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作者：Argente, David; Hsieh, Chang-tai; Lee, Munseob
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Chicago; National Bureau of Economic Research; University of California System; University of California San Diego
摘要：We use a dataset with prices and spending on consumer packaged goods matched at the bar code level across the United States and Mexico to measure the price index in Mexico relative to the United States. Mexican prices relative to the United States are 23 percent lower compared to the International Comparisons Project's (ICP) price index. We decompose the 23 percent gap into the biases from imputation, sampling, quality, and variety. Quality bias increases Mexican prices by 48 percent. Imputati...
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作者：Cai, Jie; Li, Nan; Santacreu, Ana Maria
作者单位：Shanghai University of Finance & Economics; International Monetary Fund; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：This paper provides a unified framework for quantifying the cross-country and cross-sector interactions among trade, inno-vation, and knowledge diffusion. This framework is used to study the effect of trade liberalization in an endogenous growth model in which comparative advantage and the stock of knowledge are determined by innovation and diffusion. The model is calibrated to match observed cross-country and cross-sector heterogeneity in pro-duction, innovation efficiency, and knowledge spil...
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作者：Coibion, Olivier; Gorodnichenko, Yuriy; Koustas, Dmitri
作者单位：University of Texas System; University of Texas Austin; University of California System; University of California Berkeley; University of Chicago
摘要：We document a decline in the frequency of shopping trips in the United States since 1980 and consider its implications for the measurement of consumption inequality. A decline in shopping frequency as households stock up on storable goods (i.e., inventory behavior) will lead to a rise in expenditure inequality when the latter is measured at high frequency, even when underlying consumption inequality is unchanged. We find that most of the recently documented rise in expenditure inequality in th...
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作者：Iachan, Felipe S.; Nenov, Plamen T.; Simsek, Alp
作者单位：Getulio Vargas Foundation; BI Norwegian Business School; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Financial innovation in recent decades has expanded portfolio choice. We investigate how greater choice affects investors' savings and asset returns. We establish a choice channel by which greater portfolio choice increases investors' savings-by enabling them to earn the aggregate risk premium or take speculative positions. In equilibrium, portfolio customization (access to risky assets beyond the market portfolio) reduces the risk-free rate. Participation (access to the market portfolio) redu...
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作者：Anzoategui, Diego; Comin, Diego; Gertler, Mark; Martinez, Joseba
作者单位：Rutgers University System; Rutgers University New Brunswick; Dartmouth College; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); New York University; University of London; London Business School
摘要：We examine the hypothesis that the slowdown in productivity following the Great Recession was in significant part an endogenous response to the contraction in demand that induced the downturn. We motivate, develop, and estimate a model with an endogenous TFP mechanism that allows for costly development and adoption of technologies. Our main finding is that a significant fraction of the post-Great Recession fall in productivity was an endogenous phenomenon, suggesting that demand factors played...
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作者：Blaum, Joaquin; Lelarge, Claire; Peters, Michael
作者单位：Brown University; Universite Paris Saclay; Center for Economic & Policy Research (CEPR); Yale University; National Bureau of Economic Research
摘要：Firms differ substantially in their participation in foreign input markets. We develop a methodology to measure the aggregate effects of input trade that takes such heterogeneity into account. We provide a theoretical result that holds in a variety of settings: the firm-level data on value added and domestic expenditure shares in material spending is sufficient to compute the change in consumer prices due to a shock to the import environment. We characterize the bias of approaches that rely on...
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作者：Jalil, Andrew J.
作者单位：Occidental College
摘要：There are two major problems in identifying the output effects of banking panics of the pre-Great Depression era. First, it is not clear when panics occurred because prior panic series differ in their identification of panic episodes. Second, establishing the direction of causality is tricky. This paper addresses these two problems (i) by deriving a new panic series for the 1825-1929 period and (ii) by studying the output effects of major banking panics via vector autoregression (VAR) and narr...
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作者：Gali, Jordi; Gambetti, Luca
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Autonomous University of Barcelona; Autonomous University of Barcelona
摘要：We estimate the response of stock prices to monetary policy shocks using a time-varying coefficients VAR. Our evidence points to protracted episodes in which stock prices end up increasing persistently in response to an exogenous tightening of monetary policy. That response is at odds with the conventional view on the effects of monetary policy on bubbles, as well as with the predictions of bubbleless models. We also argue that it is unlikely that such evidence can be accounted for by an endog...
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作者：Michaillat, Pascal
作者单位：University of London; London School Economics & Political Science
摘要：I develop a New Keynesian model in which a type of government multiplier doubles when unemployment rises from 5 percent to 8 percent. This multiplier indicates the additional number of workers employed when one worker is hired in the public sector. Graphically, in equilibrium, an upward-sloping quasi-labor supply intersects a downward-sloping labor demand in a (employment, labor market tightness) plane. Increasing public employment stimulates labor demand, which increases tightness and therefo...
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作者：Petrosky-Nadeau, Nicolas; Wasmer, Etienne
作者单位：Carnegie Mellon University; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：We provide a dynamic extension of an economy with search on credit and labor markets (Wasmer and Weil 2004). Financial frictions create volatility. They add an additional, almost acyclical, entry cost to procyclical job creation costs, thus increasing the elasticity of labor market tightness to productivity shocks by a factor of five to eight, compared to a matching economy with perfect financial markets. We characterize a dynamic financial multiplier that is increasing in total financial cost...
