American Economic Journal: Macroeconomics

最新文章

• World Productivity: 1996-2014 AI翻译
  作者：Esfahani, Mehrdad; Fernald, John g.; Hobijn, Bart
  作者单位：Arizona State University; Arizona State University-Tempe; INSEAD Business School; Federal Reserve System - USA; Federal Reserve Bank - Chicago
  摘要：We use a new growth accounting method to quantify the drivers of world total factor productivity (TFP) growth during 1996-2014and uncover four main results. World productivity growth is volatile from year to year. This mainly reflects reallocation of labor across country-industries. The contribution of country-industry level productivity growth to world productivity is relatively constant over time. This constancy masks that the increased importance of emerging economies offsets a productivity...
• Has the Information Channel of Monetary Policy Disappeared? Revisiting the Empirical Evidences AI翻译
  作者：Hoesch, Lukas; Rossi, Barbara; Sekhposyan, Tatevik
  作者单位：Vrije Universiteit Amsterdam; Tinbergen Institute; Barcelona School of Economics; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Texas A&M University System; Texas A&M University College Station
  摘要：Does the Federal Reserve have an information advantage in fore-casting macroeconomic variables beyond what is known to private sector forecasters? And are market participants reacting only to monetary policy shocks or also to information on the future state of the economy that the Federal Reserve communicates in its announce-ments via an information channel? This paper investigates the evolution of both the information advantage and the information channel over time. Although they appear to be...
• Measuring Monetary Policy in the Euro Area Using SVARs with Residual Restrictions AI翻译
  作者：Badinger, Harald; Schiman, Stefan
  作者单位：Vienna University of Economics & Business
  摘要：This study measures the effects of monetary policy in the euro area using a small number of sign and magnitude restrictions on the residuals of a structural vector autoregression. We derive the dates and directions of these shocks from high-frequency financial market data around official European Central Bank policy announcements. Based on an in-depth narrative analysis and a comparison of the results with those of a standard high-frequency approach, we argue that our approach is purged from c...
• Mind the Gap! Stylized Dynamic Facts and Structural Models AI翻译
  作者：Canova, Fabio; Ferroni, Filippo
  作者单位：BI Norwegian Business School; BI Norwegian Business School; Federal Reserve System - USA; Federal Reserve Bank - Chicago
  摘要：We study what happens to identified shocks and to dynamic responses when the data generating process features q disturbances but q1 < q variables are used in an empirical model. Identified shocks are lin-ear combinations of current and past values of all structural dis-turbances and do not necessarily combine disturbances of the same type. Theory-based restrictions may be insufficient to obtain struc-tural dynamics. We revisit the evidence regarding the transmission of house price and of uncer...
• Dynamic Capital Tax Competition under the Source Principle AI翻译
  作者：Gross, Till; Klein, Paul; Makris, Miltiadis
  作者单位：Carleton University; Stockholm University; University of Essex
  摘要：We explore the short- and long-run implications of tax competition between jurisdictions, where governments can only tax capital at source. We do this in the context of a neoclassical growth model under commitment and capital mobility. We provide a new theoretical perspective on the dynamic capital tax externalities that emerge in this model. Numerically, we show that the net capital tax externality is positive in the short run but converges to zero in the long run. We also find that noncooper...
• Uncertainty and Business Cycles: Exogenous Impulse or Endogenous Response? AI翻译
  作者：Ludvigson, Sydney C.; Ma, Sai; Ng, Serena
  作者单位：New York University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors; Columbia University
  摘要：Uncertainty about the future rises in recessions. But is uncertainty a source of business cycles or an endogenous response to them, and does the type of uncertainty matter? We propose a novel SVAR identification strategy to address these questions via inequality constraints on the structural shocks. We find that sharply higher macroeconomic uncertainty in recessions is often an endogenous response to output shocks, while uncertainty about financial markets is a likely source of output fluctuat...
• Financing Constraints. Radical versus Incremental Innovation, and Aggregate Productivity AI翻译
  作者：Caggese, Andrea
  作者单位：Pompeu Fabra University; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics
  摘要：I provide new empirical evidence on the negative relationship between financial frictions and productivity growth over a firm's life cycle. I show that a model of firm dynamics with incremental innovation cannot explain this evidence. However, further including radical innovation, which is very risky but potentially very productive, allows for the joint replication of several stylized facts about the dynamics of young and old firms and the differences in productivity growth in industries with ...
• The Substitution Elasticity, Factor Shares, and the Low-Frequency Panel Model AI翻译
  作者：Chirinko, Robert S.; Mallick, Debdulal
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Deakin University
  摘要：The value of the elasticity of substitution between labor and capital (sigma) is a crucial assumption in understanding the secular decline in the labor share of income. This paper develops and implements a new strategy for estimating this crucial parameter by combining a low-pass filter with panel data to identify the low-frequency/long-run relations appropriate to production function estimation. Standard estimation methods, which do not filter out transitory variation, generate downwardly bia...
• Gender Gaps and the Rise of the Service Economy AI翻译
  作者：Ngai, L. Rachel; Petrongolo, Barbara
  作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; University of London; Queen Mary University London; University of London; Queen Mary University London; Centre for Economic Policy Research - UK
  摘要：This paper investigates the role of the rise in services in the narrowing of gender gaps in hours and wages in recent decades. We highlight the between-industry component of differential gender trends for the United States and propose a model economy with goods, services, and home production, in which women have a comparative advantage in producing services. The rise of services, driven by structural transformation and marketization of home production, raises women's relative wages and market ...
• Industrial Policy and Competition AI翻译
  作者：Aghion, Philippe; Cai, Jing; Dewatripont, Mathias; Du, Luosha; Harrison, Ann; Legros, Patrick
  作者单位：Harvard University; National Bureau of Economic Research; University of Michigan System; University of Michigan; Universite Libre de Bruxelles; University of Pennsylvania
  摘要：Using a comprehensive dataset of all medium and large enterprises in China between 1998 and 2007, we show that industrial policies allocated to competitive sectors or that foster competition in a sector increase productivity growth. We measure competition using the Lerner Index and include as industrial policies subsidies tax holidays, loans, and tariffs. Measures to foster competition include policies that are more dispersed across firms in a sector or measures that encourage younger and more...