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作者：Wen, Yi
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Tsinghua University
摘要：This paper develops an analytically tractable general equilibrium model of inventory dynamics based on a precautionary stockout-avoidance motive. The model's predictions are broadly consistent with the US business cycle and key features of inventory behavior. It is also shown that technological improvement of inventory management can increase, rather than decrease, the volatility of aggregate output. Key to this seemingly counterintuitive result is that a stockout-avoidance motive leads to a p...
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作者：De Fiore, Fiorella; Teles, Pedro; Tristani, Oreste
作者单位：European Central Bank; Banco de Portugal
摘要：How should monetary policy respond to changes in financial conditions? We consider a simple model where firms are subject to shocks which may force them to default on their debt. Firms' assets and liabilities are nominal and predetermined. Monetary policy can therefore affect the real value of funds used to finance production. In this model, allowing for inflation volatility in response to aggregate shocks can be optimal; the optimal response to adverse financial shocks is to lower interest ra...
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作者：Ngai, L. Rachel; Pissarides, Christopher A.
作者单位：University of London; London School Economics & Political Science
摘要：We examine the allocation of hours of work across industrial sectors in OECD countries. We find large disparities across three sector groups, one that produces goods without home substitutes, and two others that have home substitutes but are treated differently by welfare policy. We attribute the disparities to the countries' tax and subsidy policies. High taxation substantially reduces hours in sectors that have close home substitutes but less so in other sectors. Subsidies increase hours in ...
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作者：Thesmar, David; Thoenig, Mathias
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Lausanne
摘要：Over the past decades, the real and financial volatility of listed firms has increased, while the volatility of private firms has decreased. We first provide panel data evidence that, at the firm level, sales and employment volatility are impacted by changes in the degree of ownership concentration. We then construct a model with private and listed firms where risk-taking is a choice variable at the firm-level. Due to general equilibrium feedback, we find that both an increase in stock market ...
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作者：McDaniel, Cara
作者单位：Arizona State University; Arizona State University-Tempe; University System of Ohio; Kenyon College
摘要：The goal of this paper is to examine the role of taxes and productivity growth as forces influencing market hours. To achieve this goal, the paper considers a calibrated growth model extended to include home production and subsistence consumption, both of which are found to be key features influencing market hours. The model is simulated for 15 OECD countries. The primary force driving changes in market hours is found to be changing labor income tax rates. Productivity catch-up relative to the...
