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作者：Ranciere, Romain; Tornell, Aaron
作者单位：Paris School of Economics; University of California System; University of California Los Angeles
摘要：Financial liberalization increases growth, but leads to more crises and costly bailouts. We present a two-sector model in which liberalization, by allowing debt-denomination mismatch, relaxes borrowing limits in the financially constrained sector, but endogenously generates crisis risk. When regulation restricts external financing to standard debt, liberalization preserves financial discipline and may increase allocative efficiency, growth, and consumption possibilities. By contrast, under unf...
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作者：Song, Zheng; Storesletten, Kjetil; Wang, Yikai; Zilibotti, Fabrizio
作者单位：University of Chicago; University of Oslo; University of Zurich
摘要：We analyze intergenerational redistribution in emerging economies with the aid of an overlapping generations model with endogenous labor supply. Growth is initially high but declines over time. A version of the model calibrated to China is used to analyze the welfare effects of alternative pension reforms. Although a reform of the current system is necessary to achieve financial sustainability, delaying its implementation implies large welfare gains for the (poorer) current generations, imposi...
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作者：Chanda, Areendam; Cook, C. Justin; Putterman, Louis
作者单位：Louisiana State University System; Louisiana State University; University of California System; University of California Merced; University of Wisconsin System; University of Wisconsin Madison; Brown University
摘要：Using data on place of origin of today's country populations and the indicators of level of development in 1500 used by Acemoglu, Johnson, and Robinson (2002), we confirm a reversal of fortune for colonized countries as territories, but find persistence of fortune for people and their descendants. Persistence results are at least as strong for three alternative measures of early development, for which reversal for territories, however, fails to hold. Additional exercises lend support to Glaese...
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作者：Burstein, Ariel; Cravino, Javier; Vogel, Jonathan
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Columbia University
摘要：The production of capital equipment is concentrated among a small group of countries, and many countries import a large share of their equipment. If capital-skill complementarity is an important feature of technology, international trade may have important effects on the skill premium through its impact on equipment accumulation. In this paper we propose a tractable framework for evaluating this effect, provide simple analytic expressions linking observable changes in import shares by sector t...
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作者：Giannetti, Mariassunta; Simonov, Andrei
作者单位：Stockholm School of Economics; Michigan State University; Michigan State University's Broad College of Business
摘要：Exploiting the Japanese banking crisis of the 1990s as a laboratory, we investigate the effects of bank bailouts on the supply of credit and the performance of banks' clients. Our findings indicate that the size of capital injections relative to the initial financial condition of banks is crucial for the success of bank bailouts. Capital injections that are large enough to reestablish bank capital requirements increase the supply of credit and spur investment. In contrast, not only do capital ...
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作者：de Paula, Aureo; Scheinkman, Jose A.
作者单位：University of Pennsylvania; Princeton University; National Bureau of Economic Research
摘要：We present an equilibrium model of tax avoidance and test its implications using a survey of firms in Brazil. In the model, the credit method used to collect value-added tax (VAT) creates informality chains-clients or suppliers of informal firms are more likely to be informal. An increase in enforcement in a production stage increases formality downstream and upstream. Various empirical measures of formality of suppliers and buyers, and of enforcement downstream and upstream, are positively co...
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作者：An, Sungbae; Chang, Yongsung; Kim, Sun-Bin
作者单位：Singapore Management University; University of Rochester; Yonsei University; Korea University
摘要：Accounting for observed fluctuations in aggregate employment, consumption, and real wage using the optimality conditions of a representative household requires preferences that are incompatible with economic priors. In order to reconcile theory with data, we construct a model with heterogeneous agents whose decisions are difficult to aggregate because of incomplete capital markets and the indivisible nature of labor supply. If we were to explain the model-generated aggregate time series using ...
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作者：Miao, Jianjun; Su, Dongling
作者单位：Boston University; Shanghai Institute of International Finance & Economics; Shanghai University of Finance & Economics
摘要：We provide a new Keynesian model where entrepreneurs face uninsurable idiosyncratic investment risk and credit constraints. Government bonds provide liquidity services. Multiple steady states with positive values of public debt can be supported for a given permanent deficit-to-output ratio. The steady-state interest rates are lower than the economic growth rate, and public debt contains a bubble component. We analyze the determinacy regions of policy parameter space and find that a large set o...
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作者：Cespede, Luis Felipe; Chang, Roberto
作者单位：Universidad de Chile; Central Bank of Chile; Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research
摘要：We study foreign reserves accumulation and liquidity policy in an open economy under financial stress. Firms and households finance investment and consumption by borrowing from banks, which bor-row from abroad. Binding financial constraints cause the domestic interest rate to rise over the world rate and the exchange rate to depreciate, implying inefficiently low investment and consumption. A role emerges for a central bank that accumulates reserves to provide international liquidity when fina...
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作者：Ehrlich, Gabriel; Montes, Joshua
作者单位：University of Michigan System; University of Michigan; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper examines the relationship between downward nominal wage rigidity and employment outcomes using linked employer -employee data. Wage rigidity prevents 27.1 percent of counterfactual wage cuts, with a standard deviation of 19.2 percent across establishments. An establishment with the sample -average level of wage rigidity is predicted to have a 3.3 percentage point higher layoff rate, a 7.4 percentage point lower quit rate, and a 2.0 percentage point lower hire rate. Estimating a stru...
