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作者：Crawley, Edmund; Holm, Martin B.; Tretvoll, Hakon
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Oslo; BI Norwegian Business School; Statistics Norway
摘要：The standard permanent and transitory income model is known to be misspecified. Estimates of income volatility within this model differ depending on the specific data moments used-whether they are in levels or differences-and how these moments are weighted during estimation. We suggest a simple modification to the standard model: allowing for two transitory shocks that persist for different lengths of time. Our proposed model, which introduces only one additional parameter, consistently and ac...
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作者：Noda, Shunya; Okumura, Kyohei; Hashimoto, Yoshinori
作者单位：University of Tokyo; University of Wisconsin System; University of Wisconsin Madison
摘要：We study the stability of cryptocurrency systems through difficulty adjustment. Bitcoin's difficulty adjustment algorithm (DAA) exhibits instability when the reward elasticity of the hash rate is high, implying that a sharp price reduction could disrupt the current Bitcoin system. By contrast, newer DAAs developed and installed for other cryptocurrencies remain stably under substantially weaker conditions; thus, Bitcoin can inherently address this concern by upgrading its DAA. However, miners ...
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作者：Fang, Hanming; Wang, Yongqin; Wu, Xian
作者单位：University of Pennsylvania; National Bureau of Economic Research; Fudan University; Fudan University; Chinese University of Hong Kong; University of Wisconsin System; University of Wisconsin Madison
摘要：We exploit the unique institutional features of Chinese bond markets to estimate the causal effect of collateral-based monetary policy on asset prices and the real economy. A policy change allowed certain bonds to be used as collateral for the Medium-Term Lending Facility in the interbank market, while the same bonds in the exchange market remained ineligible. This change reduced the spreads of the newly eligible bonds by 37-53 basis points, or 10%-15% of the average spread in the secondary in...
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作者：Bo, Erlend Eide
作者单位：Oslo Metropolitan University (OsloMet)
摘要：How do rental investors affect housing price dynamics? I develop a search model that allows housing owners to invest in rental housing. The model matches the high investor share and housing price increase observed in a housing boom in Oslo, Norway, while featuring increasing price-to-rent, and correlation of the buy-to-let share with housing price growth. In the model, an exogenous shock to population inflow increases demand for both owned and rented housing. Increased rental demand induces mo...
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作者：Yang, Zaifu; Yu, Jingsheng
作者单位：University of Macau; University of York - UK; Wuhan University
摘要：This paper proposes an efficient and incentive-compatible dynamic auction for selling multiple heterogeneous indivisible goods when bidders have unit demand, quasi-linear preferences, and hard budgets. Valuations and budgets are private information. The auction generates an efficient outcome that is not only in the core but also strongly Pareto efficient. When no bidder is budget-constrained, the auction returns a Walrasian equilibrium with the minimal equilibrium prices.
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作者：Ma, Xiao; Nakab, Alejandro; Zhang, Yiran
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Universidad Torcuato Di Tella; Fudan University; Fudan University
摘要：This paper studies the impact of trade openness on welfare through alterations in workers' skill acquisition. Guided by empirical evidence, we integrate endogenous choices of learning investments into a multisector Eaton-Kortum model. Our model reveals that trade openness influences skill acquisition by two channels: (1) reallocating labor between sectors with varying skill intensities and on-the-job learning opportunities and (2) allowing producers in each country to source varieties from mor...
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作者：Su, Dan
摘要：This study shows that technological specialization is one plausible driver of long-term international capital flows. Capital scarcity raises marginal returns but also steers countries toward capital-saving technologies. As a result, capital-rich countries adopt capital-complementary technologies and keep importing capital from poorer countries that favor capital-substitute innovations. This divergence force on capital allocation, which we name the capital Matthew effect, offsets convergence fr...
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作者：Miao, Jianjun; Shen, Zhouxiang; Su, Dongling
作者单位：Zhejiang University; Zhejiang University; Zhejiang University; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics; Shanghai University of Finance & Economics
摘要：We provide a New Keynesian model with overlapping generations to study the impact of temporary and permanent increases in fiscal deficits financed by debt rollover policy when interest rates are lower than economic growth rates. The debt rollover policy is feasible in the monetary regime but leads to very slow-moving debt. This policy generates persistent inflation for a temporary increase in fiscal deficits, but persistent disinflation for a permanent increase. For social welfare, the debt ro...
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作者：Zi, Yuan
摘要：I examine how migration frictions shape the effects of trade policy by analyzing the impact of tariff reductions on labor allocation in China and the role of hukou-based migration frictions. Trade liberalization induces significant labor reallocation, greater in regions with lower hukou frictions. Quantitatively, trade liberalization increases China's welfare by 0.72%. Abolishing the hukou system directly improves welfare by 1.75% but reduces gains from tariff reductions by 18% and amplifies n...
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作者：Harrigan, James; Reshef, Ariell; Toubal, Farid
作者单位：University of Virginia; National Bureau of Economic Research; Paris School of Economics; Leibniz Association; Ifo Institut; Universite PSL; Universite Paris-Dauphine; Centre for Economic Policy Research - UK
摘要：We study the impact of techies-engineers and other technically trained workers-on firm-level productivity. We first report new facts on techies in the firm using French administrative data. Techies are STEM-skill intensive and associated with innovation, technology adoption, management, and diffusion within firms. Using structural econometric methods, we estimate the effect of techies on firm-level Hicks-neutral productivity in manufacturing and nonmanufacturing. We find that techies raise pro...
