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作者：Chatterjee, Satyajit; Gordon, Grey
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Indiana University System; Indiana University Bloomington
摘要：What are the positive and normative implications of eliminating bankruptcy protection for indebted individuals? Without bankruptcy protection, creditors can collect on defaulted debt to the extent permitted by wage garnishment laws. The elimination lowers the default premium on unsecured debt and permits low-net-worth individuals suffering bad earnings shocks to smooth consumption by borrowing. There is a large increase in consumer debt financed essentially by super-wealthy individuals, a mode...
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作者：Armenter, Roc; Lahiri, Amartya
作者单位：University of British Columbia
摘要：Cross-country income gaps are large in the data. Can observed investment prices account for these gaps? Our model adds an extensive margin to the neoclassical growth model by allowing for entry of firms. When combined with a returns to variety effect, our model provides an amplification mechanism from investment prices to output. Using cross-country data on relative investment prices, the model can explain up to 5 to 6-fold income differences between the richest and poorest countries in our sa...
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作者：Schmitt-Grohe, Stephanie; Uribe, Martin
作者单位：Columbia University; National Bureau of Economic Research
摘要：Does Ramsey optimal policy call for adjusting the inflation target by the size of the quality bias in measured inflation? We find that if it is nonhedonic (or sticker) prices that are sticky, the conventional view, according to which it is optimal to adjust the inflation target upward by the size of the quality bias, is misguided. Furthermore, we establish that quality improvement is crucial for the determination of the optimal inflation target even in the absence of quality bias. In this case...
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作者：Ravenna, Federico; Walsh, Carl E.
作者单位：University of California System; University of California Santa Cruz
摘要：Replicating the flexible price allocation in models with nominal rigidities and labor market frictions that lead to an inefficient matching of unemployed workers with job vacancies, even if feasible, is generally not desirable. We characterize the tax instruments that implement the first best allocation and examine the trade-offs faced by monetary policy if these tax instruments are unavailable. Our tax interpretation helps explain why the welfare cost of inefficient labor market search can be...
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作者：Lkhagvasuren, Damba
作者单位：Concordia University - Canada
摘要：Considerable labor mobility exists across US states, enough that, if migration arbitrages local unemployment, one might expect very low unemployment differences across states. However, cross-state data reveal large unemployment differences. An equilibrium multi-location model with stochastic worker-location match productivity and within-location trading frictions can account for these facts. In the model, some workers move to, or stay in, a location with high unemployment because they are more...
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作者：D'Erasmo, Pablo N.; Boedo, Hernan J. Moscoso
作者单位：University System of Maryland; University of Maryland College Park; University of Virginia
摘要：The impact of capital market imperfections and costs of creating and operating formal sector firms on total factor productivity is studied. We propose a firm dynamics model with endogenous formal and informal sectors where firms face a technology adoption opportunity. The model predicts that countries with a low degree of debt enforcement and high costs of formality are characterized by low allocative efficiency and large output shares produced by low productivity, informal sector firms. For f...
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作者：Bachmann, Ruediger
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作者：Sahin, Ayseguel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
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作者：Hansen, Lars Peter; Sargent, Thomas J.
作者单位：University of Chicago; New York University
摘要：For each of three types of ambiguity, we compute a robust Ramsey plan and an associated worst-case probability model. Ex post, ambiguity of type I implies endogenously distorted homogeneous beliefs, while ambiguities of types II and III imply distorted heterogeneous beliefs. Martingales characterize alternative probability specifications and clarify distinctions among the three types of ambiguity. We use recursive formulations of Ramsey problems to impose local predictability of commitment mul...
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作者：Fiori, Giuseppe
作者单位：Universidade de Sao Paulo
摘要：Aggregate investment in the US economy displays a hump-shaped pattern in response to shocks, and the autocorrelation of aggregate investment growth is positive for the first few quarters, turning negative for the later quarters. This paper shows that this feature of the data is the natural outcome of a two-sector consumption/investment model designed and calibrated to reproduce plant-level evidence on capita: accumulation. (C) 2012 Elsevier B.V. All rights reserved.
