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作者：Chen, Kaiji
作者单位：Emory University
摘要：This discussion evaluates Fang, Wang, and Wu's study on collateral-based monetary policy in China, which exploits the 2018 expansion of eligible collateral under the Medium-Term Lending Facility. The paper develops a theoretical model-linking collateral eligibility to bond pricing, employs a novel triple-difference strategy using dual-listed bonds, and finds that policy reduces bond spreads in both secondary and primary markets. The discussion highlights the paper's methodological contribution...
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作者：Ma, Xiao; Zhang, Yiran
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Fudan University; Fudan University
摘要：Using comprehensive patent data, we document: (1) multinational affiliates and their foreign parent firms comprise a significant portion of patents filed in China; and (2) there are subsequent transfers and spillovers of these technologies to domestic firms. Guided by this evidence, we develop a model of multinational production featuring cross-country idea flows, transfers, and spillovers. Quantitatively, we find that without multinational production and knowledge spillovers, the idea stock o...
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作者：Sloof, Randolph; Beetsma, Roel; Steinweg, Alina
作者单位：University of Amsterdam; Tinbergen Institute; Copenhagen Business School; Tinbergen Institute
摘要：We study optimal debt ceilings in a political-agency model with uncertainty about both policymaker type (benevolent or selfish) and economic state (good or bad). Elections generate disciplining and selection effects that differ across pooling, hybrid, and separating equilibria induced by different ceilings. The optimal ceiling trades off distorted intertemporal allocation under benevolent policymakers against excessive debt under selfish ones. Increased fiscal transparency appears ineffective ...
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作者：Choi, Syngjoo; Kim, Bongseop; Kim, Young Sik; Kwon, Ohik
作者单位：Seoul National University (SNU); Bank of Korea
摘要：Privacy protection is among the key features to consider in the design of central bank digital currency (CBDC). Using a nationally representative sample of over 3,500 participants, we conduct a randomized online survey experiment to examine how the willingness to use CBDC as a means of payment varies with the degree of privacy protection and information provision on the privacy benefits of using CBDC. We find that both factors significantly increase participants' willingness to use CBDC by up ...
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作者：Xu, Zhiwei
作者单位：Fudan University; Shanghai Institute of International Finance & Economics
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作者：Chang, Minsu; Wu, Chunzan
作者单位：Seoul National University (SNU); Peking University
摘要：We study the optimal income tax problem under parameter uncertainty about household preferences and wage dynamics. We derive conditions characterizing how such uncertainty affects optimal tax policy. To quantify the effect, we estimate a life-cycle model using US data and a Bayesian approach. Parameter uncertainty makes the optimal tax more progressive, increasing the marginal tax rate gap between high- and low-income households by 5.5 percentage points. This effect is primarily driven by unce...
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作者：Ham, John C.; Quistorff, Brian; Weinberg, Bruce A.
作者单位：New York University; IZA Institute Labor Economics; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：We draw on a recombinant view of innovation, where being in a new location and/or multiple locations leads to exposure to novel combinations of ideas that increase the creativity of top scientists. Using a rich, unique data set we helped assemble, we estimate the empirical relationship between being in a new location and/or multiple locations and the expected interval before an eventual Nobel laureate (ENL) commences their prize-winning work. We find that being in a new location and in multipl...
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作者：Raveendranathan, Gajendran; Stefanidis, Georgios
作者单位：McMaster University; York University - Canada
摘要：After decades of consistent growth, U.S. revolving credit declined drastically post 2009. We study the Ability to Pay provision of the Credit CARD Act of 2009, a policy that restricts credit card limits, as a contributing factor. Extending a model of revolving credit lines, we find that the policy accounts for 54-60% of the decline in revolving credit. Furthermore, the policy accounts for lower utilization rates despite tighter credit limits and higher spreads despite lower default risk. The p...
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作者：Di Nola, Alessandro; Kocharkov, Georgi; Scholl, Almuth; Tkhir, Anna-Mariia; Wang, Haomin
作者单位：University of Birmingham; University of Konstanz; Centre for Economic Policy Research - UK; Allianz SE; Cardiff University
摘要：We examine the aggregate and distributional effects of raising the top marginal income tax rate in the presence of entrepreneurial tax avoidance. In a model with heterogeneous agents and occupational choice, entrepreneurs can avoid taxes by choosing the legal form of business organization and shifting income across tax bases. Applied to the U.S. economy, we find that tax avoidance weakens the distortionary effects of higher income taxes at the top but makes them ineffective at lowering inequal...
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作者：Li, Nan; Papageorgiou, Chris; Xu, Tong; Zha, Tao
作者单位：International Monetary Fund; Southwestern University of Finance & Economics - China; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Emory University; National Bureau of Economic Research
摘要：We use financial reforms as a case study to understand the temporal clustering of policy changes across countries, shedding light on the broader phenomenon of global policy contagion. We construct a comprehensive database of domestic financial reforms spanning 90 countries from 1973 to 2014. Using this dataset, we estimate a semistructural model that incorporates key factors identified in the literature. We find that (1) geopolitical influence and cross-country learning drove the global surge ...
