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作者：De Graeve, Ferre; Schneider, Jan David
作者单位：KU Leuven
摘要：US business cycles can be empirically characterized as a time-varying mix of different sectoral shocks. Sectoral shocks are distinct from aggregate shocks and better capture business cycle fluctuations. A typical recession (or boom) is interpreted as the combination of a few sectoral shocks, which encompass more diverse origins than the typical narrative prevalent for that recession. Sectoral shocks have aggregate consequences through strong input-output network effects. Identification is base...
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作者：Cho, Daeha; Kim, Kwang Hwan; Kim, Suk Joon
作者单位：Hanyang University; Yonsei University
摘要：Complete financial markets are widely believed to be beneficial for the international economy, since they enable cross-country risk-sharing. Using a two-country New Keynesian model, we show that this is not the case if the source of income fluctuations is a country specific markup shock. When preferences involve the wealth effect on labor supply and imply that Home and Foreign goods are Edgeworth substitutes, the absence of risk-sharing in autarky acts like a favorable markup shock, reducing t...
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作者：Herskovic, Bernard; Systla, Anand
作者单位：University of California System; University of California Los Angeles
摘要：This note discusses the article Stress Relief? Funding Structures and Resilience to the Covid Shock by Kristin Forbes, Christian Friedrich, and Dennis Reinhardt. We also discuss some directions for potential future research. (c) 2023 The Authors. Published by Elsevier B.V.
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作者：Liu, Yang
作者单位：University of Hong Kong
摘要：Risk premia increase with government debt. Debt-to-GDP ratios positively predict stock re-turns at short and long horizons in the U.S. and other advanced economies. Higher debt is also associated with higher bond premia and lower risk-free rates. Major government debt theories (liquidity, safety, crowding out) either do not address or are inconsistent with these findings. New evidence suggests that the increased risk premia provide com-pensation for larger fiscal risk; during periods of elevat...
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作者：Brendler, Pavel
作者单位：University of Bonn
摘要：How did the US government preferences over income redistribution across generations and within generations change during 1980-2010? Using a rich quantitative model in which a Ramsey government chooses income taxation and Social Security, I decompose the total change in the actual policies into the impact of new economic and demographic condi-tions and government preferences. I find that the US government preferences have shifted toward more educated and older households since the 1980s. Prefer...
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作者：Gallipoli, Giovanni
作者单位：University of British Columbia
摘要：What is the relationship between income inequality and aggregate growth? Through an ingenious decomposition, Lippi and Perri cast this relationship as a function of simple moments of the distribution of changes in household income. Their study delivers new evidence linking heterogeneous micro-level income changes to macro-level growth outcomes. Faster income growth among rich households has mitigated the slowdown of aggregate growth in the US, especially after 2000. These findings bring forth ...
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作者：Ascari, Guido; Beck-Friis, Peder; Florio, Anna; Gobbi, Alessandro
作者单位：Polytechnic University of Milan; University of Milan
摘要：Announcements of future government spending have different effects on economic activity depending on the monetary-fiscal policy mix. Upon announcement, they are contractionary in the monetary regime but expansionary in the fiscal regime, in contrast with the expan-sionary nature of government spending at implementation in both regimes. Anticipation effects can therefore help empirically distinguish between the two regimes. Data support our theoretical insight, reconciling conflicting results i...
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作者：Bento, Pedro; Hwang, Sunju
作者单位：Texas A&M University System; Texas A&M University College Station; Texas A&M University System; Texas A&M University College Station
摘要：The number of black-owned businesses in the U.S. has increased dramatically since the 1980s, even compared to the number of non-black-owned businesses and the rise in black labor-market participation. From 1982 to 2012 the fraction black labor-market participants who owned businesses rose from 4 to 16 percent, compared to an increase of 14 to 19 percent for other participants. Combined with other evidence, this suggests black entrepreneurs have faced significant barriers to starting and runnin...
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作者：Gu, Shijun; Jia, Chengcheng
作者单位：Central University of Finance & Economics; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：How does wealth inequality affect economic growth? Byoungchan Lee answers this question by developing a heterogeneous-agent model and augmenting it with endogenous firm innovation. The novel channel is that rising wealth concentration reduces aggregate demand, which gives firms a disincentive to spend on R&D and therefore leads to slower productivity growth. In this discussion, we first explain the difference in calibration strategy between Lee's approach and the common approach in the literat...
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作者：von Luckner, Clemens Graf; Reinhart, Carmen M.; Rogoff, Kenneth
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); Harvard University; Harvard University
摘要：This paper employs high frequency transactions data on the world's two oldest and most extensive centralized peer-to-peer Bitcoin markets, enabling trade in the currencies of more than 160 countries. We develop an algorithm that allows us, with high probability, to detect crypto vehicle transactions in which crypto currency is used to move capital across borders, and/or to exchange one fiat currency for another. The data suggest that the use of Bitcoin has become an increasingly important chan...
