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作者：Bento, Pedro
作者单位：West Virginia University
摘要：incorporate an insight of Friedrich Hayek-that competition allows a thousand flowers to bloom, and discovers the best among them-into a model of Schumpeterian innovation. Firms face uncertainty about the optimal direction of innovation, so more innovations implies a higher expected value of the best innovation. The model accounts for two seemingly contradictory relationships reported in recent empirical studies-a positive relationship between competition and industry-level productivity growth,...
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作者：Gourio, Francois
作者单位：Boston University; National Bureau of Economic Research
摘要：Credit spreads are large, volatile, and countercyclical, and recent empirical work suggests that risk premia, not expected credit losses, are responsible for these features. Building on the idea that corporate debt, while fairly safe in ordinary recessions, is exposed to economic depressions, this paper embeds a trade-off theory of capital structure into a real business cycle model with a small, exogenously time-varying risk of economic disaster. The model replicates the level, volatility and ...
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作者：Krishnamurthy, Arvind
作者单位：Northwestern University; National Bureau of Economic Research
摘要：I describe two amplifications mechanisms that operate during crises and discuss the benefits of policy given each mechanism. The first mechanism involves asset prices and balance sheets. A negative shock to agents' balance sheets causes them to liquidate assets, lowering prices, further deteriorating balance sheets and amplifying the shock. The second mechanism involves investors' Knightian uncertainty. Unusual shocks to untested financial innovations increase agents' uncertainty about their i...
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作者：Chamon, Marcos D.; Prasad, Eswar S.
作者单位：International Monetary Fund; Cornell University
摘要：From 1995 to 2005, the average urban household savings rate in China rose by 7 percentage points, to about one-quarter of disposable income. Savings rates increased across all demographic groups, and the age profile of savings has an unusual pattern in recent years, with younger and older households having relatively high savings rates. We argue that these patterns are best explained by the rising private burden of expenditures on housing, education, and health care. These effects and precauti...
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作者：Li, Wenhao
作者单位：University of Southern California
摘要：This paper studies the equilibrium effect of public liquidity on financial crises. Banks borrow from households via insured deposits and partially runnable debt and suffer endogenous funding withdrawals from households in crises. Holding public liquidity alleviates banks' liquidity problems. In equilibrium, a larger public liquidity supply reduces crisis severity and expands bank lending but crowds bank deposits and increases bank vulnerability to real shocks. The model quantitatively explains...
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作者：Adamopoulos, Tasso
作者单位：York University - Canada
摘要：I study the effects of Ethiopia's 1997-2014 road expansion program on agricultural productivity and structural change by combining a quantitative spatial sectoral framework with novel district-level panel data on agricultural production and geocoded transport costs. In the model, the spatial heterogeneity of transport costs affects the distribution of production and mobile inputs across locations and sectors, and the allocation of land across crops within locations. Varying transport costs to ...
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作者：Jo, YooN Joo; Zubairy, Sarah
作者单位：Texas A&M University System; Texas A&M University College Station; National Bureau of Economic Research
摘要：In a New Keynesian model with downward nominal wage rigidity (DNWR), we show that government spending is more effective in stimulating output in a low-inflation recession relative to a high-inflation recession. The government spending multiplier is large when DNWR binds, but the nature of recession matters due to the opposing response of inflation and, consequently, for real wages. Using US historical time series data, we provide evidence of larger spending multipliers in low-inflation recessi...
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作者：Mueller, Gernot J.; Wolf, Martin; Hettig, Homas
作者单位：Eberhard Karls University of Tubingen; Leibniz Association; Ifo Institut; University of St Gallen; Centre for Economic Policy Research - UK
摘要：We provide evidence that the delayed overshooting puzzle reflects a slow adjustment of exchange rate expectations to monetary policy shocks rather than a failure of uncovered interest parity. Consistent with this evidence, we put forward a New Keynesian model in which uncovered interest parity holds, but there are information rigidities: investors do not observe monetary policy shocks but learn rationally from unanticipated shifts in monetary policy about the state of the economy. We estimate ...
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作者：Daruich, Diego; Kozlowski, Julian
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：We compile a new database of grocery prices in Argentina. We find uniform pricing both within and across regions-i.e., prices almost do not vary within the stores of a chain. In line with uniform pricing, prices in stores of chains operating in one region react to changes in regional employment while prices in multiregion chains do not. Using a quantitative regional model with multiregion firms and uniform pricing, we find a one-half smaller elasticity of prices to a regional than an aggregate...
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作者：Gelman, Michael; Gorodnichenko, Yuriy; Kariv, Shachar; Koustas, Dmitri; Shapiro, Matthew D.; Silverman, Dan; Tadelis, Steven
作者单位：Claremont Colleges; Claremont Graduate University; Claremont McKenna College; University of California System; University of California Berkeley; University of Chicago; University of Michigan System; University of Michigan; Arizona State University; Arizona State University-Tempe
摘要：This paper estimates how overall consumer spending responds to changes in gasoline prices. It uses the differential impact across con-sumers of the sharp drop in gasoline prices in 2014 for identifica-tion. This estimation strategy is implemented using comprehensive, high-frequency, transaction-level data for a large panel of individu-als. The average estimated marginal propensity to consume (MPC) out of unanticipated, permanent shocks to income is approximately one. This estimate accounts for...
