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作者：Engel, Charles; Matsumoto, Akito
作者单位：University of Wisconsin System; University of Wisconsin Madison; International Monetary Fund
摘要：This paper develops a two-country monetary DSGE model in which households choose a portfolio of home and foreign equities, and a forward position in foreign exchange. Some nominal goods prices are sticky. Trade in these assets achieves the same allocations as trade in a complete set of nominal state-contingent claims in our linearized model. When there is a high degree of price stickiness, we show that not much equity diversification is required to replicate the complete-markets equilibrium wh...
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作者：Nakajima, Makoto; Telyukova, Irina A.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Many US households have significant wealth late in life, contrary to the predictions of a simple life-cycle model. By comparison, retirees in Sweden decumulate wealth more quickly while facing smaller out-of-pocket medical expense risks late in life. In this paper, we investigate how well the latter can account for the former using a full life-cycle consumption-saving model. We find that medical expense level and risk account for 32-59 percent of the US-Sweden difference in retirees' speed of ...
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作者：Jang, Youngsoo; Yum, Minchul
作者单位：University of Queensland; University of Southampton; Centre for Economic Policy Research - UK
摘要：This paper quantitatively investigates the medium- and long-term macroeconomic and distributional consequences of school closures through intergenerational channels. The model economy is a dynas-tic overlapping-generations general equilibrium model in which schools, in the form of public education investments, complement parental investments in producing children's human capital. We find that unexpected school closure shocks have long-lasting adverse effects on macroeconomic aggregates and red...
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作者：Erceg, Christopher; Prestipino, Andrea; Raffo, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA
摘要：Fiscal devaluations-an increase in import tariffs and export sub-sidies (IX) or an increase in value-added taxes and payroll subsi-dies (VP)- have been shown to provide as much stimulus under fixed exchange rates as a currency devaluation. We find that if agents expect policies to be reversed and the tax pass-through is large, VP is contractionary and IX provides a modest boost. In our medium-scale DSGE model, both features are crucial in accounting for Germany's underperformance in response t...
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作者：Asturias, Jose; Hur, Sewon; Kehoe, Timothy J.; Ruhl, Kim J.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Wisconsin System; National Bureau of Economic Research
摘要：Applying the Foster, Haltiwanger, and Krizan (2001) decomposition to plant-level manufacturing data from Chile and Korea, we find that the entry and exit of plants account for a larger fraction of aggregate productivity growth during periods of fast GDP growth. To analyze this relationship, we develop a model of firm entry and exit based on Hopenhayn (1992). When we introduce reforms that reduce entry costs or reduce barriers to technology adoption into a calibrated model, we find that the ent...
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作者：Graham, James; Makridis, Christos A.
作者单位：University of Sydney; Arizona State University; Arizona State University-Tempe; Stanford University
摘要：We introduce a novel Bartik-like instrument for house prices con-sisting of the local composition of housing characteristics interacted with aggregate changes in the marginal prices of these character-istics. Using household-level panel data, we estimate elasticities of nondurable consumption expenditures with respect to house prices of around 0.1. These consumption effects are concentrated among the young and those most likely to be facing tight borrowing constraints. A decomposition shows th...
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作者：Bracke, Philippe; Tenreyro, Silvana
作者单位：University of London; London School Economics & Political Science
摘要：Using data on the universe of housing transactions in England and Wales over a 20-year period, we document that sale prices and selling propensities are affected by house prices prevailing in the period in which properties were previously bought. Using administrative data on mortgages, we show that cognitive frictions explain most of the history dependence in sale prices, whereas credit frictions are more relevant for selling propensities. We corroborate our analysis with data on online house ...
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作者：L'Huillier, Jean-Paul
作者单位：Brandeis University
摘要：This paper studies the propagation of monetary shocks in an economy featuring a strategic microfoundation for price rigidities. Following an aggregate shock to money, most consumers are initially uninformed. The market for goods is decentralized. Firms are better off delaying the adjustment of prices until enough consumers learn. At the same time, consumers learn from firms that have adjusted prices. The implied endogenous information diffusion follows a Bernoulli differential equation, implyi...
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作者：Swanson, Eric T.
作者单位：University of California System; University of California Irvine
摘要：A flexible labor margin allows households to absorb asset value shocks with changes in hours worked, altering the households' attitudes toward risk (Swanson 2012). This paper analyzes how frictional labor markets affect that analysis. Risk aversion is higher (i) in countries with more frictional labor markets, (ii) in recessions, and (iii) for households that have more difficulty finding a job. Labor market frictions in Europe are large enough to raise risk aversion in those countries. Neverth...
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作者：Mukoyama, Toshihiko; Osotimehin, Sophie
作者单位：Georgetown University; University of Quebec; University of Quebec Montreal
摘要：We study how factors that hinder the reallocation of inputs across firms influence aggregate productivity growth. We extend Hopenhayn and Rogerson's (1993) firm-dynamics model to allow for endogenous innovation. We evaluate the effects of firing taxes on reallocation, innovation, and productivity growth. We find firing taxes can have opposite effects on entrants' innovation and incumbents' innovation, and the overall outcome depends on the relative strengths of these forces. In the entrant-dri...
