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作者：Stevens, Luminita
作者单位：University System of Maryland; University of Maryland College Park
摘要：The muted volatility of inflation during the Great Recession and its aftermath has refocused attention on the constraints that firms face when adjusting prices. Using new empirical and theoretical results, I argue that each firm's choice of how much information to acquire to set prices plays a central role in determining the patterns of pricing at the product level and the degree of aggregate price rigidity in response to shocks. In support of the information channel, I present product-level e...
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作者：Sequeira, Sandra; Nunn, Nathan; Qian, Nancy
作者单位：University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); Harvard University; National Bureau of Economic Research; Fudan University
摘要：We study the effects of European immigration to the U.S. during the Age of Mass Migration (1850-1920) on economic prosperity. Exploiting cross-county variation in immigration that arises from the interaction of fluctuations in aggregate immigrant flows and of the gradual expansion of the railway network, we find that counties with more historical immigration have higher income, less poverty, less unemployment, higher rates of urbanization, and greater educational attainment today. The long-run...
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作者：Barrage, Lint
作者单位：Brown University; National Bureau of Economic Research
摘要：How should carbon be taxed as a part of fiscal policy? The literature on optimal carbon pricing often abstracts from other taxes. However, when governments raise revenues with distortionary taxes, carbon levies have fiscal impacts. While they raise revenues directly, they may shrink the bases of other taxes (e.g. by decreasing employment). This article theoretically characterizes and then quantifies optimal carbon taxes in a dynamic general equilibrium climate-economy model with distortionary ...
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作者：Gertler, Mark; Kiyotaki, Nobuhiro; Prestipino, Andrea
作者单位：New York University; Princeton University
摘要：This article incorporates banks and banking panics within a conventional macroeconomic framework to analyse the dynamics of a financial crisis of the kind recently experienced. We are particularly interested in characterizing the sudden and discrete nature of banking panics as well as the circumstances that make an economy vulnerable to such panics in some instances but not in others. Having a conventional macroeconomic model allows us to study the channels by which the crisis affects real act...
