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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：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：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...
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作者：Foellmi, Reto; Hepenstrick, Christian; Josef, Zweimuller
作者单位：University of St Gallen; Center for Economic & Policy Research (CEPR); Swiss National Bank (SNB); University of Zurich; Leibniz Association; Ifo Institut; IZA Institute Labor Economics
摘要：We incorporate consumption indivisibilities into the Krugman (1980) model and show that an importer's per capita income becomes a primary determinant of export zeros. Households in the rich North (poor South) are willing to pay high (low) prices for consumer goods; hence, unconstrained monopoly pricing generates arbitrage opportunities for internationally traded products. Export zeros arise because some northern firms abstain from exporting to the South, to avoid international arbitrage. Rich ...
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作者：Aruoba, S. Boragan; Cuba-Borda, Pablo; Schorfheide, Frank
作者单位：University System of Maryland; University of Maryland College Park; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Pennsylvania; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We compute a sunspot equilibrium in an estimated small-scale New Keynesian model with a zero lower bound (ZLB) constraint on nominal interest rates and a full set of stochastic fundamental shocks. In this equilibrium, a sunspot shock can move the economy from a regime in which inflation is close to the central bank's target to a regime in which the central bank misses its target, inflation rates are negative, and interest rates are close to zero with high probability. A non-linear filter is us...
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作者：Beaudry, Paul; Galizia, Dana; Portier, Franck
作者单位：University of British Columbia; National Bureau of Economic Research; Carleton University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Center for Economic & Policy Research (CEPR)
摘要：Recessions often happen after periods of rapid accumulation of houses, consumer durables and business capital. This observation has led some economists, most notably Friedrich Hayek, to conclude that recessions often reflect periods of needed liquidation resulting from past over-investment. According to the main proponents of this view, government spending or any other form of aggregate demand policy should not be used to mitigate such a liquidation process, as doing so would simply result in ...
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作者：Jensen, Martin Kaae
作者单位：University of Leicester
摘要：Distributional comparative statics is the study of how individual decisions and equilibrium outcomes vary with changes in the distribution of economic parameters (income, wealth, productivity, information, etc.). This article develops new tools to address such issues and illustrates their usefulness in applications. The central development is a condition called quasi-concave differences, which implies concavity of the policy function in optimization problems without imposing differentiability ...
