-
作者：Uhlig, Harald; Xie, Taojun
作者单位：University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Nanyang Technological University
摘要：The rise of digital currencies may result in domestic parallel currencies. Their exchange rate shocks present new challenges for monetary policy. We analyze these issues in a New Keynesian framework. Firms set prices in one of the currencies. A one-time appreciation of a parallel currency results in persistent redistributions toward the Dollar sector output and inflation. We calculate optimal monetary policy. When price stickiness is homogeneous, it is optimal to leave nominal interest rates u...
-
作者：Brynjolfsson, Erik; Collis, Avinash; Diewert, W. Erwin; Eggers, Felix; Fox, Kevin J.
作者单位：Stanford University; Stanford University; National Bureau of Economic Research; Carnegie Mellon University; University of British Columbia; University of New South Wales Sydney; Copenhagen Business School; University of New South Wales Sydney
摘要：The welfare contributions of new goods and free goods are not well-measured in standard statistical agency metrics like GDP or productivity. We derive explicit terms for the contributions of these goods and introduce a new framework and metric, GDP-B, which quantifies their benefits. We apply this framework to several empirical examples, including Facebook and smartphone cameras, and estimate their valuations through incentive-compatible choice experiments. Our new approach can help measure we...
-
作者：Buera, Francisco J.; Fattal-jaef, Roberto N.
作者单位：Washington University (WUSTL)
摘要：This paper proposes a quantitative model of endogenous firm dynamics to study growth-acceleration episodes triggered by reforms. We find that reversals of entry distortions lead to persistent growth in TFP and declining average firm size, as in the experience of successful postcommunist transitions. Removing idiosyncratic distortions results in a more protracted path of TFP and a rising average firm size, as in noncommunist growth accelerations. When calibrating the reforms to China's liberali...
-
作者：Mackowiak, Bartosz; Schmidt, Sebastian
作者单位：European Central Bank
摘要：Fiscal backing is the idea that for the price level to be uniquely determined, fiscal policy must be active at least in some states of the world. We extend the fiscal theory of the price level to a heterogenous monetary union. Different combinations of national fiscal policies and a common fiscal policy with Eurobonds amount to active fiscal policy for the union. They all yield price-level determinacy but can have very different implications for the effects of fiscal and monetary policy. We pr...
-
作者：Fallick, Bruce; Haltiwanger, John; Mcentarfer, Erika; Staiger, Matthew
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University System of Maryland; University of Maryland College Park; Harvard University
摘要：A large literature finds that workers displaced in mass layoffs experience persistent earnings losses. We find that the earnings penalty from job displacement is mediated by the length of the jobless spell after displacement. Workers who experience little or no joblessness suffer no losses on average; those who experience a prolonged period of joblessness experience large, persistent earnings losses. Job movers who experience joblessness tend to move to lower-paying firms, a phenomenon that in...
-
作者：Mackowiak, Bartosz; Wiederholt, Mirko
作者单位：European Central Bank; Centre for Economic Policy Research - UK; University of Munich
摘要：We solve a real business cycle model with rational inattention (an RI-RBC model). In the RI-RBC model, the growth rates of employment, investment, and output are about as persistent as in the data, with an amount of inattention consistent with survey data on expectations. Moreover, consumption, employment, and output move in the same direction in response to news about future productivity. By contrast, the baseline RBC model produces neither persistent growth rates nor business cycle comovemen...
