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作者：Gilmore, Stephen; Hayashi, Fumio
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作者：Aruoba, S. Boragan; Schorfheide, Frank
作者单位：University System of Maryland; University of Maryland College Park; University of Pennsylvania
摘要：We develop a two-sector monetary model with a centralized and decentralized market. Activities in the centralized market resemble those in a standard New Keynesian economy with price rigidities. In the decentralized market agents engage in bilateral exchanges for which money is essential. This paper is the first to formally estimate such a model, evaluate its fit based on postwar US data, and assess its money demand properties. Steady-state welfare calculations reveal that the distortions crea...
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作者：Kaplan, Greg; Violante, Giovanni L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Pennsylvania; New York University; National Bureau of Economic Research
摘要：We assess the degree of consumption smoothing implicit in a calibrated life-cycle version of the standard incomplete-markets model, and we compare it to the empirical estimates of Richard Blundell, Luigi Pistaferri, and Ian Preston (2008) (BPP hereafter) on US data. Households in the data have access to more consumption insurance against permanent earnings shocks than in the model. BPP estimate that 36 percent of permanent shocks are insurable, whereas the model's counterpart of the BPP estima...
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作者：Forni, Mario; Gambetti, Luca; Granese, Antonio; Sala, Luca; Soccorsi, Stefano
作者单位：Universita di Modena e Reggio Emilia; University of Turin; Universita di Modena e Reggio Emilia; Bocconi University; Lancaster University
摘要：We provide a few new empirical facts that theoretical models should feature in order to be consistent with the data. (i) There are two classes of shocks: demand and supply. Supply shocks have long-run effects on economic activity; demand shocks do not. (ii) Both supply and demand shocks are important sources of business cycles' fluctuations. (iii) Supply shocks are the primary driver for consumption fluctuations, demand shocks for investment. (iv) The demand shock is closely related to the cre...
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作者：Smith, Dominic a.; Ocampo, Sergio
作者单位：Western University (University of Western Ontario)
摘要：Increasing national concentration has contributed to market power concerns. Yet local trends are more informative about market power in retail, where consumers have traditionally shopped at nearby stores. Using novel product-level census data for all US retailers, we find that local and national concentration increased in parallel and affect most markets, products, and industries. The expansion of multimarket firms into new markets explains most of the increase in national concentration, with ...
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作者：Fitzgerald, Terry; Jones, Callum; Kulish, Mariano; Nicolini, Juan pablo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Sydney; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Universidad Torcuato Di Tella
摘要：Evaluating the stability of the Phillips curve using aggregate data is challenging due to the bias that endogenous monetary policy imparts on estimated Phillips curve coefficients. We argue that regional data can be used to identify the structural relationship between unemployment and inflation. Our analysis, using city- and state-level data from 1977 to 2017, is consistent with the notion that both the reduced-form and the structural parameters of the Phillips curve are, to a substantial degr...
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作者：Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Helene
作者单位：European Central Bank; Bank of France; Universite PSL; Universite Paris-Dauphine; European Central Bank; Bank of Italy; European Central Bank; National Bank of Belgium; National Bank of Slovakia; Slovak Academy of Sciences; Bank of Lithuania; Deutsche Bundesbank; Oesterreichische Nationalbank (OeNB); European Central Bank; Bank of Greece; Autonomous University of Barcelona; Barcelona School of Economics
摘要：Using CPI microdata for 11 euro area countries over 2010-2019, we document new findings on consumer price rigidity in the euro area: ( i ) the average frequency of price changes is 12 percent; ( ii ) the distribution of price changes is highly dispersed, with frequent large and small changes; ( iii ) price changes are more frequent in January; and ( iv ) the overall size of price changes rises with inflation, but their frequency does not; these changes in the size are driven by movements in th...
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作者：Onder, Yasin Kursat; Restrepo-Tamayo, Sara; Ruiz-Sanchez, Maria Alejandra; Villamizar-Villegas, Mauricio
作者单位：Ghent University; Universidad del Rosario; Banco de la Republica Colombia
摘要：We investigate the impact of fiscal expansions on firm investment by exploiting firms with multiple banking relationships. Further, we conduct a localized approach and compare the lending behavior of banks that barely met and missed the criteria of being a primary dealer, as well as barely winners and losers at government auctions. Our results indicate that a 1 percentage point increase in primary dealer banks' bonds -to -assets ratio decreases loans by 0.2 percent, which leads to declines in ...
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作者：Bouakez, Hafedh; Rachedi, Omar; Santoro, Emiliano
作者单位：University of Copenhagen
摘要：We study the effects of aggregate government spending shocks in a production network economy where sectors differ in their price rigidity, factor intensities, use of intermediate inputs, and contribution to final demand. The model implies an aggregate value-added multiplier that is 75 percent (and $0.32) larger than that obtained in the average one-sector economy. This amplification is mainly driven by input-output linkages and -to a lesser extent-sectoral heterogeneity in price rigidity. Aggr...
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作者：Helpman, Elhanan; Niswonger, Benjamin
作者单位：Harvard University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We develop a model with a finite number of multiproduct firms together with a continuum of single-product firms and study the dynamics that arise from product innovation. Consistent with the available evidence, the model predicts rising markups and concentration and a declining labor share. Our dynamics predict the possibility of an inverted-U relationship between labor productivity and product span, for which we provide suggestive evidence. In the optimal allocation, product span and labor pr...
