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作者：Eichenbaum, Martin; Jaimovich, Nir; Rebelo, Sergio; Smith, Josephine
作者单位：Northwestern University; Duke University; New York University
摘要：Recent empirical work suggests that small price changes are relatively common. This evidence has been used to criticize classic menu-cost models. In this paper, we use scanner data from a national supermarket chain and micro data from the Consumer Price Index to reassess the importance of small price changes. We argue that the vast majority of these changes are due to measurement error. We conclude that the evidence on the prevalence of small price changes is much too weak to be used as a litm...
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作者：Gagnon, Etienne; Mandel, Benjamin R.; Vigfusson, Robert J.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：A large body of empirical work has found that exchange rate movements have only modest effects on US inflation. However, exchange rate pass-through may be underestimated because some price changes are missed when constructing price indexes. We investigate downward biases that arise when items exit or enter the US import price index. Using Bureau of Labor Statistics microdata, we find that, although potentially large in theory, the empirical biases are modest over typical forecast horizons. As ...
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作者：Furlanetto, Francesco; Lepetit, Antoine; Robstad, Qrjan; Rubio-ramirez, Juan; Ulvedal, Pal
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Norges Bank; Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Nord University
摘要：In this paper we identify demand shocks that can have a permanent effect on output through hysteresis effects. We call these shocks permanent demand shocks. They are found to be quantitatively important in the United States, in particular in samples starting in the 1980s. Recessions driven by permanent demand shocks lead to a permanent decline in employment and investment, while output per worker is largely unaffected. We find strong evidence that hysteresis transmits through a rise in long-te...
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作者：Fishback, Price; Vickers, Chris; Ziebarth, Nicolas l.
作者单位：University of Arizona; National Bureau of Economic Research; Auburn University System; Auburn University
摘要：We study the effects of restrictions on the length of the workweek under the President's Reemployment Agreement ( PRA ) of July 1933 and the National Industrial Recovery Act. We construct a model in which the equilibrium without such a workweek restriction has an inefficiently low level of employment. We find that employment rose by about 24 percent in the month following the imposition of the workweek restriction. Industries with longer workweeks pre-PRA experienced 9.4 percent faster growth ...
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作者：Boberg-Fazlic, Nina; Sharp, Paul
作者单位：Dortmund University of Technology; University of Southern Denmark
摘要：Despite the growing literature on the impact of immigration, little is known about the role existing migrant settlements can play for knowledge transmission and the location of industry. We present a case that can illustrate this important mechanism and hypothesize that nineteenth-century Danish American communities helped spread knowledge on modern dairying to rural America. From around 1880 Denmark developed rapidly, and by 1890 it was a world -leading dairy producer. Using a difference -in ...
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作者：Lanteri, Andrea; Medina, Pamela; Tan, Eugene
作者单位：Duke University; Centre for Economic Policy Research - UK; University of Toronto; University Toronto Scarborough; University of Toronto
摘要：What are the short-term effects of an import-competition shock on capital reallocation and aggregate productivity? To address this question, we develop a quantitative model with heterogeneous firms and capital-reallocation frictions. We discipline the model with micro data on investment dynamics of Peruvian manufac-turing firms and trade flows between China and Peru. Because of large frictions in firm downsizing and exit, an import-competition shock induces a temporary aggregate-productivity l...
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作者：Lambertini, Luisa; Proebsting, Christian
摘要：The hoped-for silver lining of euro-area austerity programs was to raise external competitiveness and improve current accounts. Using product-and industry-level data for 12 countries over the period 1999-2018, we show that reductions in government spending reduce prices and wages but only for products with low import content and industries with low export shares. This leads to asymmetric expen-diture switching, with net exports improving through lower imports rather than higher exports. The st...
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作者：Belot, Michele; Kircher, Philipp; Muller, Paul
作者单位：Cornell University; University of Edinburgh; Universite Catholique Louvain; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：In a field experiment, we study how job seekers respond to posted wages by assigning wages randomly to pairs of otherwise similar vacancies in a large number of professions. Higher wages attract significantly more interest. Still, a nontrivial number of applicants only reveal an interest in the low-wage vacancy. With a comple-mentary survey, we show that external raters perceive higher-wage jobs as more competitive. These findings qualitatively support core predictions of theories of directed/...
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作者：Eisenbach, Thomas M.; Phelan, Gregory
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Williams College
摘要：In standard Walrasian macro finance models, pecuniary externalities due to fire sales lead to excessive borrowing and insufficient liquidity holdings. We investigate whether imperfect competition (Cournot) improves welfare through internalizing the externality and find that this is far from guaranteed. Cournot competition can overcorrect the inefficiently high borrowing in a standard model of levered real investment. By contrast, Cournot competition can exacerbate the inefficiently low liquidi...
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作者：Carlsson, Mikael; Westermark, Andreas
作者单位：Uppsala University; Sveriges Riksbank; Sveriges Riksbank
摘要：We show that in microdata , as well as in a search and matching model with flexible wages for new hires , wage rigidities of incumbent workers have substantial effects on separations and unemployment volatility. Allowing for an empirically relevant degree of wage rigidities for incumbent workers drives unemployment volatility as well as the volatility of vacancies and tightness to that in the data. Thus , the degree of wage rigidity for newly hired workers is not a sufficient statistic for det...
