-
作者：Eeckhout, Jan; Hedtrich, Christoph; Pinheiro, Roberto
作者单位：ICREA; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); University of Edinburgh; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：We show that differential IT investment across cities has been a key driver of job and wage polarization since the 1990s. Using a novel dataset, we establish two stylized facts: IT investment is highest in firms in large and expensive cities, and the decline in routine cognitive occupations is most prevalent in large and expensive cities. We propose and estimate a model and find that the fall in IT prices helps explain the wage gap between routine and nonroutine cognitive jobs, as well as the ...
-
作者：Li, Xiaoming; Liu, Zheng; Peng, Yuchao; Xu, Zhiwei
作者单位：University of International Business & Economics; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Central University of Finance & Economics; Fudan University
摘要：Using confidential loan-level data, we examine how Basel III influenced the responses of bank risk-taking to monetary policy shocks in China. We use a difference-in-differences (DID) approach, exploiting disparities in lending behavior between high-and low-risk bank branches before and after the new regulations. Our findings reveal a novel risk-weighting channel through which monetary policy easing significantly reduced bank risk-taking. However, this risk reduction was achieved by shifting le...
-
作者：Das, Mitali; Gopinath, Gita; Hall, Helene; Kim, Taehoon; Stein, Jeremy c.
作者单位：Harvard University; National Bureau of Economic Research
摘要：We explore how foreign central banks behave when firms engage in currency mismatch, borrowing heavily in dollars. A central bank can deal with risky private-sector mismatch in two ways: (i) with financial regulation or (ii) by accumulating reserves to better serve as a dollar lender of last resort. We highlight a novel externality: Individual central banks may overaccumulate dollar reserves, as this exacerbates a global scarcity of dollar-denominated assets, lowering dollar interest rates and ...
-
作者：Araujo, Aloisio; Costa, Vitor; Lins, Paulo; Santos, Rafael; De Valk, Serge
作者单位：Getulio Vargas Foundation; Instituto Nacional de Matematica Pura e Aplicada (IMPA); Clemson University
摘要：We propose a model to study an inflation-targeting regime under a high government debt burden. We assume that an altruistic policymaker chooses debt issuance, inflation, and public expenditure, while private agents dislike inflation and finance the government. We show that equilibrium inflation depends on debt level: (i) on-target when debt is low; (ii) above the target when debt is high; (iii) either above or on-target in between, a zone that we named fiscal fragility. Equilibrium inflation a...
-
作者：Cooper, Russell; Ozturk, Ozgen
作者单位：Liaoning University; European University Institute; Bank of England
摘要：This paper studies the dispersion and cyclicality of TFPR. Recent business cycle models assume countercyclical dispersion in TFPQ based on evidence of countercyclical dispersion in TFPR, though TFPR reflects endogenous prices. An overlapping generations model with monopolistic competition and state-dependent pricing is constructed to match three key data patterns: (i) countercyclical dispersion of TFPR, (ii) countercyclical dispersion of price changes, and (iii) countercyclical frequency of pr...
-
作者：Balleer, Almut; Duernecker, Georg; Forstner, Susanne; Goensch, Johannes
作者单位：Stockholm University; Goethe University Frankfurt; Goethe University Frankfurt
摘要：We analyze US survey data and document a substantial optimistic bias of households in their expectations about future labor market transitions. We find that low-skilled individuals tend to be strongly overoptimistic, whereas high-skilled individuals have rather precise beliefs. Using a heterogeneous agents life cycle model, we show that the optimistic bias has a quantitatively sizable negative effect on income, consumption, and wealth, implying a substantial loss in individual welfare compared...
-
作者：Kaymak, Baris; Leung, David; Poschke, Markus
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; National Taiwan University; McGill University
摘要：We assess the empirical relevance of different macroeconomic modeling approaches to wealth concentration, using the joint distribution of earnings, capital income, and net worth in combination with an OLG model of household heterogeneity. We find large earnings disparities to be the primary source of US wealth concentration. This reflects the fact that labor income, from salaries but also from entrepreneurship, is a major income source for top income and wealth groups in the data. Bequests and...
-
作者：Kundu, Shohini; Vats, Nishant
作者单位：University of California System; University of California Los Angeles; Washington University (WUSTL)
摘要：This paper investigates the role of banking networks in the transmission of shocks across borders. Combining banking deregulation in the United States with state-level idiosyncratic demand shocks, we show that geographically diversified banks reallocate funds from economies experiencing negative shocks to unaffected regions. Our findings indicate that in the presence of idiosyncratic shocks, financial integration reduces business cycle comovement and synchronizes consumption patterns. Our find...
-
作者：Liu, Chen
作者单位：National University of Singapore
摘要：I develop a general equilibrium model featuring multidimensional skills and partial specialization in tasks to quantify the impact of several determinants on within-occupation inequality growth from 1980 to 2000. The model introduces a new mechanism by which demand shifts affect inequality: Workers within the same occupation perform multiple and different tasks. I structurally estimate the model using microdata and account for inequality growth due to three sources: changes in occupation deman...
-
作者：Uhlig, Harald; Xie, Taojun
作者单位：University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Nanyang Technological University
摘要：The rise of digital currencies may result in domestic parallel currencies. Their exchange rate shocks present new challenges for monetary policy. We analyze these issues in a New Keynesian framework. Firms set prices in one of the currencies. A one-time appreciation of a parallel currency results in persistent redistributions toward the Dollar sector output and inflation. We calculate optimal monetary policy. When price stickiness is homogeneous, it is optimal to leave nominal interest rates u...
