinavia. Subsidies of services like day care that substitute for home...
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作者：Berriel, Tiago C.; Bhattarai, Saroj
作者单位：Getulio Vargas Foundation; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We explain why international nominal bonds and equity portfolios are biased domestically. In our model, holding domestic government nominal debt provides a hedge against shocks to bond returns and the impact on taxes they induce. For this result, only two features are essential: nominal risk and taxes only on domestic agents. A third feature explains domestically biased equity holdings: government spending falls on domestic goods. Then, an increase in government spending raises the returns on ...
