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作者：Ates, Sina T.; Saffie, Felipe E.
作者单位：University of Virginia
摘要：We develop a tractable quantitative framework to study the productivity effects of financial crises. The model features endogenous productivity, heterogeneous firm dynamics, and aggregate risk. Selection of the most promising ideas gives rise to a trade-off between mass (quantity) and composition (quality) in the entrant cohort. Chilean plant-level data from the sudden stop triggered by the Russian sovereign default in 1998 confirm the model's main mechanism, as firms born during the credit sh...
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作者：Brueggemann, Bettina
作者单位：McMaster University
摘要：This paper computes optimal top marginal tax rates in -BewleyHuggett-Aiyagari-type economies that include entrepreneurs. Consistent with the data, entrepreneurs are -overrepresented at the top of the income distribution and are thus disproportionately affected by an increase in the top marginal income tax rate. The top marginal tax rate that maximizes welfare is 60 percent. While average welfare gains are positive and similar across occupations along the transition, they are larger for entrepr...
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作者：Cavenaile, Laurent; Roldan-Blanco, Pau
作者单位：University of Toronto; University Toronto Scarborough; University of Toronto; Banco de Espana
摘要：This paper analyzes the implications of advertising for firm dynamics and economic growth through its interaction with R&D. We develop a model of endogenous growth with firm heterogeneity that incorporates advertising decisions and calibrate it to match several empirical regularities across firm size. Our model provides micro-foundations for the empirically observed negative relationship between both firm R&D intensity and growth and firm size. In the calibrated model, about half of the deviat...
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作者：Miranda-Agrippino, Silvia; Ricco, Giovanni
作者单位：Bank of England; Centre for Economic Policy Research - UK; University of Warwick
摘要：Commonly used instruments for the identification of monetary policy disturbances are likely to combine the true policy shock with information about the state of the economy due to the information disclosed through the policy action. We show that this signaling effect of monetary policy can give rise to the empirical puzzles reported in the literature, and propose a new-high-frequency instrument for monetary policy shocks that accounts for informational rigidities. We find that a monetary tight...
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作者：Carrillo, Julio A.; Mendoza, Enrique G.; Nuguer, Victoria; Roldan-Pena, Jessica
作者单位：Bank of Mexico; University of Pennsylvania; Inter-American Development Bank
摘要：Violations of Tinbergen's rule and strategic interaction undermine stabilization policies in a New Keynesian model with the Bernanke-Gertler accelerator. Welfare costs of risk shocks are large because of efficiency losses and income effects of costly monitoring, but they are much larger under a simple Taylor rule (STR) or a Taylor rule augmented with credit spreads (ATR) than with a Taylor rule and a separate financial rule targeting spreads. ATR and STR are tight -money-tight credit regimes r...
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作者：Kohn, David; Leibovici, Fernando; Tretvoll, Hakon
作者单位：Pontificia Universidad Catolica de Chile; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Statistics Norway; Norwegian School of Economics (NHH)
摘要：This paper studies the role of differences in the patterns of production and international trade on the business cycle volatility of emerging and developed economies. We study a multisector small open economy in which firms produce and trade commodities and manufactures. We estimate the model to match key-cross-sectional and time-series differences across countries. Emerging economies run trade surpluses in commodities and trade deficits in manufactures, while sectoral trade flows are balanced...
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作者：Blanco, Andres
作者单位：University of Michigan System; University of Michigan
摘要：I study the optimal inflation target in a quantitative menu cost model with a zero lower bound on interest rates. I find that the optimal inflation target is 3.5 percent, which is higher than in models commonly used for monetary policy analysis. Key to this result is that inflation has a small effect on resource misallocation when the model features -firm-level shocks, which are necessary to match the empirical distribution of price changes. A higher inflation target decreases price flexibilit...
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作者：Somale, Mariano
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper develops a dynamic model of innovation and international trade in which agents can direct their research efforts to specific goods in the economy. Trade affects the direction of innovation through its impact on the expected market size for an invention, leading to a two-way relationship between trade and technology absent in standard quantitative Ricardian models. Following a theory-consistent strategy to estimate the extent of endogenous adjustments in technology, I find that they ...
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作者：Baker, Scott R.; Johnson, Stephanie; Kueng, Lorenz
作者单位：Northwestern University; Rice University; Universita della Svizzera Italiana; National Bureau of Economic Research
摘要：Using comprehensive high-frequency state and local sales tax data, we show that shopping behavior responds strongly to changes in sales tax rates. Even though sales taxes are not observed in posted prices and have a wide range of rates and exemptions, consumers adjust in many dimensions. They stock up on storable goods before taxes rise and increase online and -cross-border shopping in both the short and long run. The difference between short- and -long-run spending responses has important imp...
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作者：Blackwood, G. Jacob; Foster, Lucia S.; Grim, Cheryl A.; Haltiwanger, John; Wolf, Zoltan
作者单位：Amherst College; University System of Maryland; University of Maryland College Park
摘要：Firm-level, revenue-based productivity measures are ubiquitous in studies of firm dynamics and aggregate outcomes. One common measure is increasingly interpreted as reflecting distortions since in distortions' absence, equalization of marginal revenue products should yield no dispersion in this measure. Another common but distinct measure is the residual of the -firm-level revenue function, which reflects fundamentals. Using-micro-level US manufacturing data, we find these alternative measures...
