Journal of Monetary Economics

最新文章

• Comment on On Wars, Sanctions, and Sovereign Defaultby Javier Bianchi and César Sosa-Padilla AI翻译
  作者：Mihalache, Gabriel
  作者单位：University System of Ohio; Ohio State University
• International tax competition with rising intangible capital and financial globalization AI翻译
  作者：Quadrini, Vincenzo; Rios-Rull, Jose-Victor
  作者单位：Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Southern California; Center for Economic & Policy Research (CEPR); University of Pennsylvania; National Bureau of Economic Research
  摘要：The last three decades has witnessed: (a) a rise in the share of intangible capital, and (b) an increase in cross-country ownership of assets (financial globalization). We study the significance of these trends for international tax competition within a two-country model, where governments choose profit and income tax rates without committing to future policies and without international coordination. Higher share of intangible capital has led to lower profit taxes, while increased financial gl...
• Critique and consequence AI翻译
  作者：Sargent, Thomas J.
  作者单位：New York University
  摘要：After describing the landscape in macroeconomics and econometrics in Spring 1973 when Robert E. Lucas (1976) first presented his Critique at the inaugural Carnegie-Rochester con-ference, I add a fourth example based on Sargent and Wallace (1973) to those in section 5 of Lucas's paper. To portray consequences of Lucas's Critique, I use it as a vehicle to describe the time inconsistency of optimal plans and their credibility. A theory of government policy affects chains of influence among money ...
• The Credit Channel of Public Procurement AI翻译
  作者：Gabriel, Ricardo Duque
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：Public procurement accounts for one-third of government spending. In this paper, I document a new mechanism through which government procurement promotes firm growth: firms use procurement contracts to increase cash flow based lending. I use Portuguese administrative data from 2009 to 2019 and exploit public contests as a source of quasi-exogenous variation in the award of procurement contracts. Winning one additional euro from a procurement contract increases firm credit by 7 cents at lower i...
• The Fed takes on corporate credit risk: An analysis of the efficacy of the SMCCF AI翻译
  作者：Gilchrist, Simon; Wei, Bin; Yue, Vivian Z.; Zakrajsek, Egon
  作者单位：New York University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Emory University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Boston; Center for Economic & Policy Research (CEPR)
  摘要：This paper evaluates the efficacy of the Secondary Market Corporate Credit Facility, a program designed to stabilize the U.S. corporate bond market during the COVID-19 pandemic. The program announcements on March 23 and April 9, 2020, significantly reduced investment-grade credit spreads across the maturity spectrum - irrespective of the program's maturity-eligibility criterion - and ultimately restored the normal upward-sloping term structure of credit spreads. The Federal Reserve's actual pu...
• Housing cycles and gentrification AI翻译
  作者：Murphy, Daniel
  作者单位：University of Virginia
  摘要：The analysis in this paper documents a high -frequency link between housing markets and downtown gentrification since the mid -1990s. Specifically, property values and the share of formally educated residents increase more in downtown locations than in suburbs during MSAwide housing market expansions. This relationship holds conditional on changes in MSA-level high -end incomes and is evident at short (three-year) and longer time horizons. I propose a mechanism to account for this evidence bas...
• The sentimental propagation of lottery winnings: Evidence from the Christmas AI翻译
  作者：Ghomi, Morteza; Mico-Millan, Isabel; Pappa, Evi
  作者单位：Banco de Espana; Universidad Carlos III de Madrid
  摘要：Using the Spanish Christmas lottery as a natural experiment, the impact of geographically clustered lottery winnings on consumer sentiment and intended durable consumption is analyzed. Albeit not receiving lottery prizes, consumers in winning provinces become significantly more optimistic about the Spanish macroeconomic conditions than those living elsewhere. This variation in sentiment is shown to be orthogonal to changes in regional fundamentals and leads to a rise in spending intentions. Yo...
• Relative-price changes as aggregate supply shocks revisited: Theory and evidence AI翻译
  作者：Afrouzi, Hassan; Bhattarai, Saroj; Wu, Edson
  作者单位：Columbia University; National Bureau of Economic Research; University of Texas System; University of Texas Austin
  摘要：dWe provide theory and evidence that relative price shocks can cause aggregate inflation and act as aggregate supply shocks. Empirically, we show that exogenous positive energy price shocks have a positive impact not only on headline but also on U.S. core inflation while depressing U.S. real activity. In a two-sector monetary model with upstream and downstream sectors and heterogeneous price stickiness, we analytically characterize how upstream shocks propagate to prices. Using panel IV local ...
• Discussion of ''Relative-price changes as aggregate supply shocks revisited: Theory and evidence'' by Hassan Afrouzi, Saroj Bhattarai, Edson Wu AI翻译
  作者：Schoenle, Raphael
  作者单位：Brandeis University; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut
• Comments on Alberto Binetti, Francesco Nuzzi, and Stefanie Stantcheva people's understanding of inflation AI翻译
  作者：Shiller, Robert J.
  作者单位：Yale University