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作者：Caballero, Ricardo J.; Farhi, Emmanuel
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Harvard University
摘要：In this article, we provide a model of the macroeconomic implications of safe asset shortages. In particular, we discuss the emergence of a deflationary safety trap equilibrium with endogenous risk premia. It is an acute form of a liquidity trap, in which the shortage of a specific form of assets, safe assets, as opposed to a general shortage of assets, is the fundamental driving force. At the Zero Lower Bound, our model has a Keynesian cross representation, in which net safe asset supply play...
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作者：Heathcote, Jonathan; Perri, Fabrizio
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Center for Economic & Policy Research (CEPR)
摘要：Between 2007 and 2013, U.S. households experienced a large and persistent decline in net worth. The objective of this article is to study the business cycle implications of such a decline. We first develop a tractable monetary model in which households face idiosyncratic unemployment risk that they can partially self-insure using savings. A low level of liquid household wealth opens the door to self-fulfilling fluctuations: if wealth-poor households expect high unemployment, they have a strong...
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作者：Kaya, Ayca; Kim, Kyungmin
作者单位：University of Miami
摘要：We present a dynamic model of trading under adverse selection in which a seller sequentially meets buyers, each of whom receives a noisy signal about the quality of the seller's asset and offers a price. We fully characterize the equilibrium trading dynamics and show that buyers' beliefs about the quality of the asset can either increase or decrease over time, depending on the initial level. This result demonstrates how the introduction of private buyer signals enriches the set of trading patt...
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作者：Abraham, Arpad; Laczo, Sarolta
作者单位：European University Institute; University of London; Queen Mary University London
摘要：We extend the model of risk sharing with limited commitment by introducing both a public and a private (unobservable and/or non-contractible) storage technology. Positive public storage relaxes future participation constraints, hence it can improve risk sharing, contrary to the case where hidden income or effort is the deep friction. The characteristics of constrained-efficient allocations crucially depend on the storage technology's return. At the steady state, if the return on storage is (i)...
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作者：Davila, Eduardo; Korinek, Anton
作者单位：New York University; Johns Hopkins University; National Bureau of Economic Research
摘要：This article characterizes the efficiency properties of competitive economies with financial constraints, in which phenomena such as fire sales and financial amplification may arise. We show that financial constraints lead to two distinct types of pecuniary externalities: distributive externalities that arise from incomplete insurance markets and collateral externalities that arise from price-dependent financial constraints. For both types of externalities, we identify three sufficient statist...
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作者：Crouzet, Nicolas
作者单位：Northwestern University
摘要：This article studies the transmission of financial shocks in a model where corporate credit is intermediated via both banks and bond markets. In choosing between bank and bond financing, firms trade-off the greater flexibility of banks in case of financial distress against the lower marginal costs of large bond issuances. I find that, in response to a contraction in bank credit supply, aggregate bond issuance in the corporate sector increases, but not enough to avoid a decline in aggregate bor...
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作者：Farhi, Emmanuel; Tirole, Jean
作者单位：Harvard University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：The recent unravelling of the Eurozone's financial integration raised concerns about feedback loops between sovereign and banking insolvency. This article provides a theory of the feedback loop that allows for both domestic bailouts of the banking system and sovereign debt forgiveness by international creditors or solidarity by other countries. Our theory has important implications for the re-nationalization of sovereign debt, macroprudential regulation, and the rationale for banking unions.
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作者：De Chaisemartin, C.; D'Haultfoeuille, X.
作者单位：University of California System; University of California Santa Barbara
摘要：Difference-in-differences (DID) is a method to evaluate the effect of a treatment. In its basic version, a control group is untreated at two dates, whereas a treatment group becomes fully treated at the second date. However, in many applications of the DID method, the treatment rate only increases more in the treatment group. In such fuzzy designs, a popular estimator of the treatment effect is the DID of the outcome divided by the DID of the treatment. We show that this ratio identifies a loc...
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作者：Bond, Philip; Sigurdsson, Gustav
作者单位：University of Washington; University of Washington Seattle
摘要：We analyse a consumption-saving problem in which time-inconsistent preferences generate demand for commitment, but uncertainty about future consumption needs generates demand for flexibility. We characterize in a standard contracting framework the circumstances under which this combination is possible, in the sense that a commitment contract exists that implements the desired state-contingent consumption plan, thus offering both commitment and flexibility. The key condition that we identify is...
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作者：Lee, Sanghoon; Lin, Jeffrey
作者单位：University of British Columbia; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：We present theory and evidence highlighting the role of natural amenities in neighbourhood dynamics, suburbanization, and variation across cities in the persistence of the spatial distribution of income. Our model generates three predictions that we confirm using a novel database of consistent-boundary neighbourhoods in U.S. metropolitan areas, 1880-2010, and spatial data for natural features such as coastlines and hills. First, persistent natural amenities anchor neighbourhoods to high income...
