American Economic Journal: Macroeconomics

最新文章

• International Portfolio Allocation under Model Uncertainty AI翻译
  作者：Benigno, Pierpaolo; Nistico, Salvatore
  作者单位：Luiss Guido Carli University; Sapienza University Rome
  摘要：This paper revisits an old argument, hedging real exchange rate risk, as an explanation of the international home bias in equity. In a dynamic model, the relevant risk to be hedged is the long-run risk as opposed to the short-run risk. Domestic equity is indeed a good hedge with respect to long-run real-exchange-rate risk. Two new frameworks are able to explain a large share of the observed US home bias: a model with Hansen-Sargent preferences in which agents fear model misspecification and a ...
• Globalization and Innovation in Emerging Markets AI翻译
  作者：Gorodnichenko, Yuriy; Svejnar, Jan; Terrell, Katherine
  作者单位：University of California System; University of California Berkeley; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan
  摘要：Globalization brings opportunities and pressures for domestic firms in emerging markets to innovate and improve their competitive position. Using data from 27 emerging market economies, we estimate the effects of foreign competition and linkages with foreign firms on innovation by domestic firms. We provide robust evidence of a positive relationship between foreign competition and innovation, broadly defined. The supply chain of multinational enterprises and trade are also important channels. ...
• Idiosyncratic Income Risk and Aggregate Fluctuations AI翻译
  作者：Debortoli, Davide; Gali, Jordi
  作者单位：ICREA; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI)
  摘要：We study how the presence of idiosyncratic income risk affects aggre- gate fluctuations in the absence of binding borrowing constraints and/or cyclical income risk. Its impact is shown to be captured by the response of a consumption-weighted average of individual con- sumption risk to aggregate shocks. We analyze two example econo- mies an endowment economy and a New Keynesian economy-and show that, under plausible calibrations, the impact of idiosyncratic income risk on as on aggregate fluctu...
• Self-Harming Trade Policy? Protectionism and Production Networks? AI翻译
  作者：Barattieri, Alessandro; Cacciatore, Matteo
  作者单位：University of Quebec; University of Quebec Montreal; Universite de Montreal; HEC Montreal; Bank of Canada; National Bureau of Economic Research
  摘要：Using monthly data on temporary trade barriers (TTBs), we esti-mate the dynamic employment effects of protectionism through ver-tical production linkages. First, exploiting high-frequency data and TTB procedural details, we identify trade policy shocks exogenous to economic fundamentals. We then use input-output tables to construct measures of protectionism affecting downstream producers. Finally, we estimate panel local projections using the identified trade policy shocks. Protectionism has s...
• Micro-Level Misallocation and Selection AI翻译
  作者：Yang, Mu-Jeung
  作者单位：Utah System of Higher Education; University of Utah
  摘要：How large are the aggregate productivity losses from the misallocation of resources across firms? With endogenous selection, microfrictions can induce extensive margin misallocation among firms: too many unproductive firms are active (Zombies), and too many productive firms are inactive (Shadows). Therefore, the same set of measured distortions potentially induces much larger aggregate productivity losses, as the composition of firms is shifted toward unproductive active firms. I develop and c...
• If Technology Has Arrived Everywhere, Why Has Income Diverged? AI翻译
  作者：Comin, Diego; Mestieri, Marti
  作者单位：Dartmouth College; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Northwestern University
  摘要：We study the cross-country evolution of technology diffusion over the last two centuries. We document that adoption lags between poor and rich countries have converged, while the intensity of use of adopted technologies of poor countries relative to rich countries has diverged. The evolution of aggregate productivity implied by these trends in technology diffusion resembles the actual evolution of the world income distribution in the last two centuries. Cross-country differences in adoption la...
• Nominal Exchange Rate Determinacy under the Threat of Currency Counterfeiting AI翻译
  作者：Gomis-Porqueras, Pedro; Kam, Timothy; Waller, Christopher
  作者单位：Deakin University; Australian National University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
  摘要：We study the endogenous choice to accept fiat objects as media of exchange and their implications for nominal exchange rate determination. We consider a two-country environment with two currencies that can be used to settle any transactions. However, currencies can be counterfeited at a fixed cost and the decision to counterfeit is private information. This induces equilibrium liquidity constraints on the currencies in circulation. We show that the threat of counterfeiting can pin down the nom...
• Aggregate Implications of a Credit Crunch: The Importance of Heterogeneity AI翻译
  作者：Buera, Francisco J.; Moll, Benjamin
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Princeton University
  摘要：We take an off-the-shelf model with financial frictions and heterogeneity, and study the mapping from a credit crunch, modeled as a shock to collateral constraints, to simple aggregate wedges. We study three variants of this model that only differ in the form of underlying heterogeneity. We find that in all three model variants a credit crunch shows up as a different wedge: efficiency, investment, and labor wedges. Furthermore, all three model variants have an undistorted Euler equation for th...
• Monetary Policy and Real Borrowing Costs at the Zero Lower Bound AI翻译
  作者：Gilchrist, Simon; Lopez-Salido, David; Zakrajsek, Egon
  作者单位：Boston University; Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：This paper compares the effects of conventional monetary policy on real borrowing costs with those of the unconventional measures employed after the target federal funds rate hit the zero lower bound (ZLB). For the ZLB period, we identify two policy surprises: changes in the two-year Treasury yield around policy announcements and changes in the ten-year Treasury yield that are orthogonal to those in the two-year yield. The efficacy of unconventional policy in lowering real borrowing costs is c...
• Medium Term Business Cycles in Developing Countries AI翻译
  作者：Comin, Diego; Loayza, Norman; Pasha, Farooq; Serven, Luis
  作者单位：Dartmouth College; National Bureau of Economic Research; Centre for Economic Policy Research - UK; The World Bank
  摘要：We study the transmission of business cycle fluctuations for developed (N) to developing economies (S) with a two-country, asymmetric, DSGE model with endogenous development of new technologies in N, and sunk costs of exporting and transferring the production of the intermediate goods to S. Consistent with the data, the flow of technologies from N to S co-moves positively with output in N and S; shocks to N have a large effect on S; business cycles in N lead over medium term fluctuations in S;...