-
作者：Krueger, Dirk
-
作者：Di Casola, Paola; Sichlimiris, Spyridon
作者单位：European Central Bank; Goethe University Frankfurt
摘要：We develop a model that features costly market segmentation and financial repression to link domestic and external sovereign debt with default. In a financially repressed economy, a government that exploits its market power in the domestic economy can also increase its external debt capacity, owing to a novel, additional endogenous cost of default. A government forfeits the gains from trading in segmented debt markets when it defaults. Among other empirical regularities, our model can account ...
-
作者：Rivera-Padilla, Alberto
作者单位：Tulane University
摘要：I document new facts on life-cycle wage growth within three countries: Brazil, Mexico, and the United States. In every case, I find that experience-wage profiles are steeper in rich states. Differences in education and industry mix can account for a large share of the covariance between income and profile steepness in both developing countries, while differences in occupations are key in every case. Using a general equilibrium model, I estimate meaningful productivity gains from inducing migra...
-
作者：Ennis, Huberto M.; Klee, Elizabeth
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study banks' use of the Fed's discount window during a time of relative calm in financial markets. We merge transaction-level data on discount window borrowings with quarterly bank balance sheet information between 2010 and 2019. We develop a model of the borrowing decisions of banks and contrast its implications with the data. In line with the model, we find that discount window borrowing is tightly linked to the composition of banks' balance sheets. Importantly, banks holding less reserve...
-
作者：Ishida, Junichiro; Suen, Wing
作者单位：University of Osaka; University of Hong Kong
摘要：We study a signaling game where agents signal their type by choosing when to quit pursuing an uncertain project. High types observe news about project quality and quit when bad news arrives. Low types who do not observe any news may mimic high types by quitting continuously over a phase of time. The reputation dynamics may exhibit nonmonotonicity with respect to quitting time. Our analysis offers a unifying explanation for how and when both early and late quitting can enhance reputation and su...
-
作者：Steger, Thomas; Trimborn, Timo
作者单位：Leipzig University; Aarhus University
摘要：To better understand the structure and core mechanisms of a broad class of climate-growth models, we study a simplified version of the dynamic integrated model of climate and the economy (DICE) through the lens of growth theory. We analytically show that this model features a continuum of saddle-point stable steady states. Initial conditions of stock variables, which are notoriously difficult to calibrate, matter for long-run economic and climate outcomes. However, we also demonstrate that a m...
-
作者：Greinecker, Michael; Kuzmics, Christoph
作者单位：University of Graz
摘要：A wide variety of financial instruments allows risk-averse traders to reduce their exposure to risk. This raises the question of what financial instruments allow ambiguity-averse traders to reduce their exposure to ambiguity. We show in this paper that price-contingent orders, such as limit orders, are sufficient: In a two-period trading model, an ambiguity-averse trader who trades with limit orders is observationally indistinguishable from an ambiguity-neutral trader with the same risk prefer...
-
作者：Dong, Feng; Mei, Dongzhou; Sun, Haoning
作者单位：Tsinghua University; Central University of Finance & Economics
摘要：China's increasing use of structural monetary policy raises questions about its optimal role. This study investigates when and how SMP should be deployed using a multisector DSGE model incorporating distinct financing conditions and intermediary constraints for SOEs and POEs. We find that credit tightening disproportionately raises POE credit spreads, which conventional policy struggles to correct. Credit shocks significantly amplify resource misallocation and necessitate active SMP to address...
-
作者：Crawford, Ian
作者单位：University of Oxford
摘要：This paper describes a novel method for combining revealed preference analysis in the tradition of Afriat (1967, International Economic Review, 8: 76-77) with a statistical demand model. The approach is illustrated with an analysis of the labor supply of the nonneoclassical taxi drivers described in Farber (2005, Journal of Political Economy, 113, no. 1: 46-82; 2008, American Economic Review, 98, no. 2: 1069-1082) and Crawford and Meng (2011, American Economic Review, 101: 1912-1932).
-
作者：Cha'ngom, Narcisse; Deuster, Christoph; Docquier, Frederic; Machado, Joel
作者单位：European Commission Joint Research Centre; EC JRC ISPRA Site
摘要：International migration is a selective process with ambiguous effects on human capital and economic development in sending countries. We establish the theoretical microfoundations of the relationship between selective emigration and human capital accumulation in a multicountry context. We embed this migration-education nexus into a development accounting framework to quantify the effects of migration on development and inequality. Selective emigration stimulates human capital accumulation and ...
