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作者：Michelacci, Claudio; Paciello, Luigi
作者单位：Centre for Economic Policy Research - UK
摘要：UK households that wish for lower inflation and lower nominal interest rates have higher expected inflation. We interpret the evidence through the lens of a New Keynesian model where ambiguity -averse households differ in wealth , skill , labor market participation , and the receipt of government transfers and are subject to Knightian uncertainty. Households act based on beliefs that are negatively affected by their wishes , the more so the greater the amount of uncertainty. Using indirect inf...
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作者：Paluszynski, Radoslaw; Yu, Pei Cheng
作者单位：University of Houston System; University of Houston; University of New South Wales Sydney
摘要：We study optimal tax policies with human capital investment and retirement savings for present-biased agents. Agents are heterogeneous in their innate ability and make risky education investments, which determines their labor productivity. We demonstrate that the optimal distortions vary with education status. In particular, the optimal policy encourages human capital investment with savings incentives. Our implementation uses income-contingent student loans and existing retirement policies, a...
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作者：Bonomo, Marco; Carvalho, Carlos; Garcia, Rene; Malta, Vivian; Rigato, Rodolfo
作者单位：Insper; Universite de Montreal; Harvard University
摘要：We propose a model that reconciles microeconomic evidence of fre-quent and large price changes with sizable monetary non-neutrality. Firms incur separate lump-sum costs to change prices and to gather and process some information about marginal costs. Additional rel-evant information is continuously available and can be factored into pricing decisions at no cost. We estimate the model by Simulated Method of Moments, using price-setting statistics for the US econ-omy. The model with free idiosyn...
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作者：Cao, Dan; Luo, Wenlan; Nie, Guangyu
作者单位：Georgetown University; Tsinghua University; Shanghai University of Finance & Economics
摘要：We study the effects of the zero lower bound (ZLB) on the severity of financial crises using an incomplete markets New Keynesian model with two occasionally binding constraints: a ZLB on the nominal interest rate and a borrowing constraint tied to an asset price. The model's financial wedge corresponds to an endogenous multiplier on the borrowing constraint. Binding ZLB exacerbates financial crises through its interaction with the asset fire sale vicious cycle, driving up the financial wedge. ...
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作者：Peterman, William B.; Sager, Erick
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper determines optimal public debt in a life cycle model with incomplete markets that matches the empirically observed variation in consumption, labor, and savings. We find that public savings-not public debt-equal to 168 percent of output is optimal, primarily due to the influence of the life cycle on household decision-making. By inducing a lower interest rate, public savings slow consumption and leisure growth over an average household's lifetime, and the result-ing flatter allocatio...
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作者：Walentin, Karl; Westermark, Andreas
作者单位：Uppsala University; Sveriges Riksbank
摘要：We show that business cycles reduce welfare through a decrease in the average level of employment in a labor market search model with learning on the job and skill loss during unemployment. Empirically, unemployment and the job-finding rate are negatively correlated. Since new jobs are the product of these two from the employment transition equation, business cycles imply fewer new jobs. Learning on the job implies that the resulting decrease in employment reduces aggregate human capital. This...
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作者：Gorton, Gary; Ordonez, Guillermo
作者单位：Yale University; National Bureau of Economic Research; University of Pennsylvania
摘要：How does central bank lending during a crisis restore confidence? Emergency lending facilities that are opaque (in that names of borrowers are kept secret) raise the perceived average quality of bank assets in the economy, creating an information externality that prevents runs. Stigma (the cost of a bank's participation at the lending facility becoming public) is desirable to implement opacity as an equilibrium outcome, as no bank wants to reveal its participation status. The central bank's ke...
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作者：Acconcia, Antonio; Corsetti, Giancari; Simonelli, Saverio
作者单位：University of Naples Federico II; University of Cambridge; Centre for Economic Policy Research - UK
摘要：In Italian regions hit by earthquakes, homeowners typically receive public funds to finance reconstruction. While these funds are strictly tied to reconstruction work, they are in part disbursed up front, leading to significant variation in cash on hand. We exploit this variation to study the effects of liquidity on relatively wealthy households' consumption. We find a large and significant response in the first year that homeowners receive the cash and provide evidence that this response is d...
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作者：Huo, Zhen; Rios-Rull, Jose-Victor
作者单位：Yale University; University of Pennsylvania
摘要：In sticky wages models (either a la Calvo or a la Rotemberg), labor is solely determined by the demand side. However, a change of circumstances may make labor demand higher than agents' willingness to work. We find that workers are required to work against their will between 15 percent and 30 percent of the time (with 5 percent wage markup, less with higher markups and in Rotemberg models). Estimating models with the minimum of the demand and supply of labor instead of the demand-determined qu...
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作者：Acharya, Sushant; Wee, Shu Lin
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Carnegie Mellon University
摘要：We provide an information-based theory of matching efficiency fluctuations. Rationally inattentive firms have limited capacity to process information and cannot perfectly identify suitable applicants. During recessions, higher losses from hiring unsuitable workers cause firms to be more selective in hiring. When firms cannot obtain sufficient information about applicants, they err on the side of caution and accept fewer applicants to minimize losses from hiring unsuitable workers. Pro-cyclical...
