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作者：Chen, Kaiji; Song, Zheng
作者单位：Emory University; University of Chicago
摘要：This paper provides a theory of financial frictions as a transmission mechanism for news shocks to drive aggregate TFP fluctuations. We show that in an economy calibrated to U.S. data, variations in financial frictions on capital allocation in response to news about future technology can generate aggregate TFP fluctuations and, thus, trigger business cycles before the actual technological change is realized. Using the COMPUSTAT dataset, we find that the relative capital productivity of financi...
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作者：Conley, Timothy G.; Dupor, Bill
作者单位：Western University (University of Western Ontario); University System of Ohio; Ohio State University
摘要：This paper estimates the private and government sector employment effects of American Recovery and Reinvestment Act (ARRA) spending via an instrumental variables strategy. We argue that this aid was effectively fungible and states used it to offset declines in revenue. This enables us to use exogenous variation in states' budget positions to identify the Act's employment effects. We also exploit exogenous variation across states in ARRA highway funding. According to our benchmark estimates, av...
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作者：Kortum, Samuel
作者单位：Yale University
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作者：Kiyotaki, Nobuhiro
作者单位：Princeton University
摘要：This comment discusses Global Implications of National Unconventional Policies by L. Dedola. P. Karadi and G. Lombardo, which was presented in Carnegie-Rocherster conference in April 2012. (c) 2012 Elsevier B.V. All rights reserved.
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作者：Adelino, Manuel; Gerardi, Kristopher; Willen, Paul S.
作者单位：Duke University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Federal Reserve System - USA; Federal Reserve Bank - Boston; Federal Reserve System - USA; Federal Reserve Bank - Boston; National Bureau of Economic Research
摘要：A leading explanation for the lack of widespread mortgage renegotiation is the existence of frictions in the mortgage securitization process. This paper finds similarly small renegotiation rates for securitized loans and loans held on banks' balance sheets that become seriously delinquent, in particular during the early part of the financial crisis. We argue that information issues endemic to home mortgages, where lenders negotiate with large numbers of borrowers, lead to barriers in renegotia...
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作者：Wildasin, David E.
作者单位：University of Kentucky
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作者：Strasser, Georg
作者单位：Boston College
摘要：The macroeconomic evidence of the short-term impact of exchange rates on exports and prices is notoriously weak. This paper examines the microfoundations of this disconnect. I study the response of firms' export and price setting decisions to fluctuations in exchange rates and credit conditions using firm-level survey data. Financially constrained firms pass through exchange rate changes to prices at almost twice the rate of unconstrained firms. Similarly, their export volumes are about twice ...
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作者：Andrade, Philippe; Le Bihan, Herve
作者单位：European Central Bank; Bank of France; Universite de Caen Normandie
摘要：Using the ECB Survey of Professional Forecasters to characterize expectations at the micro-level, we emphasize two new facts: forecasters (i) fail to systematically update their forecasts and (ii) disagree even when updating. It is moreover found that forecasters have predictable forecast errors. These facts are qualitatively supportive of recent models of inattention and suggest a setup where agents imperfectly process information due to both sticky information a la Mankiw-Reis, and noisy inf...
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作者：Bohn, Henning
作者单位：University of California System; University of California Santa Barbara
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作者：Bai, Yan
作者单位：University of Rochester
