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作者：Iwasaki, Kohei
作者单位：Kyoto University
摘要：This paper develops a model of a cryptocurrency by incorporating mining into the otherwise standard search-theoretic monetary framework. As usual, multiple equilibria exist. To obtain a sharp prediction on whether a cryptocurrency' s value will last in the future, I propose a notion of equilibrium refinement based on the feature that mining uses real resources. This refinement eliminates all equilibria where the value of the cryptocurrency is zero at some point in time or converges to zero ove...
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作者：de Souza, Gustavo; Luduvice, Andre Victor D.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：In the United States, workers must satisfy two requirements to receive unemployment insurance (UI): a tenure requirement of a minimum work spell and a monetary requirement of past minimum earnings. Using discontinuity of UI rules at state borders, we find that both requirements reduce unemployment and that the monetary requirement decreases the number of employers and the share of part-time workers, while the tenure requirement has the opposite effect. We develop a heterogeneous agents model w...
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作者：Eraslan, Hulya; Tang, Xun
作者单位：Rice University; National Bureau of Economic Research; University of Osaka
摘要：We study the identification and estimation of large network games in which individuals choose continuous actions while holding private information about their links and payoffs. Extending the framework of Galeotti et al., we build a tractable empirical model of such network games and show that the parameters in individual payoffs are identified under large-market asymptotics in which the number of individuals increases to infinity on a single large network. We then propose a semiparametric two...
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作者：Lan, Ting; Li, Lerong; Li, Minghao
作者单位：International Monetary Fund; University of International Business & Economics; Peking University
摘要：This paper documents that households with higher marginal propensities to consume (MPCs) consume goods with more flexible prices. Consequently, they face more cyclical and volatile inflation, and experience higher inflation following expansionary monetary policy shocks. We embed this MPC-price stickiness relationship into a tractable multi-sector two-agent New Keynesian (TANK) model and show that it dampens monetary policy effectiveness by about 15% relative to a homogeneous-basket benchmark. ...
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作者：Gallegos, Jose-Elias
作者单位：Banco de Espana
摘要：Monetary policy transmission in the benchmark New Keynesian (NK) model hinges on the Full Information Rational Expectations (FIRE) assumption, especially via indirect general equilibrium (GE) effects. This paper relaxes FIRE by introducing noisy information into a Heterogeneous-Agent NK model with financial frictions. Noisy information dampens amplification by muting GE effects, aligning model dynamics with empirical evidence, and resolving the forward guidance puzzle. It also broadens the det...
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作者：Huber, Florian; Marcellino, Massimiliano; Tornese, Tommaso
作者单位：Salzburg University; Bocconi University; Catholic University of the Sacred Heart
摘要：We study the distributional implications of uncertainty shocks by developing a model that links macroeconomic aggregates to the US distribution of earnings and consumption. Our findings suggest that the fraction of low-earning workers decreases initially, while the share of households reporting low consumption increases. At longer horizons, the fraction of low-income workers increases, but the consumption distribution reverts to its preshock shape. While the first phase reduces income inequali...
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作者：Sikhova, Aiday; Oskarsson, Sven; Ahlskog, Rafael
作者单位：Texas Tech University System; Texas Tech University; Uppsala University
摘要：Economists have long studied how parental behavior shapes within-family inequality, yet empirical findings remain mixed. Using twins data from China and Sweden, we examine the predominant mechanisms reported in the literature. Parents in both countries invest similarly during childhood. Inter vivos transfers, however, differ: Chinese parents reinforce income inequality, whereas Swedish parents distribute wealth equally; the reinforcing pattern reflects exchange motives. Bequests are divided eq...
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作者：Ghysels, Eric; Morgan, Jack
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We formulate quantum computing solutions to a large class of dynamic nonlinear asset pricing models using algorithms, in theory exponentially more efficient than classical ones, which leverage the quantum properties of superposition, entanglement, and interference. The equilibrium asset pricing solution is a quantum state. We use quantum decision-theoretic foundations of ambiguity and model/parameter uncertainty to deal with model selection.
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作者：Chiavari, Andrea; Morazzoni, Marta; Smirnov, Danila
作者单位：University of Oxford; University of London; University College London; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; International Monetary Fund
摘要：This paper studies aggregate markup cyclicality through firm-level heterogeneity, reallocation, and aggregation. Using the U.S. firm data for 1990-2016, we find that markups are procyclical for young firms and countercyclical for older firms following monetary policy shocks. Economic activity also reallocates modestly toward young firms. As the firm population ages, the aggregate markup response shifts from acyclical or mildly procyclical to countercyclical. These findings help reconcile confl...
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作者：Suzuki, Yuta
作者单位：Hitotsubashi University
摘要：This paper studies how population aging shapes regional adjustment to local shocks. I develop a dynamic spatial general equilibrium model that incorporates aggregate demographic change, life-cycle variation in migration and employment choices, and forward-looking investment in local capital. Applying the model to Japan, I find that aging can mitigate welfare losses from a negative local shock. Although older populations are less mobile, reduced outmigration sustains local capital demand and sl...
