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作者：Agarwal, Sumit; Amromin, Gene; Chomsisengphet, Souphala; Landvoigt, Tim; Piskorski, Tomasz; Seru, Amit; Yao, Vincent
作者单位：National University of Singapore; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Columbia University; National Bureau of Economic Research; University System of Georgia; Georgia State University
摘要：We examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinance Program (HARP) that relaxed housing equity constraints by extending government credit guarantee on insufficiently collateralized refinanced mortgages. Difference-in-difference tests based on program eligibility criteria reveal a significant increase in refinancing activity by HARP. More than three million eligible borrowers with primarily fixed-rate...
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作者：Frick, Mira; Iijima, Ryota; Ishii, Yuhta
作者单位：Yale University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We present an approach to analyse learning outcomes in a broad class of misspecified environments, spanning both single-agent and social learning. We introduce a novel prediction accuracy order over subjective models and observe that this makes it possible to partially restore standard martingale convergence arguments that apply under correctly specified learning. Based on this, we derive general conditions to determine when beliefs in a given environment converge to some long-run belief eithe...
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作者：[Anonymous]
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作者：Garrett, Daniel; Ordin, Andrey; Roberts, James W.; Serrato, Juan Carlos Suarez
作者单位：University of Pennsylvania; University of Texas System; University of Texas Austin; Duke University; National Bureau of Economic Research
摘要：We study the interaction between tax advantages for municipal bonds and the market structure of auctions for these bonds. We show that this interaction can limit a bidder's ability to extract information rents and is a crucial determinant of state and local governments' borrowing costs. Reduced-form estimates show that increasing the tax advantage by 3 pp lowers mean borrowing costs by 9-10%. We estimate a structural auction model to measure markups and to illustrate and quantify how the inter...
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作者：Hassan, Tarek A.; Mertens, Thomas M.; Zhang, Tony
作者单位：Boston University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We develop a novel, risk-based theory of the effects of exchange rate stabilization. In our model, the choice of exchange rate regime allows policymakers to make their currency, and by extension, the firms in their country, a safer investment for international investors. Policies that induce a country's currency to appreciate when the marginal utility of international investors is high lower the required rate of return on the country's currency and increase the world-market value of domestic f...
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作者：DYRDA, S. E. B. A. S. T. I. A. N.; PEDRONI, M. A. R. C. E. L. O.
作者单位：University of Toronto; University of Amsterdam
摘要：We study optimal fiscal policy in a standard incomplete-markets model with uninsurable idiosyncratic income risk, where a Ramsey planner chooses time-varying paths of proportional capital and labour income taxes, lump-sum transfers (or taxes), and government debt. We find that (1) short-run capital income taxes are effective in providing redistribution since the tax base is relatively unequal and inelastic; (2) an increasing pattern of labour income taxes over time mitigates intertemporal dist...
