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作者：Athreya, Kartik; Tam, Xuan S.; Young, Eric R.
作者单位：University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We study the extent to which unsecured credit markets have altered the transmission of increased income risk to consumption variability over the past several decades. We find that unsecured credit markets pass through increased income risk to consumption, irrespective of bankruptcy policy and the information possessed by lenders. If risk sharing has indeed improved over this period, the reasons do not therefore lie in the unsecured credit market. (C) 2008 Elsevier B.V. All rights reserved.
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作者：Evans, George W.; Honkapohja, Seppo; Mitra, Kaushik
作者单位：University of St Andrews; University of Oregon
摘要：The impact of anticipated policy changes when agents form expectations using adaptive learning rather than rational expectations is considered. Agents are assumed to combine limited structural knowledge with a standard adaptive learning rule. These issues are analyzed using two well-known set-ups, an endowment economy and the Ramsey model. In our scenario there are important deviations from both rational expectations and purely adaptive learning. The approach could be applied to other framewor...
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作者：Angeletos, George-Marios; Panousi, Vasia
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We revisit the macroeconomic effects of government consumption in the neoclassical growth model when agents face uninsured idiosyncratic investment risk. Under complete markets, a permanent increase in government consumption has no long-run effect on interest rates and capital intensity, while it increases work hours due to the negative wealth effect. These results are upset once we allow for incomplete markets. The same negative wealth effect now causes a reduction in risk taking and the dema...
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作者：Chambers, Matthew; Garriga, Carlos; Schlagenhauf, Don E.
作者单位：State University System of Florida; Florida State University; University System of Maryland; Towson University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Most countries have tax provisions and subsidies to promote homeownership. These provisions generate an asymmetry in the tax treatment of owner- and rental-occupied housing, which affects the incentives to supply tenant-occupied housing. This paper analyzes the quantitative importance of the interaction of these provisions with the progressivity of income taxation in the context of an overlapping generations model with housing and rental markets. The model replicates the key facts observed in ...
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作者：Goldberg, Linda; Tille, Cedric
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research
摘要：The U.S. dollar holds a dominant place in the invoicing of international trade. In addition to a direct role for most U.S. exports and imports, it plays a global role for trade flows outside the United States. Using a simple center-periphery model, we show that this global role magnifies the exposure of periphery countries to the U.S.'s monetary policy even when trade flows with the U.S. are limited. This generates gains from coordinated monetary policy, as U.S. policy leads to inefficient mov...
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作者：Edelstein, Paul; Kilian, Lutz
作者单位：University of Michigan System; University of Michigan
摘要：There is growing evidence that the primary effect of energy price shocks on the U.S. economy involves a reduction in consumer spending. We quantify the direct effect on real consumption of unanticipated changes in discretionary income, shifts in precautionary savings, and changes in the operating cost of energy-using durables, The possibility of asymmetries in the response of real consumption to energy price shocks is also considered. We demonstrate that linear models are consistent with the s...
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作者：Hansen, Sten; Lindstrom, Tomas
摘要：While using detailed firm-level data from the private business sector, this study identifies two empirical puzzles: (i) returns-to-scale (RTS) parameter estimates rise at higher levels of data aggregation and (ii) estimates from the firm level Suggest decreasing returns to scale. The analysis shows that, although consistent with rising estimates, neither entry/exit nor the Basu-Fernald [Returns to scale in U.S. production: estimates and implications. journal of Political Economy 105, 249-283) ...
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作者：Campbell, Jeffrey R.; Hercowitz, Zvi
作者单位：Tel Aviv University; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research
摘要：Aggressive deregulation of the mortgage market in the early 1980s triggered innovations that greatly reduced indebted households' required home equity, and a borrowing surge followed. This paper uses a calibrated general equilibrium model of lending from the wealthy to the middle class to evaluate the welfare effects of this reform quantitatively. We find that the indirect effects of endogenous interest rate and other relative price changes dominate the direct effect of relaxing the constraint...
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作者：Corbae, Dean; D'Erasmo, Pablo; Kuruscu, Burhanettin
作者单位：University of Texas System; University of Texas Austin; University System of Maryland; University of Maryland College Park
摘要：This paper uses a dynamic political economy model to evaluate whether the observed rise in wage inequality and decrease in median to mean wages can explain sonic portion of the relative increase in transfers to low earnings quintiles and relative increase in effective tax rates for high earnings quintiles in the U.S. over the past several decades. Specifically, we assume that households have uninsurable idiosyncratic labor efficiency shocks and consider policy choices by a median voter which a...
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作者：Bergin, Paul R.; Glick, Reuven
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of California System; University of California Davis; National Bureau of Economic Research
摘要：While nontraded goods play an important role in many open economy macroeconomic models, these models have difficulty explaining the low volatility in the relative price of nontraded goods. In contrast to macroeconomic convention. this paper argues that the share of nontraded goods is endogenous, a time-varying product of macroeconomic shocks and trade costs that are heterogeneous across goods. A simple open economy model demonstrates that trade cost heterogeneity and a time-varying margin of t...
