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作者：Cordoba, Juan Carlos; Ripoll, Marla
作者单位：Iowa State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This paper provides a theory that explains the cross-country distribution of average years of schooling, as well as the so called human capital premium puzzle. In our theory, credit frictions as well as differences in access to public education, fertility and mortality turn out to be the key reasons why schooling differs across countries. Differences in growth rates and in wages are second order. (c) 2013 Elsevier B.V. All rights reserved.
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作者：Broner, Fernando; Didier, Tatiana; Erce, Aitor; Schmukler, Sergio L.
作者单位：Barcelona School of Economics; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); The World Bank; Banco de Espana
摘要：This paper analyzes the behavior of international capital flows by foreign and domestic agents, dubbed gross capital flows, over the business cycle and during financial crises. We show that gross capital flows are very large and volatile, especially relative to net capital flows. When foreigners invest in a country, domestic agents invest abroad, and vice versa. Gross capital flows are also pro-cyclical. During expansions, foreigners invest more domestically and domestic agents invest more abr...
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作者：Li, Ying-Syuan; Li, Yiting
作者单位：Fu Jen Catholic University; National Taiwan University
摘要：When lenders cannot force borrowers to repay debts, assets are often pledged to secure loans. In this paper borrowers lose collateral once they renege on debts, and exclusion of defaulters occurs probabilistically, with a higher probability implying better enforcement. Increased efficiency in enforcement reduces asset prices, while raising loan-to-value ratios. If the rise in loan-to-value ratios is the dominant effect, aggregate liquidity and output increase with the advance in enforcement. I...
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作者：Angeloni, Ignazio; Faia, Ester
作者单位：Goethe University Frankfurt
摘要：Optimizing banks subject to runs are introduced in a macro model to study the transmission of monetary policy and its interplay with bank capital regulation when banks are risky. A monetary expansion and a positive productivity shock increase bank leverage and risk. Risk-based capital requirements amplify the cycle and are welfare detrimental. Within a class of simple policy rules, the best combination includes mildly anticyclical capital ratios (as in Basel III) and a response of monetary pol...
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作者：Cavallo, Alberto
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Prices collected from online retailers can be used to construct daily price indexes that complement official statistics. This paper studies their ability to match official inflation estimates in five Latin American countries, with a focus on Argentina, where official statistics have been heavily criticized in recent years. The data were collected between October 2007 and March 2011 from the largest supermarket in each country. In Brazil, Chile, Colombia, and Venezuela, online price indexes app...
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作者：Arellano, Cristina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
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作者：Sommer, Kamila; Sullivan, Paul; Verbrugge, Randal
作者单位：United States Department of Labor
摘要：Using a dynamic equilibrium model of housing tenure choice with fully specified markets for homeownership and rental properties, and endogenous house prices and rents, this paper studies the effect of fundamentals on equilibrium house prices and rents. Lower interest rates, relaxed lending standards, and higher incomes are shown to account for approximately one-half of the increase in the U.S. house price-rent ratio between 1995 and 2006, and to generate the pattern of rapidly growing house pr...
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作者：Cestau, Dario; Green, Richard C.; Schuerhoff, Norman
作者单位：Carnegie Mellon University; University of Lausanne; University of Geneva; Centre for Economic Policy Research - UK
摘要：Build America Bonds (BABs) were issued by municipalities for 20 months as a part of the 2009 fiscal package. Unlike traditional tax-exempt municipals, BABs are taxable to the holder, but the Treasury rebates 35% of the coupon to the issuer. The stated purpose was to provide municipalities access to a more liquid market including foreign, tax-exempt, and tax-deferred investors. We find BABs do not exhibit greater liquidity than traditional municipals. BABs are more underpriced initially, partic...
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作者：Gunn, Christopher M.; Johri, Alok
作者单位：Carleton University; McMaster University
摘要：The boom-years preceding the great recession were a time of rapid innovation in the financial industry. We explore the idea that both the boom and eventual bust emerged from overoptimistic expectations of efficiency-gains in the financial sector. We treat the bankruptcy costs facing intermediaries in a costly state verification problem as a stochastic process, and model the boom-bust in terms of an unfulfilled news-shock where the expected fall in costs are eventually not realized. In response...
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作者：Belo, Frederico; Yu, Jianfeng
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：High rates of government investment in public sector capital forecast high risk premiums both at the aggregate and firm-level. This result is in sharp contrast with the well-documented negative relationship between the private sector investment rate and risk premiums. To explain the empirical findings, we extend the neoclassical q-theory model of investment and specify public sector capital as an additional input in the firm's technology. We show that the model can quantitatively replicate the...
