Journal of Monetary Economics

最新文章

• Comment on: On the social usefulness of fractional reserve banking by VV Chari and Christopher Phelan AI翻译
  作者：Nosal, Ed
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
• Comment on Liquidity Provision, interest rates, and unemployment by Rocheteau and Rodriguez-Lopez AI翻译
  作者：Petrosky-Nadeau, Nicolas
  作者单位：Carnegie Mellon University
• Liquidity provision, interest rates, and unemployment AI翻译
  作者：Rocheteau, Guillaume; Rodriguez-Lopez, Antonio
  作者单位：University of California System; University of California Irvine
  摘要：The effective liquidity supply of the economy-the weighted-sum of all assets that serve as media of exchange matters for interest rates and unemployment. We formalize this idea by adding an over-the-counter market with collateralized trades to the Mortensen-Pissarides model. An increase in public liquidity through a higher supply of real government bonds raises the real interest rate, crowding out private liquidity and increasing unemployment. If unemployment is inefficiently high, keeping liq...
• New evidence on excess sensitivity of household consumption AI翻译
  作者：Ni, Shawn; Seol, Youn
  作者单位：University of Missouri System; University of Missouri Columbia; Kyungpook National University (KNU)
  摘要：The monthly salaries and allowances of Korean government employees are known in advance but vary greatly throughout the year. Using a Korean monthly panel data set, the present study examines how nondurable consumption expenditures in households headed by government employees respond to predictable income changes. The study finds a moderate excess sensitivity in consumption that can be attributed to about 9% of the households. Further analysis shows that these 9% of the households have lower '...
• Changes in bank lending standards and the macroeconomy AI翻译
  作者：Bassett, William F.; Chosak, Mary Beth; Driscoll, John C.; Zakrajsek, Egon
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：Identifying macroeconomic effects of credit shocks is difficult because many of the same factors that influence the supply of loans also affect the demand for credit. Using bank-level responses to the Federal Reserve's Loan Officer Opinion Survey, we construct a new credit supply indicator: changes in lending standards, adjusted for the macroeconomic and bank-specific factors that also affect loan demand. Tightening shocks to this credit supply indicator lead to a substantial decline in output...
• Sufficient information in structural VARs AI翻译
  作者：Forni, Mario; Gambetti, Luca
  作者单位：Universita di Modena e Reggio Emilia; Center for Economic & Policy Research (CEPR); Autonomous University of Barcelona; Barcelona School of Economics
  摘要：Necessary and sufficient conditions under which a VAR contains sufficient information to estimate the structural shocks are derived. On the basis of this theoretical result we propose two simple tests to detect informational deficiency and a procedure to amend a deficient VAR. A simulation based on a DSGE model with fiscal foresight suggests that our method correctly identifies and fixes the informational problem. In an empirical application, we show that a bivariate VAR including unemployment...
• Cyclical fiscal policy, credit constraints, and industry growth AI翻译
  作者：Aghion, Philippe; Hemous, David; Kharroubi, Enisse
  作者单位：Harvard University; Bank for International Settlements (BIS); INSEAD Business School
  摘要：What are the effects of cyclical fiscal policy on industry growth? We show that industries with a relatively heavier reliance on external finance or lower asset tangibility tend to grow faster (in terms of both value added and of labor productivity growth) in countries that implement fiscal policies that are more countercyclical. We reach this conclusion using Rajan and Zingales's (1998) difference-in-difference methodology on a panel data sample of manufacturing industries across 15 OECD coun...
• Comment on: Testing macroprudential stress tests: The risk of regulatory risk weights by Viral Acharya, Robert Engle, and Diane Pierret AI翻译
  作者：Lucas, Deborah
  作者单位：Massachusetts Institute of Technology (MIT)
• Financial innovation, the discovery of risk, and the U.S. credit crisis AI翻译
  作者：Boz, Emine; Mendoza, Enrique G.
  作者单位：International Monetary Fund; University of Pennsylvania; National Bureau of Economic Research
  摘要：Financial innovation and overconfidence about the risk of new financial products were key factors behind the 2008 U.S. credit crisis. We show that a model with a collateral constraint in which learning about the risk of a new financial environment interacts with Fisherian amplification produces a boom-bust cycle in debt, asset prices and consumption. Early realizations of a high-borrowing-ability regime turn agents optimistic about the persistence probability of this regime. Conversely, the fi...
• Comment on: Voluntary debt exchanges in sovereign debt markets by Hatchondo, Martinez and Padilla AI翻译
  作者：Amador, Manuel
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis