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作者：Luo, Yulei; Young, Eric R.
作者单位：University of Hong Kong; University of Virginia
摘要：This paper studies the consumption-savings behavior of households who have risk-sensitive preferences and suffer from limited information-processing capacity (rational inattention or RI). We first solve the model explicitly and show that RI increases precautionary savings by interacting with income uncertainty and risk sensitivity. Given the closed-form solutions, we find that the RI model displays a wide range of observational equivalence properties, implying that consumption and savings data...
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作者：Blanchard, Olivier; Gali, Jordi
作者单位：Massachusetts Institute of Technology (MIT); Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research - UK; Barcelona School of Economics
摘要：We construct a utility-based model of fluctuations with nominal rigidities and unemployment. We first show that under a standard utility specification, productivity shocks have no effect on unemployment in the constrained efficient allocation. That property is also shown to hold, despite labor market frictions, in the decentralized equilibrium under flexible prices and wages. Inefficient unemployment fluctuations arise when we introduce real-wage rigidities. As a result, in the presence of sta...
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作者：Shimer, Robert
作者单位：University of Chicago
摘要：I review research on the behavior of the labor wedge, the ratio between the marginal rate of substitution of consumption for leisure and the marginal product of labor. According to competitive, market-clearing macroeconomic models, the ratio is easy to measure and should be equal to the sum of consumption and labor taxes. The observation that the wedge is higher in continental Europe than in the United States has proved useful for understanding the extent to which taxes can explain differences...
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作者：Breinlich, Holger; Leromain, Elsa; Novy, Dennis; Sampson, Thomas
作者单位：University of Surrey; University of Antwerp; Universite Catholique Louvain; University of Warwick; University of London; London School Economics & Political Science
摘要：In trade models with scale economies, import liberalization reduces exports within industries by shrinking real market potential. We find this export destruction mechanism reduced US export growth following the permanent normalization of trade relations with China (PNTR). There was also an offsetting boost to exports from lower input costs. We use our estimates to calibrate a quantitative model and show that scale economies are economically important for trade policy analysis. Although PNTR in...
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作者：Rachel, Lukasz
作者单位：University of London; University College London
摘要：This paper examines the behavior of individuals susceptible to a deadly disease in a tractable equilibrium setting. We analytically characterize individually optimal mitigation behavior and the resulting equilibrium trajectory. Analysis is facilitated by a phase diagram. A key insight is that individually optimal behavior of those susceptible to the disease results in excessive caution. This behavior flattens the epidemic curve and prolongs the epidemic. In contrast, socially optimal behavior ...
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作者：Andreolli, Michele; Surico, Paolo
作者单位：Boston College; University of London; London Business School; Centre for Economic Policy Research - UK
摘要：We study how consumption responds to unexpected, transitory income gains of different sizes using hypothetical questions from the Italian Survey of Household Income and Wealth. Affluent households exhibit higher marginal propensities to consume (MPCs) out of large gains, while liquidity-poor families show higher MPCs out of small gains. The spending patterns of higher earners align with models featuring non-homothetic preferences, whereas borrowing constraints explain the heterogeneity among l...
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作者：Furlanetto, Francesco; Lepetit, Antoine; Robstad, Qrjan; Rubio-ramirez, Juan; Ulvedal, Pal
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Norges Bank; Federal Reserve System - USA; Emory University; Federal Reserve Bank - Atlanta; Nord University
摘要：In this paper we identify demand shocks that can have a permanent effect on output through hysteresis effects. We call these shocks permanent demand shocks. They are found to be quantitatively important in the United States, in particular in samples starting in the 1980s. Recessions driven by permanent demand shocks lead to a permanent decline in employment and investment, while output per worker is largely unaffected. We find strong evidence that hysteresis transmits through a rise in long-te...
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作者：Bolhuis, Marijn; Rachapalli, Swapnika; Restuccia, Diego
作者单位：International Monetary Fund; University of British Columbia; University of Toronto; National Bureau of Economic Research
摘要：We exploit substantial variation in land-market institutions across Indian states and detailed household-level panel data to assess the effect of land-market distortions on agricultural productivity. We develop a model of heterogeneous farms and distorted land markets, featuring (i) state-level barriers to land-market participation and (ii) idiosyncratic (farm-level) distortions to farm size. We separately identify and estimate the two sources of land-market distortions in each state. We find ...
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作者：Hajdini, Ina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：I consider a New Keynesian framework where agents combine mis-specified forecasts and myopia to form expectations. This combination is consistent with inflation forecasts'late overshooting, under-reaction to forecast revisions, and overreaction to current inflation. Estimating the general equilibrium model on macroeconomic data shows that: (i) data favor combining autoregressive mis-specified forecasting rules with myopia over other alternatives; (ii) learning of mis-specified rules improves m...
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作者：Giannoulakis, Stelios; Sakellaris, Plutarchos
作者单位：Athens University of Economics & Business
摘要：During the Greek Depression, which saw a 22 percent decline in output, young firms and small firms experienced significantly steeper declines in sales growth compared to their mature and larger counterparts. This disparity was largely driven by adverse demand shocks and was further intensified by financing constraints (FCs), with a significant interaction between these two factors amplifying the impact. Firm-level heterogeneity played a critical role in shaping macroeconomic outcomes, with the...
