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作者：Ennis, Huberto M.; Keister, Todd
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve Bank - New York; European University Institute
摘要：When policy makers have limited commitment power, self-fulfilling bank runs can arise as an equilibrium phenomenon. We study how such banking panics unfold in a version of the Diamond and Dybvig (1983) model. A run in this setting is necessarily partial, with only some depositors participating. In addition, a run naturally occurs in waves, with each wave of withdrawals prompting a further response from policy makers. In this way, the interplay between the actions of depositors and the response...
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作者：Sabelhaus, John; Song, Jae
作者单位：University System of Maryland; University of Maryland College Park
摘要：Between 1980 and the early 1990s the variability of labor earnings growth rates across the prime-age working population fell significantly. This decline and timing are consistent with other macro and micro observations about growth variability that are collectively referred to as the Great Moderation. The variability of earnings growth is negatively correlated with age at any point in time, and the U.S. working age population got older during this period because the Baby Boom was aging. Howeve...
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作者：Iskrev, Nikolay
作者单位：Banco de Portugal
摘要：The issue of identification arises whenever, structural models are estimated. Lack of identification means that the empirical implications of some model parameters are either undetectable or indistinguishable from the implications of other parameters. Therefore, identifiability most be verified prior to estimation. This paper provides a simple method for conducting local identification analysis in linearized DSGE models, estimated in both full and limited information settings. In addition to e...
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作者：Uhlig, Harald
作者单位：University of Chicago; National Bureau of Economic Research
摘要：This paper provides a model of the view that the 2008 financial crisis is reminiscent of a bank run, focussing on six stylized key features. In particular, core financial institutions have invested their funds in asset-backed securities rather than committed to long-term projects: in distress, these can potentially be sold to a large pool of outside investors at steep discounts. I consider two different motives for outside investors and their interaction with banks trading asset-backed securit...
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作者：Barnichon, Regis
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：The low correlation between cyclical unemployment and productivity over the postwar period hides a large sign switch in the mid-1980s from significantly negative the correlation became significantly positive Using a search model of unemployment with nominal rigidities and variable labor effort I show that technology shocks can generate a positive unemployment-productivity correlation whereas non-technology shocks (i e aggregate demand shocks) tend to do the opposite In this context I identify ...
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作者：Menzio, Guido; Moen, Espen R.
作者单位：University of Pennsylvania; National Bureau of Economic Research; BI Norwegian Business School
摘要：Consider a labor market in which firms want to insure existing employees against income fluctuations and, simultaneously, want to recruit new employees to fill vacant jobs. Firms can commit to a wage policy, i.e. a policy that specifies the wage paid to their employees as a function of tenure, productivity and other observables. However, firms cannot commit to employ workers. In this environment, the optimal wage policy prescribes not only a rigid wage for senior workers, but also a downward r...
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作者：Neiman, Brent
作者单位：University of Chicago
摘要：About 40 percent of all U.S. international trades occurs between related parties, or intrafirm, such as trades between a parent and subsidiary of the same multinational corporation. This paper uses a transaction-level dataset that distinguishes arm's length from intrafirm trades to demonstrate that for differentiated products, intrafirm prices are characterized by (1) less stickiness, (2) less synchronization, and (3) greater exchange rate passthrough. (C) 2010 Elsevier B.V. All rights reserved.
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作者：Graham, Liam; Wright, Stephen
作者单位：University of London; University College London; University of London; Birkbeck University London
摘要：Information is market-consistent if agents only use market prices to infer the underlying states of the economy. This paper applies this concept to a stochastic growth model with incomplete markets and heterogeneous agents. The economy with market-consistent information can never replicate the full information equilibrium, and there are substantial differences in impulse responses to aggregate productivity shocks. These results are robust to the introduction of a noisy public signal and aggreg...
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作者：Mendoza, Enrique G.; Quadrini, Vincenzo
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; University of Southern California; Center for Economic & Policy Research (CEPR)
摘要：Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. non-financial sectors since the mid-1980s has been financed by foreign lending. Second, the collapse of the U.S. housing and mortgage-backed-securities markets had worldwide effects on financial institutions and asset markets. Using an open-economy model where financial intermediaries play a central role, we show that fina...
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作者：Gervais, Martin; Klein, Paul
作者单位：University of Southampton
摘要：A new method of measuring the degree of consumption smoothing is proposed and implemented using data from the Consumer Expenditure Survey The structure of this Survey is such that estimators previously used in the literature are inconsistent simply because income is measured annually and consumption is measured quarterly An AR(1) structure is Imposed on the income process to obtain a proxy for quarterly Income through a projection on annual income By construction this proxy gives rise to a mea...
