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作者：Chiavari, Andrea
作者单位：University of Oxford
摘要：This paper studies how rising returns to scale contributed to declining business dynamism and increasing markups and expenditures devoted to customer acquisition in the U.S. economy. It introduces a firm dynamics model with heterogeneous markups and customer accumulation based on directed search, in which larger firms gain a competitive edge from higher returns to scale. This makes markets less contestable for new firms and leads to the rise of superstar firms. The model quantitatively account...
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作者：Roulleau-Pasdeloup, Jordan
作者单位：National University of Singapore
摘要：There is no known explicit global closed-form solution for the standard income fluctuation problem with a borrowing constraint and where wealth accumulates with a constant interest rate r. Assuming continuous time, I derive an explicit global closed-form solution when r = 0 using the Lambert W function. For the case r > 0, I derive an explicit global closed-form approximation that is valid for r close to 0. I then use these to derive explicit expressions for the marginal propensity to consume ...
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作者：Chang, Minsu; Lee, Hanbaek
作者单位：Seoul National University (SNU); University of Cambridge
摘要：This paper investigates the fiscal multiplier of infrastructure investment using an estimated heterogeneous-firm general equilibrium model. We theoretically and quantitatively show that the firm-level non-rivalry in infrastructure usage drives a significant discrepancy in the estimated input elasticities between the firm and state levels. Moreover, it microfounds the increasing returns to scale assumption in a representative-agent framework (Baxter and King, 1993). The quantitative findings in...
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作者：Ehrmann, Michael; Gnan, Phillipp; Rieder, Kilian
摘要：Using a novel database of media-reported anonymous leaks about monetary policy in the euro area, we conduct the first systematic empirical analysis of these confidential information disclosures originating from central banks. Our database reveals that Eurosystem leaks are frequent - in particular relative to leaks from other major central banks. We provide evidence that many Eurosystem leaks are likely not accidents, but placed strategically by insiders. Exploiting high-frequency financial mar...
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作者：Sastry, Karthik A.
作者单位：Princeton University
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作者：Vereshchagina, Galina
作者单位：Arizona State University;
摘要：This paper quantifies how idiosyncratic firm-level risk affects output, productivity and life-cycle firm growth in an environment in which the evolution of firm productivity is endogenous. It embeds firms' risky productivity investment into a Lucas span-of-control model with risk-averse firm owners and endogenous firm entry and exit, and studies the effects of mean-preserving increases in the variance of returns to productivity investment. An increase in uncertainty that raises the firm exit r...
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作者：Partsch, Emil Holst; Petrella, Ivan; Santoro, Emiliano
作者单位：University of Turin; Catholic University of the Sacred Heart
摘要：Durables' interest-rate sensitivity and their persistent comovement with nondurable spending are hallmarks of monetary policy transmission. We develop a two-sector HANK model that replicates this pattern-both across spending categories and among households sorted by liquid asset holdings, consistent with empirical evidence. Direct effects of real interest rate changes are quantitatively important in reproducing sectoral expenditure comovement, while infrequent information updating is crucial t...
