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作者：Jones, Charles I.
作者单位：Stanford University; National Bureau of Economic Research
摘要：What explains the enormous differences in incomes across countries? This paper returns to two old ideas: linkages and complementarity. First, linkages between firms through intermediate goods deliver a multiplier similar to the one associated with capital in a neoclassical growth model. Because the intermediate goods share of output is about one-half, this multiplier is substantial. Second, just as a chain is only as strong as its weakest link, problems along a production chain can sharply red...
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作者：Snell, Andy; Thomas, Jonathan P.
作者单位：University of Edinburgh
摘要：This paper analyses a model in which firms cannot pay discriminate based on year of entry. It is assumed that workers can costlessly quit at any time, while firms are committed to contracts. We solve for the dynamics of wages and unemployment, and show that real wages display a degree of downward rigidity and do not necessarily clear the labor market. Using sectoral productivity data from the post-war US economy, we assess the ability of the model to match the actual unemployment series. We al...
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作者：Acemoglu, Daron; Dell, Melissa
作者单位：Massachusetts Institute of Technology (MIT)
摘要：We document substantial within-country (cross-municipality) differences in incomes for a large number of countries in the Americas. A significant fraction of the within-country differences cannot he explained by observed human capital. We conjecture that the sources of within-country and between-country differences are related. As a first step toward a unified framework, we propose a simple model incorporating differences in technological know-how across countries and differences in productive...
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作者：Mackowiak, Bartosz; Schmidt, Sebastian
作者单位：European Central Bank
摘要：Fiscal backing is the idea that for the price level to be uniquely determined, fiscal policy must be active at least in some states of the world. We extend the fiscal theory of the price level to a heterogenous monetary union. Different combinations of national fiscal policies and a common fiscal policy with Eurobonds amount to active fiscal policy for the union. They all yield price-level determinacy but can have very different implications for the effects of fiscal and monetary policy. We pr...
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作者：Fallick, Bruce; Haltiwanger, John; Mcentarfer, Erika; Staiger, Matthew
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University System of Maryland; University of Maryland College Park; Harvard University
摘要：A large literature finds that workers displaced in mass layoffs experience persistent earnings losses. We find that the earnings penalty from job displacement is mediated by the length of the jobless spell after displacement. Workers who experience little or no joblessness suffer no losses on average; those who experience a prolonged period of joblessness experience large, persistent earnings losses. Job movers who experience joblessness tend to move to lower-paying firms, a phenomenon that in...
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作者：Mackowiak, Bartosz; Wiederholt, Mirko
作者单位：European Central Bank; Centre for Economic Policy Research - UK; University of Munich
摘要：We solve a real business cycle model with rational inattention (an RI-RBC model). In the RI-RBC model, the growth rates of employment, investment, and output are about as persistent as in the data, with an amount of inattention consistent with survey data on expectations. Moreover, consumption, employment, and output move in the same direction in response to news about future productivity. By contrast, the baseline RBC model produces neither persistent growth rates nor business cycle comovemen...
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作者：Cheung, T. Terry
作者单位：Academia Sinica - Taiwan
摘要：Demography and structural transformation are interrelated, and depend critically on education. At the turn of the twentieth century, US parents began having fewer children while increasing educa-tional investment per child. This quantity-quality tradeoff facilitated job reallocation from the low-skilled agricultural sector to the high-skilled nonagricultural sector. This transformation is examined in a heterogeneous agent model with a nondegenerate human capital distribution, focusing on how f...
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作者：Allen, Franklin; Barlevy, Gadi; Gale, Douglas
作者单位：Imperial College London; Federal Reserve System - USA; Federal Reserve Bank - Chicago; New York University
摘要：This paper uses a risk-shifting model to analyze policy responses to asset price booms. We show risk shifting leads to inefficient asset and credit booms in which asset prices can exceed fundamentals. However, the inefficiencies associated with risk shifting arise independently of whether the asset is a bubble. Given evidence of risk shifting, policymakers may not need to determine if assets are bubbles to justify intervention. We then show that some of the main candidate interventions against...
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作者：Akcigit, Ufuk; Ates, Sina T.
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：In this paper, we review the literature on declining business dynamism and its implications in the United States and propose a unifying theory to analyze the symptoms and the potential causes of this decline. We first highlight 10 pronounced stylized facts related to declining business dynamism documented in the literature and discuss some of the existing attempts to explain them. We then describe a theoretical framework of endogenous markups, innovation, and competition that can potentially s...
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作者：Benigno, Pierpaolo; Nistico, Salvatore
作者单位：Luiss Guido Carli University; Sapienza University Rome; Luiss Guido Carli University
摘要：We analyze the effects on inflation and output of unconventional open-market operations due to the possible income losses on the central bank's balance sheet. We first state a general Neutrality Property, and characterize the theoretical conditions supporting it. We then discuss three non-neutrality cases. First, with no treasury's support, sizeable (current or expected) balance sheet losses can undermine the central bank's solvency and should be resolved through an increase in inflation. Seco...
