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作者：Abdalla, Ahmed M.; Carabias, Jose M.; Patatoukas, Panos N.
作者单位：Monash University; University of London; London School Economics & Political Science; University of California System; University of California Berkeley
摘要：We use a standard dynamic factor model to extract new factors based on the real-time flow of accounting data from the corporate financial reports. The extracted accounting factors exploit across-sector comovements in corporate value creation drivers and can be used together with other closely watched economic indicators. We show that our weekly updated accounting factors are incrementally relevant for nowcasting and forecasting major components of economic output in the BEA's National Income a...
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作者：Jackson, Timothy; Pennacchi, George
作者单位：University of Liverpool; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Safe assets (liquidity) can be created by an economy's private banking system and also by its government. Our model shows that some banks create liquidity with low debt and efficient loan monitoring while other banks use high, tranched debt and inefficient loan monitoring. Government liquidity can also differ, either by the government directly issuing debt or by insuring bank deposits. Directly issued government debt allows for greater private liquidity, more efficient bank lending, and greate...
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作者：Schroth, Josef
作者单位：Bank of Canada
摘要：Financial regulation imposes equity buffers on banks by restricting dividends. This paper studies constrained-efficient dividend policy when banks fund loans with equity and debt. In the model, bank shareholders consider equity costly and a bank's access to debt depends on its shareholder value. In response to loan losses banks cut dividends, but eventually defer dividends too much. They do not internalize that a commitment to higher dividends (and fewer loans) during recoveries from financial...
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作者：Tian, Can
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Input-output linkages facilitate expectations-driven fluctuations. Signals about yet-to-berealized aggregate (macro) and idiosyncratic (micro) fundamentals in the future affect current equilibrium outcome through chains of input needs when inputs require time to build. Depending on their importance on these chains, firms respond differently to common signals. The network structure, together with input time to build, determines the magnitude of signal-induced aggregate fluctuations. Macro signa...
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作者：Karadi, Peter; Nakov, Anton
作者单位：European Central Bank; Centre for Economic Policy Research - UK
摘要：This paper analyzes optimal asset-purchase policies in a macroeconomic model with banks, which face occasionally-binding balance-sheet constraints. It proves analytically that asset-purchase policies are effective in offsetting large financial disturbances, which impair banks' capital position. It warns, however, that the policy can remain ineffective after non-financial shocks and might offer no substitute for interest rate policy when the latter is constrained by the lower bound. Furthermore...
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作者：Khorunzhina, Natalia
作者单位：Copenhagen Business School
摘要：Using the data on maintenance expenditures and self-assessed house value, I separate the measure of individual housing stock and house prices, and use these data for testing whether nondurable consumption and housing are characterized by intratemporal nonseparability in households' preferences. I find evidence in favor of intratemporal dependence between total nondurable consumption and housing. My findings indicate the elasticity of intratemporal substitution between nondurable consumption an...
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作者：Asian, Hadiye; Kumar, Praveen
作者单位：University System of Georgia; Georgia State University; University of Houston System; University of Houston
摘要：Using a database on U.S. individuals and households, we examine whether rise in globalization and trade integration of product markets have contributed to the observed decline in US entrepreneurship in trade-exposed sectors. US trade policy that lowered tariffs on China dampens entrepreneurial dynamism through lower entry (especially by incorporated entrepreneurs) and higher exit in exposed sectors but increases entry by highly educated individuals in skill-intensive nontradable industries. Th...
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作者：Bhutta, Neil; Ringo, Daniel
摘要：Regression discontinuity estimates indicate that home buying is highly responsive to interest rates in a large segment of the population. A surprise 50 basis point cut in the effective interest rate for mortgages insured by the Federal Housing Administration (FHA) led to an immediate 14 percent increase in home buying among the FHA-reliant population. We show that this large, extensive-margin effect arises from the rate cut helping borrowers overcome maximum debt payment to income (DTI) thresh...
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作者：Barnichon, Regis; Mesters, Geert
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Pompeu Fabra University; Barcelona School of Economics
摘要：The Phillips multiplier is a statistic to non-parametrically characterize the central bank inflation-unemployment trade-off. Inference on the Phillips multiplier is based on a simple instrumental variable regression of cumulative inflation on cumulative unemployment using monetary shocks as instruments. We compute the Phillips multiplier for the US and the UK and document that the trade-off went from being large in the pre-1990 sample period to being small (but significant) post-1990. In contr...
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作者：Bernstein, Joshua
作者单位：Indiana University System; Indiana University Bloomington
摘要：In the presence of occasionally binding borrowing constraints, the responses of output to monetary policy shocks depend on the Euler equation of unconstrained households. Conversely, the set of unconstrained households depends on the responses of output. I show analytically that this equilibrium interaction creates state-dependent and asymmetric output responses. When stockholders' incomes are more pro-cyclical than non-stockholders', output responds less to monetary policy in recessions, and ...
