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作者：Andersen, Asger Lau; Johannesen, Niels; Jorgensen, Mia; Peydro, Jose-Luis
作者单位：University of Copenhagen; Centre for Economic Policy Research - UK; Imperial College London
摘要：We analyze the distributional effects of monetary policy on income, wealth, and consumption. We use administrative household-level data covering the entire population in Denmark over the period 1987 to 2014 and exploit a long-standing currency peg as a source of exogenous variation in monetary policy. We find that gains from softer monetary policy in terms of income, wealth, and consumption are monotonically increasing in ex ante income. The distributional effects reflect systematic difference...
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作者：Gryglewicz, Sebastian; Mayer, Simon
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Carnegie Mellon University
摘要：Private equity funds intermediate investment and affect portfolio firm performance by actively engaging in operational, governance, and financial engineering. We study this type of intermediation in a dynamic agency model in which an active intermediary raises funds from outside investors and invests in a firm run by an agent. Optimal contracting addresses moral hazard at the intermediary and firm levels. The intermediary's incentives to affect firm performance are strongest after poor perform...
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作者：Goncharov, Igor; Ioannidou, Vasso; Schmalz, Martin C.
作者单位：Lancaster University; Centre for Economic Policy Research - UK; University of Oxford
摘要：We document that central banks are discontinuously more likely to report slightly positive profits than slightly negative profits, especially when political pressure is greater, the public is more receptive to extreme political views, and central bank governors are eligible for reappointment. The propensity to report small profits over small losses is correlated with higher inflation and lower interest rates. We conclude that there are agency problems at central banks, which give rise to disco...
