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作者：Sevcik, Pavel
作者单位：University of Quebec; University of Quebec Montreal
摘要：This paper studies the joint dynamics of investor protection and economic development in a political economy model with capital accumulation and occupational choice. Less investor protection implies higher costs of external financing for entrepreneurs. This excludes poorer agents from entrepreneurship, increasing the profits of the remaining entrepreneurs. The main determinants of investor protection policy preferences are the agent's net worth and the expected return from entrepreneurship. Wh...
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作者：Fujita, Shigeru; Ramey, Garey
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of California System; University of California San Diego
摘要：This paper assesses how various approaches to modeling the separation margin affect the quantitative ability of the Mortensen-Pissarides labor matching model. The model with a constant separation rate fails to produce realistic volatility and productivity responsiveness of the separation rate and worker flows. The specification with endogenous separation succeeds along these dimensions. Allowing for on-the-job search enables the model to replicate the Beveridge curve. All specifications, howev...
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作者：Abdallah, Chadi S.; Lastrapes, William D.
作者单位：University System of Ohio; Miami University; University System of Georgia; University of Georgia
摘要：We estimate how spending in Texas responded to a 1997 constitutional amendment that relaxed severe restrictions on home equity lending. We use this event as a natural experiment to estimate the importance of credit constraints. If households are credit-constrained, such an increase in credit availability will increase their spending. We find that Texas retail sales at the county and state levels increased significantly after the amendment, lending support to the credit-constraint hypothesis. W...
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作者：Coibion, Olivier; Gorodnichenko, Yuriy
作者单位：International Monetary Fund; University of Texas System; University of Texas Austin; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：While the degree of policy inertia in central banks' reaction functions is a central ingredient in theoretical and empirical monetary economics, the source of the observed policy inertia in the United States is controversial, with tests of competing hypotheses, such as interest-smoothing and persistent-shocks, being inconclusive. This paper employs real time data; nested specifications with flexible time series structures; narratives; interest rate forecasts of the Fed, financial markets, and ...
