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作者：Cirelli, Fernando; Gertler, Mark
作者单位：New York University; National Bureau of Economic Research; Columbia University
摘要：During the pandemic recession, firms directly exposed to the virus- i.e. the contact sector-contracted sharply and recovered slowly relative to the rest of the economy. Less understood is how firms that won by offering safer substitutes for contact sector goods have affected this unequal downturn. Using both firm and industry data, we first construct disaggregated measures of revenue growth that distinguish between contact sector losers, contact sector winners, and the noncontact sector. We sh...
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作者：Fried, Stephie; Lagakos, David
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Boston University
摘要：Many policymakers view power outages as a major constraint on firm productivity in developing countries. Yet empirical studies find modest short-run effects of outages on firm performance. This paper builds a dynamic macroeconomic model to study the long-run general-equilibrium effects of power outages on productivity. Outages lower productivity in the model by creating idle resources, depressing the scale of incumbent firms and reducing entry of new firms. Consistent with the empirical litera...
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作者：Erosa, Andres; Fuster, Luisa; Kambourov, Gueorgui; Rogerson, Richard
作者单位：Universidad Carlos III de Madrid; University of Toronto; Princeton University; Princeton University
摘要：Goldin (2014) offers a narrative in which gender differences in home production responsibilities create gender gaps in labor market outcomes. We carry out a model-based quantitative assessment of this narrative and find that it can account for a significant share of gender gaps in occupational choice, wages, and hours. Our analysis emphasizes the quantitative significance of two key elements not highlighted by Goldin: heterogeneity in comparative advantage and multimember households. Gender di...
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作者：Papageorgiou, Theodore
作者单位：Boston College
摘要：In this paper, I document that workers in larger cities have significantly more occupational options than workers in smaller ones. They are able to form better occupational matches and earn higher wages. I also note differences in occupation reallocation patterns across cities. I develop a dynamic model of occupation choice that microfounds agglomeration economies and captures the empirical patterns. The calibration of the model suggests that better occupational match quality accounts for appr...
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作者：Fattal-Jaef, Roberto N.
作者单位：The World Bank
摘要：This paper studies the interaction between barriers to firm entry and distortions to allocative efficiency in a standard model of firm dynamics. We derive a strategy to infer entry barriers based on cross-country differences in the firm size distribution and idiosyncratic distortions. The inferred barriers resemble regulation-based indicators in advanced economies but are substantially higher in middle-and low-income countries. Regulation-based indicators cannot account for cross-country diffe...
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作者：Carrillo, Julio A.; Mendoza, Enrique G.; Nuguer, Victoria; Roldan-Pena, Jessica
作者单位：Bank of Mexico; University of Pennsylvania; Inter-American Development Bank
摘要：Violations of Tinbergen's rule and strategic interaction undermine stabilization policies in a New Keynesian model with the Bernanke-Gertler accelerator. Welfare costs of risk shocks are large because of efficiency losses and income effects of costly monitoring, but they are much larger under a simple Taylor rule (STR) or a Taylor rule augmented with credit spreads (ATR) than with a Taylor rule and a separate financial rule targeting spreads. ATR and STR are tight -money-tight credit regimes r...
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作者：Biswas, Siddhartha; Hanson, Andrew; Phan, Toan
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We develop a tractable bubbles model with financial friction and downward wage rigidity. Competitive speculation in risky bubbles can result in excessive investment booms that precede inefficient busts, where -post-bubble aggregate economic activities collapse below the -pre-bubble trend. Risky bubbles can reduce ex ante social welfare, and leaning-against-the-bubble policies that balance the boom-bust-trade-off can be warranted. We further show that the collapse of a bubble can push the econo...
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作者：Buera, Francisco J.; Nicolini, Juan Pablo
作者单位：Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We study a model with heterogeneous producers that face collateral and cash-in-advance constraints. A tightening of the collateral constraint results in a credit-crunch-generated recession that reproduces some features of the financial crisis that unraveled in 2007 in the United States. We use the model to study the effects, following a credit crunch, of alternative monetary and fiscal policies.
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作者：Cravino, Javier; Sotelo, Sebastian
作者单位：University of Michigan System; University of Michigan
摘要：We study how international trade affects manufacturing employment and the relative wage of unskilled workers when goods and services are traded with different intensities. Manufacturing trade reduces manufacturing prices worldwide, which reduces manufacturing employment if manufactures and services are complements. International trade also raises real income, which reduces manufacturing employment if services are more income elastic than manufactures. Manufacturing production is unskilled-labo...
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作者：Caldara, Dario; Herbst, Edward
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：In this paper, we develop a Bayesian framework to estimate a proxy structural vector autoregression to identify monetary policy shocks. We find that during the Great Moderation period, monetary policy shocks induce a persistent decline in real activity and tightening in financial conditions. Central to this result is a systematic component of monetary policy characterized by a direct and economically significant reaction to changes in corporate credit spreads. The failure to account for this e...
