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作者：Jermann, Urban; Quadrini, Vincenzo
作者单位：University of Pennsylvania; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Southern California
摘要：We document the cyclical properties of US firms' financial flows and show that equity payout is procyclical and debt payout is counter-cyclical. We then develop a model with debt and equity financing to explore how the dynamics of real and financial variables are affected by financial shocks. We find that financial shocks contributed significantly to the observed dynamics of real and financial variables. The recent events in the financial sector show up as a tightening of firms' financing cond...
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作者：Acharya, Viral; Engle, Robert; Richardson, Matthew
作者单位：New York University
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作者：Almas, Ingvild
作者单位：Norwegian School of Economics (NHH)
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作者：Acemoglu, Daron; Aghion, Philippe; Bursztyn, Leonardo; Hemous, David
作者单位：Massachusetts Institute of Technology (MIT); Canadian Institute for Advanced Research (CIFAR); Harvard University; University of California System; University of California Los Angeles
摘要：This paper introduces endogenous and directed technical change in a growth model with environmental constraints. The final good is produced from dirty and clean inputs. We show that: (i) when inputs are sufficiently substitutable, sustainable growth can be achieved with temporary taxes/subsidies that redirect innovation toward clean inputs; (ii) optimal policy involves both carbon taxes and research subsidies, avoiding excessive use of carbon taxes; (iii) delay in intervention is costly, as it...
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作者：Chen, Zhijun; Rey, Patrick
作者单位：University of Auckland; Institut Polytechnique de Paris; Ecole Polytechnique; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We show that large retailers competing with smaller stores that carry a narrower range, can exercise market power by pricing below cost some of the products also offered by the smaller rivals, in order to discriminate multistop shoppers from one-stop shoppers. Loss leading thus appears as an exploitative device rather than as an exclusionary instrument, although it hurts the smaller rivals as well; banning below-cost pricing increases consumer surplus, rivals' pro fits, and social welfare. Our...
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作者：Williamson, Stephen D.
作者单位：Washington University (WUSTL)
摘要：A model of public and private liquidity integrates financial intermediation theory with a New Monetarist monetary framework. Non-passive fiscal policy and costs of operating a currency system imply that an optimal policy deviates from the Friedman rule. A liquidity trap can exist in equilibrium away from the Friedman rule, and there exists a permanent nonneutrality of money, driven by an illiquidity effect. Financial frictions can produce a financial-crisis phenomenon that can be mitigated by ...
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作者：Ashlagi, Itai; Roth, Alvin E.
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; Harvard University
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作者：Geweke, John; Amisano, Gianni
作者单位：University of Technology Sydney; European Central Bank
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作者：Graves, John A.; Gruber, Jonathan
作者单位：Vanderbilt University; Massachusetts Institute of Technology (MIT)
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作者：Winston, Clifford
作者单位：Brookings Institution
