-
作者：Allen, Franklin; Carletti, Elena; Gale, Douglas
作者单位：University of Pennsylvania; European University Institute; New York University
摘要：We develop a simple model of the interbank market where banks trade a long term, safe asset. When there is a lack of opportunities for banks to hedge idiosyncratic and aggregate liquidity shocks, the interbank market is characterized by excessive price volatility. in such a situation, a central bank can implement the constrained efficient allocation by using open market operations to fix the short term interest rate. It can be constrained efficient for banks to hoard liquidity and stop trading...
-
作者：Carboni, Giacomo; Ellison, Martin
作者单位：University of Oxford; European Central Bank
摘要：Can the story of evolving Federal Reserve beliefs in The Conquest of American Inflation simultaneously explain the Great Inflation and the forecasts published in the Greenbook during that time? if Sargent is correct then evolving beliefs should be reflected not only in policy outcomes but also in Greenbook forecasts. In this paper they are. By conditioning on the Greenbook, it is show that both inflation outcomes and Greenbook forecasts can be rationalised by evolving beliefs. The results impr...
-
作者：Alexopoulos, Michelle; Cohen, Jon
作者单位：University of Toronto
摘要：New indicators of technological change in the US based on information drawn from the catalogue of the Library of Congress for the period 1909-1949 are developed and used to pinpoint the relationship, first, between technical change and economic activity, and, second, between fluctuations in innovative activity and the Great Depression. Although links between technological change, output and productivity are found, results suggest that the slowdown in technological progress in the early 1930s d...
-
作者：Faia, Ester
作者单位：Goethe University Frankfurt; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW)
摘要：Traditional New Keynesian models prescribe that optimal monetary policy should aim at price stability. In the absence of a labor market frictions, the monetary authority faces no unemployment/inflation trade-off. The design of optimal monetary policy is analyzed here for a framework with sticky prices and matching frictions in the labor market. Optimal policy features deviations from price stability in response to both productivity and government expenditure shocks. When the Hosios [1990. On t...
-
作者：Alvarez-Parra, Fernando; Sanchez, Juan M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We consider the problem of optimal unemployment insurance (UI) in a repeated moral hazard framework. Unlike existing literature, unemployed individuals can secretly participate in a hidden labor market. This extension modifies the standard problem in three dimensions. First, it imposes an endogenous lower bound for the lifetime utility that a contract can deliver. Second, it breaks the identity between unemployment payments and consumption. And third, it hardens the encouragement of search eff...
-
作者：Keys, Benjamin J.; Mukherjee, Tanmoy; Seru, Amit; Vig, Vikrant
作者单位：University of Chicago; University of Michigan System; University of Michigan; University of London; London Business School
摘要：We examine the consequences of existing regulations on the quality of mortgage loans originations in the originate-to-distribute (OTD) market. The information asymmetries in the OTD market can lead to moral hazard problems on the part of lenders. We find, using a plausibly exogenous source of variation in the ease of securitization, that the quality of loan origination varies inversely with the amount of regulation: more regulated lenders originate loans of worse quality. We interpret this res...
-
作者：Min Ouyang
摘要：According to the conventional view, recessions improve resource allocation by driving out less productive firms. This paper posits an additional scarring effect: recessions impede the developments of potentially superior firms by destroying them during their infancy. A model is developed to capture both the cleansing and the scarring effects. A key ingredient of the model is that idiosyncratic productivity is not directly observable, but can be learned over time. When calibrated with statistic...
-
作者：Heathcote, Jonathan
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
-
作者：Acemoglu, Daron; Johnson, Simon; Robinson, James A.; Yared, Pierre
作者单位：Columbia University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Harvard University
摘要：We revisit and critically reevaluate the widely accepted modernization hypothesis which claims that per capita income causes the creation and the consolidation of democracy. Existing studies find support for this hypothesis because they fail to control for the presence of omitted variables. Controlling for these factors either by including country fixed effects in a linear model or by including parameterized random effects in a nonlinear double hazard model removes the correlation between inco...
-
作者：McCallum, Bennett T.
作者单位：Carnegie Mellon University; National Bureau of Economic Research
摘要：Cochrane (2007) has strongly questioned the basic economic logic of current monetary policy analysis, arguing that New Keynesian (NK) models imply rational expectations paths with explosive inflation that do not imply explosions in real variables relevant for transversality conditions. Consequently, the usual logic does not rule out solutions with explosive inflation. That result does not, however, justify negative conclusions about NK analysis, for a different criterion is logically satisfact...
