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作者：Benigno, Pierpaolo; Nistico, Salvatore
作者单位：Luiss Guido Carli University; Sapienza University Rome; Luiss Guido Carli University
摘要：We analyze the effects on inflation and output of unconventional open-market operations due to the possible income losses on the central bank's balance sheet. We first state a general Neutrality Property, and characterize the theoretical conditions supporting it. We then discuss three non-neutrality cases. First, with no treasury's support, sizeable (current or expected) balance sheet losses can undermine the central bank's solvency and should be resolved through an increase in inflation. Seco...
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作者：Carroll, Christopher D.; Crawley, Edmund; Slacalek, Jiri; Tokuoka, Kiichi; White, Matthew N.
作者单位：Johns Hopkins University; Federal Reserve System - USA; Federal Reserve System Board of Governors; European Central Bank; International Monetary Fund; University of Delaware
摘要：To match aggregate consumption dynamics, macroeconomic models must generate excess smoothness in consumption expenditures. But microfounded models are calibrated to match micro data, which exhibit no excess smoothness. So standard microfounded models fail to match the macro smoothness facts. We show that the micro and macro evidence are both consistent with a microfounded model where consumers know their personal circumstances but have sticky expectations about the macroeconomy. Aggregate cons...
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作者：Acconcia, Antonio; Corsetti, Giancari; Simonelli, Saverio
作者单位：University of Naples Federico II; University of Cambridge; Centre for Economic Policy Research - UK
摘要：In Italian regions hit by earthquakes, homeowners typically receive public funds to finance reconstruction. While these funds are strictly tied to reconstruction work, they are in part disbursed up front, leading to significant variation in cash on hand. We exploit this variation to study the effects of liquidity on relatively wealthy households' consumption. We find a large and significant response in the first year that homeowners receive the cash and provide evidence that this response is d...
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作者：Huo, Zhen; Rios-Rull, Jose-Victor
作者单位：Yale University; University of Pennsylvania
摘要：In sticky wages models (either a la Calvo or a la Rotemberg), labor is solely determined by the demand side. However, a change of circumstances may make labor demand higher than agents' willingness to work. We find that workers are required to work against their will between 15 percent and 30 percent of the time (with 5 percent wage markup, less with higher markups and in Rotemberg models). Estimating models with the minimum of the demand and supply of labor instead of the demand-determined qu...
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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.
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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.
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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：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：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 ...
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作者：Malherbe, Frederic
作者单位：University of London; University College London; University of London; University College London
摘要：I study economies where banks do not fully internalize the social costs of their lending decisions, which leads to real overinvestment. The bank capital requirement that restores investment efficiency varies over time. During booms, more investment is desirable, so the banking sector must be allowed to expand. This suggests a loosening of the requirement. However, there is also more bank capital. Since the banking sector exhibits decreasing returns to scale, this suggests a tightening instead....
