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作者：Georgarakos, Dimitris; Kenny, Geoff
作者单位：European Central Bank
摘要：This paper introduces the Consumer Expectations Survey (CES), a new online, high frequency panel survey of euro area consumers' expectations and behaviour. The paper also investigates whether public perceptions about fiscal support measures introduced during the pandemic have influenced spending behaviour. We show that simple and factual information treatments about government support policies that are communicated to random subsets of respondents can help improve consumers' perceptions about ...
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作者：Fu, Chao; Guo, Junjie; Smith, Adam J.; Sorensen, Alan
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：The uneven geographic distribution of colleges in the United States endows students with uneven access to colleges depending on where they live. To examine the implication of this for student welfare, we estimate a model of high school students' college choices, allowing for rich heterogeneity in students' preferences for college attributes. We use data on students' enrollment decisions and application decisions-i.e., the sets of colleges to which they applied-to identify the distribution of s...
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作者：Klenow, Peter J.
作者单位：Stanford University; National Bureau of Economic Research
摘要：Morazzoni and Sy provide novel evidence consistent with discrimination in lending to women-owned businesses, which may misallocate capital and reduce aggregate output. The authors utilize the Kauffman Foundation Firm Survey , which follows about 50 0 0 firms who entered in 20 04 up to 2011 (so up to 7 years of operation at most). The paper presents four key findings: center dot Only 23% of businesses in the sample are fully women-owned, compared to 59% who are fully men-owned, and 18% center d...
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作者：Seshadri, Ananth; Zhou, Anson
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：Nearly 40% of births in the United States are unintended, and this phenomenon is disproportionately common among Black Americans and women with lower education. Given that being born to unprepared parents significantly affects children's outcomes, could family planning access affect intergenerational persistence of economic status? We extend the standard Becker-Tomes model by incorporating an endogenous family planning choice. In a policy counterfactual where states reduce family planning cost...
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作者：Bilbiie, Florin O.; Kanzig, Diego R.; Surico, Paolo
作者单位：University of Cambridge; University of Lausanne; Center for Economic & Policy Research (CEPR); University of London; London Business School
摘要：A novel complementarity between capital and income inequality leads to a significant amplification of the effects of aggregate-demand shocks on consumption. We characterize this finding using a simple model with heterogeneity in household saving and income, nominal rigidities, and capital. A fiscal policy that redistributes capital income causes further amplification, whereas redistributing profits generates dampening. After an interest rate shock, consumption inequality is more countercyclica...
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作者：Agur, Itai; Ari, Anil; Dell'Ariccia, Giovanni
作者单位：International Monetary Fund
摘要：The optimal design of a central bank digital currency (CBDC) is analyzed in an environment where agents sort into cash, CBDC, and bank deposits according to their preferences over anonymity and security; and where network effects make the convenience of a payment instrument depend on the number of its users. A CBDC can be designed with attributes similar to cash or deposits, and can be interest bearing: a CBDC that closely competes with deposits depresses bank credit and output, while a cash-l...
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作者：Boyarchenko, Nina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Center for Economic & Policy Research (CEPR)
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作者：Ghassibe, Mishel; Zanetti, Francesco
作者单位：University of Oxford
摘要：We develop a general theory of state-dependent fiscal multipliers in a framework fea-turing two empirically relevant frictions: idle capacity and unsatisfied demand. Our key novel finding is that the source of fluctuations determines the cyclicality of multipliers. Policies that stimulate demand, such as government spending, have multipliers that are large in demand-driven recessions, but small and possibly negative in supply-driven down-turns. Conversely, policies that boost supply, such as c...
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作者：Harding, Martin; Linde, Jesper; Trabandt, Mathias
作者单位：Bank of Canada; Centre for Economic Policy Research - UK; Goethe University Frankfurt; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH)
摘要：A resolution of the missing deflation puzzle is proposed. Our resolution stresses the importance of nonlinearities in price- and wage-setting when the economy is exposed to large shocks. We show that a nonlinear macroeconomic model with real rigidities resolves the missing deflation puzzle, while a linearized version of the same underlying nonlinear model fails to do so. In addition, our nonlinear model reproduces the skewness of inflation and other macroeconomic variables observed in post-war...
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作者：Chari, V. V.; Perez, Luis
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：Iovino, La'O and Mascarenhas (forthcoming) ask two important questions regarding the optimal conduct of monetary policy: Should the central bank's policy depend on information the central bank has that is not available to markets? And should the central bank disclose information that it has but market participants do not? Iovino, La'O and Mascarenhas answer these questions using a simple, stylized model with one-period price stickiness. They show that efficient equilibria can be sustained rega...
