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作者：Kwicklis, Noah
作者单位：University of California System; University of California Los Angeles
摘要：When fiscal policy is active and monetary policy is passive in a heterogeneous agent New Keynesian (HANK) model, deficit-financed transfers to low-asset households lead to similar cumulative inflation but greater increases in real output than transfers to wealthier households. I use the inverse of the Phillips multiplier, the price level sacrifice ratio, to quantify this dynamic. Household heterogeneity and targeted policy change the timing of output gaps, making this consistent with the Phill...
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作者：Rogerson, Richard
作者单位：Princeton University
摘要：This is an excellent paper that illustrates a recent line of work that I think is both very exciting and very promising. It makes three important contributions. First, it documents tremendous heterogeneity in lifetime labor market histories across workers. Second, it shows that introducing novel sources of heterogeneity into search models can account for this heterogeneity. Third, it shows that the resulting heterogeneous agent search model provides important and novel insights into many long-...
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作者：Gnewuch, Matthias; Zhang, Donghai
作者单位：National University of Singapore
摘要：We document that an interest rate cut reshapes the cross-sectional distribution of investment rates-fewer zero and small investment rates and more large ones-and particularly so among young firms. The extensive margin investment decision-whether to invest or not-is essential in explaining these findings. We develop a heterogeneous-firm model with fixed adjustment costs and firm life-cycle dynamics to rationalize the evidence and study the implications for the investment channel. The extensive ...
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作者：Kabir, Poorya; Tan, Eugene; Vardishvili, Ia
作者单位：National University of Singapore; University of Toronto; Auburn University System; Auburn University
摘要：Higher dispersion of log average revenue product of capital (ARPK) is commonly associated with lower capital allocative efficiency. We show this is a result of the assumption that capital utilization is fixed. However, when capital utilization is endogenous, higher capital allocative efficiency is associated with lower dispersion of log average revenue product of capital services (log difference between revenue and utilized capital), not ARPK. Furthermore, contrary to the standard relationship...
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作者：Grosse-Steffen, Christoph; Pagenhardt, Laura; Rieth, Malte
作者单位：European Central Bank; Bank of France; Free University of Berlin; Martin Luther University Halle Wittenberg; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung
摘要：We study the implications of fiscal rules for macroeconomic stabilization when countries are hit by adverse exogenous shocks. Exploiting the unpredictability of natural disasters, we document that economies with a fiscal rule absorb these shocks better than those without: the responses of GDP and private demand are significantly higher. This difference is coupled with more expansionary fiscal policy and hinges on fiscal space. We analyze the interaction of rule flexibility and rule tightness i...
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作者：Choi, Jaedo; Levchenko, Andrei A.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Michigan System; University of Michigan; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：This paper provides causal evidence on the impact of a large-scale industrial policy-South Korea's Heavy and Chemical Industry (HCI) Drive-on firms' long-term performance and quantifies its long-term welfare effects. Using unique historical data on the universe of firm-level subsidies and a natural experiment, we find large and persistent effects of this industrial policy. Subsidized firms grew faster than those never subsidized for 30 years after subsidies ended. We build a quantitative heter...
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作者：Jermann, Urban; Xiang, Haotian
作者单位：University of Pennsylvania; National Bureau of Economic Research; Peking University
摘要：We document properties of crypto monetary policies based on a large sample of tokens. We present a dynamic model to determine the optimal issuance and fee policies for issuers. Committing to low future money growth and fees increases profits, and the degree of commitment matters for equilibrium existence. A Ramsey issuer who maximizes profits, after the initial period, makes choices that maximize the utility value of all tokens. We present a model with probabilistic commitment, solve for the s...
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作者：Cascaldi-Garcia, Danilo
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Upon arrival of macroeconomic news, agents update their beliefs about the long-run fundamentals of the economy. I show that signals about agents' expectations, proxied by professional forecasters' outlook revisions, convey sufficient information to identify the effects of expected future technological changes, or news shocks. The approach benefits from not depending on an empirical technology measure or on assumptions about common trends and the timing of the technological change. News shocks ...
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作者：Guerrieri, Veronica
作者单位：University of Chicago
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作者：Ndiaye, Abdoulaye; Herkenhoff, Kyle; Cisse, Abdoulaye; Dell'Acqua, Alessandro; Mbaye, Ahmadou A.
作者单位：New York University; University of Minnesota System; University of Minnesota Twin Cities; University of California System; University of California Berkeley; University Cheikh Anta Diop Dakar
摘要：This paper studies the welfare effects from the provision of unemployment insurance (UI) benefits in a context where formal workers represent only a small proportion of the labor market and informal workers can submit fraudulent claims for UI benefits. We model these features and allow for varying degrees of enforcement and different funding sources. We then estimate the model's key parameters by conducting a custom labor force survey in Senegal. Our findings show that the liquidity gains are ...
