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作者：Chen, Chaoran; Restuccia, Diego; Santaeulalia-Llopis, Raul
作者单位：York University - Canada; University of Toronto; National Bureau of Economic Research; University of Pennsylvania; Autonomous University of Barcelona; Barcelona School of Economics; Centre for Economic Policy Research - UK
摘要：Using detailed household-level data from Malawi on physical quan-tities of agricultural outputs and inputs, we measure farm total factor productivity (TFP), controlling for land quality, rain, and transitory shocks. We find that operated land size and capital are essentially unrelated to farm TFP, implying substantial factor misallocation. The agricultural output gain from a reallocation of factors to their efficient use among existing farmers is a factor between 1.7-and 2.8-fold. We provide s...
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作者：Garriga, Carlos; Hedlund, Aaron; Tang, Yang; Wang, Ping
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Purdue University System; Purdue University; Nanyang Technological University; University of Washington; University of Washington Seattle; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; National Bureau of Economic Research
摘要：This paper investigates the interrelationship between urbanization, structural transformation, and the post-2000 Chinese housing boom through the lens of a dynamic spatial equilibrium model that features migration and a rich housing market structure with mortgages. Urbanization and structural transformation emerge as key drivers of China's house price boom, while at the same time rising house prices impede these forces of economic transition. Policies to boost urbanization can be undone by the...
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作者：Alvarez, Fernando; Lippi, Francesco
作者单位：University of Chicago; Luiss Guido Carli University
摘要：We present a sticky price model that features the coexistence of many price changes, most of which are temporary, with a modest flexibility of the aggregate price level. Stickiness is introduced in the form of a price plan, namely a set of two prices: either price can be charged at any moment but changing the plan entails a menu cost. We analytically solve for the optimal plan and for the aggregate output response to a monetary shock. We present evidence consistent with the model implications ...
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作者：Boissay, Frederic; Cooper, Russell
作者单位：Bank for International Settlements (BIS); European University Institute; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Wholesale financial markets reallocate deposits. Because of incentive problems, these flows are limited by endogenous collateral constraints. The composition of collateral matters. The use of inside collateral creates a collateral pyramid: cash flows from one loan are pledged to secure another. Outside collateral, such as treasuries, stabilizes the pyramid. Through collateral pyramids the financial sector sustains a large volume of reallocation across banks, but at the cost of systemic panics....
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作者：Barnichon, Regis; Zylbergberg, Yanos
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Center for Economic & Policy Research (CEPR); University of Bristol
摘要：A substantial fraction of workers are underemployed, i.e., employed in jobs for which they are overqualified, and that fraction-the underemployment rate is higher in recessions. To explain these facts, we build a search model with an endogenous ranking mechanism, in which high-skill applicants are systematically hired over less-skilled competing applicants. Some high-skill workers become underemployed in order to escape the competition for high-skill jobs and find a job more rapidly at the exp...
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作者：Ferriere, Axelle; Karantounias, Anastasios G.
作者单位：Paris School of Economics; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：This paper analyzes optimal fiscal policy with ambiguity aversion and endogenous government spending. We show that without ambiguity, optimal surplus-to-output ratios are acyclical and that there is no rationale for either reduction or further accumulation of public debt. In contrast, ambiguity about the cycle can generate optimally policies that resemble austerity measures. Optimal policy prescribes higher taxes in adverse times and front-loaded fiscal consolidations that lead to a balanced p...
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作者：Fratzscher, Marcel; Gloede, Oliver; Menkhoff, Lukas; Sarno, Lucio; Stoehr, Tobias
作者单位：Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Humboldt University of Berlin; Centre for Economic Policy Research - UK; Swiss National Bank (SNB); City St Georges, University of London; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; IZA Institute Labor Economics
摘要：This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing the path of exchange rates, and in stabilizing the exchange rate in countries with narrow band regimes. Moving the level of the exchange rate in flexible regimes requires that some conditions are met, ...
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作者：Miyamoto, Wataru; Thuy Lan Nguyen; Sergeyev, Dmitriy
作者单位：Bank of Canada; Santa Clara University; Bocconi University
摘要：Using a rich dataset on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB). The on-impact output multiplier is 1.5 in the ZLB period and 0.6 outside of it. We estimate that government spending shocks increase both private consumption and investment during the ZLB period, but crowd them out in the normal period. There is evidence that expected inflation incr...
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作者：Chang, Yongsung; Hong, Jay H.; Karabarbounis, Marios
作者单位：University of Rochester; Yonsei University; Seoul National University (SNU); Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：The standard life-cycle models of household portfolio choice have difficulty generating a realistic age profile of risky share. These models not only imply a high risky share on average but also a steeply decreasing age profile, whereas the risky share is mildly increasing in the data. We introduce age-dependent, labor market uncertainty into an otherwise standard model. A great uncertainty in the labor market high unemployment risk, frequent job turnovers, and an unknown career path-prevents ...
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作者：Alvarez, Jorge; Benguria, Felipe; Engbom, Niklas; Moser, Christian
作者单位：International Monetary Fund; University of Kentucky; Princeton University; Columbia University
摘要：We document a large decrease in earnings inequality in Brazil between 1996 and 2012. Using administrative linked employer-employee data, we fit-high-dimensional worker and firm fixed-effects models to understand the sources of this decrease. Firm effects account for 40 percent of the total decrease and worker effects for 29 percent. Changes in observable worker and firm characteristics contributed little to these trends. Instead, the decrease is primarily due to a compression of returns to the...
