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作者：Gabrovski, Miroslav; Kospentaris, Ioannis; Lebeau, Lucie
作者单位：University of Hawaii System; University of Hawaii Manoa; Athens University of Economics & Business; Wellesley College
摘要：An increasing share of corporate loans, a critical source of firm credit, is sold off banks' balance sheets and actively traded in a secondary over-the-counter market. We develop a microfounded equilibrium search-theoretic model with labor, credit, and financial markets to study the impact of this secondary loan market on the real economy. Our analysis highlights a policy-relevant trade-off: the market reduces the steady state level of unemployment by 0.21pp, but it also amplifies unemployment...
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作者：Heise, Sebastian; Pearce, Jeremy; Weber, Jacob P.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Good measures of labor market tightness are essential to predict wage inflation and to calibrate monetary policy. This paper highlights the importance of two measures of labor market tightness in determining wage growth: the quits rate and vacancies per effective searcher (V/ES)-where searchers include both employed and non-employed job seekers. Among a broad set of indicators of labor market tightness, we find that these two measures are independently the most strongly correlated with wage in...
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作者：Kuhn, Moritz; Manovskii, Iourii; Qiu, Xincheng
作者单位：University of Mannheim; University of Pennsylvania; Peking University
摘要：Spatial differences in labor market performance are large and highly persistent. Using data from the United States, Germany, and the United Kingdom, we document striking similarities across these countries in the spatial differences in unemployment, vacancies, and vacancy filling, job finding, and separation rates. The novel facts on the geography of vacancies and vacancy filling are instrumental in guiding and disciplining the development of a theory of local labor market performance. We find...
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作者：Bord, Vitaly M.; Kovacs, Agnes; Moran, Patrick
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of London; King's College London; University of Manchester; University of London; London School Economics & Political Science
摘要：In the United States, credit card companies frequently use machine learning algorithms to proactively raise credit limits for borrowers. In contrast, an increasing number of countries have begun to prohibit credit limit increases initiated by banks rather than consumers. In this paper, we exploit detailed regulatory micro data to examine the extent to which bank-initiated credit limit increases are directed towards individuals with revolving debt. We then develop a model that captures the cost...
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作者：Amador, Manuel; Phelan, Christopher
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：This paper presents a model of central bank reputation where inflation is a noisy function of central bank actions. In the model, a central bank can be hawkish, with a relatively high penalty for taking inflationary actions, or dovish, with a relatively low penalty. The central bank's type varies according to a Markov process, and its reputation is the Bayesian posterior of households that it is a hawkish type. We show analytically that no Markov pooling equilibria exist: hawkish and dovish ce...
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作者：Minoiu, Camelia; Zarutskie, Rebecca; Zlate, Andrei
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Federal Reserve System - USA; Federal Reserve Bank - Dallas; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study the effects of the Main Street Lending Program (MSLP)-a Federal Reserve emergency program which sought to support bank lending to small-and medium-sized businesses by purchasing 95% of eligible loans from banks-on the provision of bank credit to non-financial firms. We show the MSLP increased banks' willingness to lend outside the program by serving as an implicit backstop. Participating banks were more likely to grant new loans, increase loan volumes, and reduce loan spreads, with st...
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作者：Jo, Karam; Kim, Seula
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study how frictions in learning others' technology, termed imperfect technology spillovers, impact firm innovation strategies and the aggregate economy through changes in innovation composition. We develop an endogenous growth model that generates strategic innovation decisions, where multi-product firms improve their products via own-innovation and enter new product markets through creative destruction under learning frictions. In our model, firms with technological advantages intensify ow...
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作者：Zeng, Ming; Zhao, Guihai
作者单位：University of Gothenburg; University of Gothenburg; Bank of Canada
摘要：This paper develops a noisy-information equilibrium model to study how subjective expectations shape the joint dynamics of equity and bond yields. In our framework, movements in asset yields are driven by subjective expectations of dividend and GDP growth, rather than time-varying risk premia. A dual-component dividend structure, together with belief distortions, generates key asset-pricing facts: short-term equity yields are more volatile than long-term yields because short-run dividend growt...
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作者：Villalvazo, Sergio
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper studies the cross-sectional dimension of Fisher's debt-deflation mechanism that triggers endogenous Sudden Stop crises - i.e., episodes with large reversals in the current account. Analyzing microdata from Mexico, we show that this dimension has macroeconomic implications that operate via opposing effects. First, an amplifying effect by which households with high leverage fire-sale their assets during crises, increasing downward pressure on asset prices. Second, a dampening effect b...
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作者：Yang, Fan
作者单位：University of Nottingham Ningbo China; McGill University
摘要：This paper studies the effects of replacing the Earned Income Tax Credit (EITC) with a Universal Basic Income (UBI) in an environment where EITC take-up is incomplete. In contrast, UBI ensures full participation by design, extending benefits to households who do not take up the EITC, at the cost of higher fiscal expenditures. I study this trade-off between expanded coverage and fiscal cost using a life-cycle model with an endogenous EITC participation decision that replicates the observed elig...
