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作者：Acharya, Sushant; Challe, Edouard; Corsetti, Giancarlo
作者单位：University of Melbourne; ; Paris School of Economics; European University Institute
摘要：We study how monetary policy shapes macroeconomic outcomes in a two-sector small open economy hit by export shocks-due, e.g., to export tariffs, geopolitical tensions, or a recession in destination countries-allowing the shock to have both aggregate and distributional effects. Imperfect worker mobility across sectors, coupled with incomplete markets against aggregate and idiosyncratic shocks, implies that export contractions (i) spill over across sectors due to households' precautionary respon...
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作者：Altavilla, Carlo; Gurkaynak, Refet S.; Kind, Thilo; Laeven, Luc
作者单位：European Central Bank; ; Ihsan Dogramaci Bilkent University; Frankfurt School Finance & Management; Tilburg University
摘要：We examine how policymakers' speeches and monetary policy announcements at official policy meetings transmit to financial markets and the real economy in the euro area. Using high-frequency intraday data across a broad cross-section of financial assets, we introduce the Euro Area Extended Monetary Policy Event-Study Database (EA-EMPD). We refine the identification of monetary policy surprises by exploiting granular, quote-level data on individual market participants' bid and ask quotes. This n...
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作者：Ding, Qiushuo; Luo, Yulei; Wang, Gaowang
作者单位：Shandong University; University of Hong Kong
摘要：In this paper, we study optimal monetary policy in an economy where firms' price-setting decisions are distorted by a signal-extraction problem: they cannot perfectly distinguish aggregate from idiosyncratic shocks based on noisy local information. This systematic misattribution of aggregate shocks to firm-specific factors generates an additional price response, implying that strict price stability is no longer optimal. Instead, the optimal policy fully stabilizes the output gap, which necessa...
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作者：Stedman, Karlye Dilts; Hanson, Andrew
作者单位：University of Tennessee System;
摘要：Foreign monetary policy shocks increasingly influence U.S. yields, particularly since the Global Financial Crisis. We show that this heightened sensitivity reflects both the adoption of unconventional monetary policy tools and a decline in the convenience of Treasuries. Using high frequency identification, we find that when Treasuries command a low convenience premium - behaving more like other assets - they respond more to ECB monetary policy, consistent with increased sensitivity to portfoli...
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作者：Imrohoroglu, Ayse; Kumru, Cagri S.; Lian, Jiu
作者单位：University of Southern California; Australian National University; Zhejiang University
摘要：This paper documents how racial differences in labor income may simultaneously explain both crime and wealth disparities between Black and White individuals. Using an overlapping generations model that endogenously determines crime rates alongside consumption and savings decisions, we find that equalizing labor incomes results in a significant decline in both the Black crime rate and the proportion of Black individuals in the lowest wealth quintile. Higher crime and incarceration rates of Blac...
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作者：Finocchiaro, Daria; Weil, Philippe
作者单位：Sveriges Riksbank; Universite Libre de Bruxelles
摘要：We investigate the growth-finance nexus in an endogenous growth model with search frictions and congestion effects in credit and innovation markets. The interaction between these two frictions generates a non-monotonic, inverted-U relationship between financial development and growth. Financial development exerts two opposing forces: a direct positive finance channel by easing access to funding and an indirect negative congestion channel, as greater financial activity draws more firms into R&D...
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作者：Bellofatto, Antonio Andres
作者单位：University of Queensland
摘要：This paper studies the role of wealth taxes in providing insurance against lifespan risk through the lens of a dynamic Mirrlees model with altruism. I derive novel formulas linking optimal taxes on savings and bequests to the degree of annuity market imperfections at the optimum. In the presence of positive correlation between productivity and life expectancy, optimal annuity markups are positive in expectation. This creates a motive not only for taxing savings but also for subsidizing bequest...
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作者：Boyarchenko, Nina; Crump, Richard K.; Kovner, Anna; Shachar, Or
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We link bond market functioning to future economic activity through a new measure, the Corporate Bond Market Distress Index (CMDI). The CMDI coalesces metrics from primary and secondary markets in real time, offering a unified measure to capture access to debt capital markets. The index correctly identifies periods of distress and predicts future realizations of commonly-used measures of market functioning, while the converse is not the case. We show that disruptions in access to corporate bon...
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作者：Bacher, Annika; Gruebener, Philipp; Nord, Lukas
作者单位：BI Norwegian Business School; Washington University (WUSTL); University of Pennsylvania
摘要：This paper provides evidence that the added worker effect - labor force entry upon spousal job loss - is stronger for young than old households. Using a life cycle model of two-member households in a frictional labor market, we study whether this age-dependency is driven by heterogeneous needs for or availability of spousal insurance. Our framework endogenizes asset and human capital accumulation, as well as arrival rates of job offers, and is disciplined against U.S. micro data. Counterfactua...
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作者：Hubrich, Kirstin; Schuler, Yves; Waggoner, Daniel
作者单位：Deutsche Bundesbank
摘要：We provide empirical evidence that the amplification of financial shocks through leverage of financial institutions is both time-varying and heterogeneous across types of financial institutions. Using institution-level micro data on market-based leverage, we find that the strength of this amplification varies over time and that deleveraging by global systemically important banks and broker-dealers has significantly more adverse effects on macroeconomic outcomes than deleveraging by depository ...
