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作者：Joyce, Michael A. S.; Tong, Matthew
作者单位：Bank of England
摘要：We examine the impact of the first phase of the Bank of Englands quantitative easing (QE) programme during March 2009January 2010 on the UK government bond (gilt) market, using high-frequency, disaggregated data on individual gilts. We find that: QE announcements took varying amounts of time to get incorporated into market prices and had significant effects on the shape of the term structure; the Banks reverse auctions were initially associated with additional yield reductions; and, allowing f...
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作者：Corcos, Gregory; Del Gatto, Massimo; Mion, Giordano; Ottaviano, Gianmarco I. P.
作者单位：Norwegian School of Economics (NHH); University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：We discuss how standard computable equilibrium models of trade policy can be enriched with selection effects. This is achieved by estimating and simulating a partial equilibrium model that accounts for a number of real world effects of trade liberalisation: richer availability of product varieties; tougher competition and weaker market power of firms; better exploitation of economies of scale; and, of course, efficiency gains via firms selection. The model is estimated on EU data and then simu...
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作者：Berton, Fabio; Garibaldi, Pietro
作者单位：University of Eastern Piedmont Amedeo Avogadro; University of Turin; Collegio Carlo Alberto
摘要：The liberalisation of temporary contracts has led to a sizeable share of jobs covered by temporary contracts. This article proposes a matching model of unemployment in which temporary (fixed-term) and permanent (open-ended) jobs coexist in a long-run equilibrium. From the labour demand standpoint, the choice of the type of contract leads to a trade-off between an ex-ante speed of hiring and an ex-post flexible dismissal rate. Empirically, we test with Italian longitudinal data whether non-empl...
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作者：Kirsanova, Tatiana; Wren-Lewis, Simon
作者单位：University of Exeter; University of Oxford
摘要：We examine the impact of different degrees of fiscal feedback on debt when monetary policy is determined optimally, rather than following a simple rule. We find the welfare maximising level of fiscal feedback to be small. We show for the first time a clear discontinuity in the behaviour of monetary policy and welfare either side of this optimal level. As fiscal feedback increases, optimal monetary policy becomes less active because fiscal feedback tends to deflate inflationary shocks. If fisca...
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作者：Duca, John V.; Muellbauer, John; Murphy, Anthony
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; Southern Methodist University
摘要：Most US house price models break down in the mid-2000s, due to the omission of exogenous changes in mortgage credit supply (associated with the sub-prime mortgage boom) from house price-to-rent ratio and inverted housing demand models. Previous models lack data on credit constraints facing first-time home-buyers. Incorporating a measure of credit conditions - the cyclically adjusted loan-to-value ratio for first-time buyers - into house price-to-rent ratio models yields stable long-run relatio...
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作者：Reinhart, Carmen M.; Rogoff, Kenneth S.
作者单位：Harvard University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：The literature on domestic debt default is sparse, as are the data. We compile a database on public debt that spans the nineteenth century to 2010. Our findings are as follows. First, domestic debt accounts for almost two-thirds of public debt. Second, the data help to explain the puzzle of why countries default on external debts at seemingly low debt thresholds. Third, domestic debt (which is often larger than the monetary base in the run-up to high inflation) has largely been ignored in the ...
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作者：Funk, Patricia; Gathmann, Christina
作者单位：University of Mannheim; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Pompeu Fabra University
摘要：Using new historical data from Swiss cantons, we estimate the effect of direct democracy on government spending. We use fixed effects to control for unobserved heterogeneity and new instruments to address potential endogeneity concerns. We find that direct democracy constrains canton spending but its effect is more modest than previously suggested. The instrumental variable estimates show that a mandatory budget referendum reduces canton expenditures by 12%. Lowering signature requirements for...
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作者：Jappelli, Tullio; Pistaferri, Luigi
作者单位：University of Naples Federico II; Stanford University; National Bureau of Economic Research
摘要：We test if financial integration improves household consumption smoothing using microeconomic data. We find that the process of financial market integration and liberalisation brought about by the introduction of the euro has not affected the sensitivity of consumption with respect to income shocks in Italy. This article also makes a significant contribution from a methodological point of view, because our procedure does not require that consumption and income are available in the same panel d...
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作者：Webb, David C.
作者单位：University of London; London School Economics & Political Science
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作者：Benjamin, Dwayne; Brandt, Loren; Giles, John
作者单位：The World Bank; University of Toronto
摘要：We estimate the relationship between village inequality and subsequent income growth for households in rural China. Using a longitudinal household-level survey spanning 19872002, we find that households from higher inequality villages experienced lower income growth. However, the effect of local inequality fades by 2002. Our evidence points to unobserved village institutions at the time of economic reforms, associated with household access to higher income activities, as the source of the link...
