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作者：Ampudia, Miguel; Ehrmann, Michael; Strasser, Georg
作者单位：European Central Bank
摘要：This paper studies the effect of monetary policy on inflation along the income distribution in the euro area and shows that monetary policy has differential effects. In response to monetary tightenings, high-income households engage in more intense product substitution and trade down in the product and store space relative to low-income households, such that their inflation responds relatively more. This channel stands in contrast to the effect arising from different consumption bundles, which...
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作者：Candia, Bernardo; Coibion, Olivier; Gorodnichenko, Yuriy
作者单位：University of California System; University of California Berkeley; University of Texas System; University of Texas Austin; National Bureau of Economic Research
摘要：Introducing a new survey of U.S. firms' inflation expectations, we document key stylized facts involving what U.S. firms know and expect about inflation and monetary policy. The resulting time series of firms' inflation expectations displays unique dynamics, distinct from those of households and professional forecasters. By any typical definition of anchored expectations, the inflation expectations of U.S. managers in a low-inflation environment appear far from anchored, much like those of hou...
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作者：Kortum, Samuel
作者单位：Yale University
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作者：Kohn, Donald
摘要：In these comments I extend the Romers' analysis to 1982-95, when inflation fell from 6 % to effective price stability with only one small recession. The Fed accomplished this, despite being only moderately committed to disinflation in the Romer classification, through careful weighing of shifting costs and benefits from tightening as inflation continued to moderate. Though policy backed off several times before stability was clearly in sight, success resulted from keeping focus on the ultimate...
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作者：Vavra, Joseph
作者单位：University of Chicago
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作者：Fulford, Scott L.; Schuh, Scott D.
作者单位：West Virginia University
摘要：We use credit bureau data to show that credit card limits grow rapidly early in life and are an important early-life liquidity source. Yet individual credit utilization is stable over the short and long term. To explain these new findings, we propose a life-cycle consumption model with heterogeneous preferences, the option to revolve, and credit cards used for payments. Using diary data to identify payment use and the revealed preference that some people with credit cards borrow at high intere...
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作者：Adams, Jonathan J.; Rojas, Eugenio
作者单位：State University System of Florida; University of Florida; State University System of Florida; University of Florida
摘要：By introducing an information friction to a heterogeneous agent model, we are able to explain two patterns of small economies experiencing large income changes: (1) excess volatility in consumption and (2) household consumption elasticities that have low correlation with income. With a standard dispersed information structure, households cannot distinguish aggregate income shocks from idiosyncratic ones. Their consumption responds excessively to aggregate shocks, which they incorrectly forecas...
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作者：Crechet, Jonathan
作者单位：University of Ottawa
摘要：In OECD countries, the labor market features a coexistence of open-ended, permanent jobs subject to strict employment protection and fixed-term, temporary jobs. This paper studies a search-and-matching model with risk-averse workers and dynamic employment contracts subject to limited commitment. In equilibrium, permanent and temporary jobs coexist when the match quality is sufficiently dispersed: firing costs generate insurance gains implying that permanent contracts are optimal for high-quali...
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作者：Rotberg, Shahar; Steinberg, Joseph B.
作者单位：University of Toronto
摘要：Mortgage interest deductions and other homeownership subsidies are widely believed to be harmful because they redistribute resources from lower-income renters to higher-income homeowners. We argue that renters actually benefit from these policies in general equilibrium for two reasons. First, the rental supply curve is relatively inelastic, which means that rents fall when these policies reduce rental demand. Second, many renters spend most of their income on housing, and these renters gain su...
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作者：Corsetti, Giancarlo
作者单位：European University Institute
摘要：Ever since Rogoff, 1985, international policy cooperation has been considered particularly counterproductive in periods of disinflation-the argument being that cross-border agreement aiming to moderate the global recessionary effects of monetary policy would erode the credibility of domestic monetary authorities in the eyes of domestic workers and firms. The paper by Caldara et al. offers a timely and healthy warning-cross-border spillovers of monetary tightening may be highly non linear: The ...
