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作者：Gorton, Gary; Ordonez, Guillermo
作者单位：Yale University; National Bureau of Economic Research; University of Pennsylvania
摘要：How does central bank lending during a crisis restore confidence? Emergency lending facilities that are opaque (in that names of borrowers are kept secret) raise the perceived average quality of bank assets in the economy, creating an information externality that prevents runs. Stigma (the cost of a bank's participation at the lending facility becoming public) is desirable to implement opacity as an equilibrium outcome, as no bank wants to reveal its participation status. The central bank's ke...
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作者：Geanakoplos, John; Wang, Haobin
作者单位：Yale University; The Santa Fe Institute; International Monetary Fund
摘要：The steady application of quantitative easing (QE) has been followed by big and nonmonotonic effects on international asset prices and capital flows. We rationalize these observations in a model in which a central bank buys domestic assets that serve as the best collateral for investors worldwide. The crucial insight is that domestic private agents adjust their portfolios of domestic and foreign assets in different ways to offset QE, conditional on whether they are (i) fully leveraged, (ii) pa...
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作者：Wolf, Christian K.
作者单位：University of Chicago
摘要：I argue that the seemingly disparate findings of the recent empirical literature on monetary policy transmission are all consistent with the same standard macro models. Weak sign restrictions, which suggest that contractionary monetary policy, if anything, boosts output, present as policy shocks what actually are expansionary demand and supply shocks. Classical zero restrictions are robust to such misidentification, but miss short-horizon effects. Two recent approaches-restrictions on Taylor r...
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作者：Biswas, Siddhartha; Hanson, Andrew; Phan, Toan
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We develop a tractable bubbles model with financial friction and downward wage rigidity. Competitive speculation in risky bubbles can result in excessive investment booms that precede inefficient busts, where -post-bubble aggregate economic activities collapse below the -pre-bubble trend. Risky bubbles can reduce ex ante social welfare, and leaning-against-the-bubble policies that balance the boom-bust-trade-off can be warranted. We further show that the collapse of a bubble can push the econo...
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作者：Howard, Greg
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：What is the role of migration in regional evolutions? I document that within-US migration causes a reduction in the unemployment rate of the receiving city over several years. To establish this causal effect, I construct an instrument using out-migration of other places and predict its destination from historical patterns. The decline in unemployment is due to housing. Housing is durable, so increased demand causes a surge of new houses and construction jobs. Additionally, migrants' housing de...
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作者：Leon-Ledesma, Miguel; Moro, Alessio
作者单位：University of Kent; Center for Economic & Policy Research (CEPR); University of Cagliari
摘要：We investigate the effect of structural transformation on the process of economic growth. Using a two-sector growth model we show that, in addition to Baumol's cost disease, structural transformation from goods to services generates other predictions that are in line with cross-country growth facts: an increase in the real investment rate, a decline in the real interest rate and the marginal product of capital, and an acceleration of investment-specific technological change as the share of ser...
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作者：Bergin, Paul R.; Corsetti, Giancarlo
作者单位：University of California System; University of California Davis; University of Cambridge
摘要：Motivated by the long-standing debate on competitive devaluation, we propose a new perspective on how monetary and exchange rate policies can contribute to a country's international competitiveness. We refocus the analysis on the implications of monetary stabilization for a country's comparative advantage. We develop a two-country New Keynesian model with two tradable sectors in each country: one perfectly competitive, the other producing differentiated goods under monopolistic competition sub...
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作者：Pinkovskiy, Maxim; Sala-i-Martin, Xavier
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Columbia University
摘要：We use satellite-recorded nighttime lights as an independent benchmark of economic activity in order to generate three findings in the study of PPP-adjusted estimates of GDP. First, PPP-adjusted estimates better describe poor economies than do market exchange rate-based estimates today, although this was not the case in the late 1990s. Second, estimates of PPPs have been steadily improving from one price survey round to the next. Third, it has tended to be optimal to only use the latest price ...
