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作者：Moll, Benjamin
作者单位：Princeton University
摘要：I develop a highly tractable general equilibrium model in which heterogeneous producers face collateral constraints, and study the effect of financial frictions on capital misallocation and aggregate productivity. My economy is isomorphic to a Solow model but with time-varying TFP. I argue that the persistence of idiosyncratic productivity shocks determines both the size of steady-state productivity losses and the speed of transitions: if shocks are persistent, steady-state losses are small bu...
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作者：Swanson, Eric T.; Williams, John C.
作者单位：University of California System; University of California Irvine; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：According to standard macroeconomic models, the zero lower bound greatly reduces the effectiveness of monetary policy and increases the efficacy of fiscal policy. However, private-sector decisions depend on the entire path of expected future short-term interest rates, not just the current short-term rate. Put differently, longer-term yields matter. We show how to measure the zero bound's effects on yields of any maturity. Indeed, 1- and 2-year Treasury yields were surprisingly unconstrained th...
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作者：Allcott, Hunt; Rogers, Todd
作者单位：New York University; Harvard University
摘要：We document three remarkable features of the Opower program, in which social comparison-based home energy reports are repeatedly mailed to more than six million households nationwide. First, initial reports cause high-frequency action and backsliding, but these cycles attenuate over time. Second, if reports are discontinued after two years, effects are relatively persistent, decaying at 10-20 percent per year. Third, consumers are slow to habituate: they continue to respond to repeated treatme...
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作者：Elliott, Matthew; Golub, Benjamin; Jackson, Matthew O.
作者单位：California Institute of Technology; Harvard University; Stanford University; The Santa Fe Institute; Canadian Institute for Advanced Research (CIFAR)
摘要：We study cascades of failures in a network of interdependent financial organizations: how discontinuous changes in asset values (e.g., defaults and shutdowns) trigger further failures, and how this depends on network structure. Integration (greater dependence on counterparties) and diversification (more counterparties per organization) have different, nonmonotonic effects on the extent of cascades. Diversification connects the network initially, permitting cascades to travel; but as it increas...
