-
作者：Koetter, Michael
作者单位：Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Otto von Guericke University; Deutsche Bundesbank
摘要：Between 2010 and 2012, the European Central Bank absorbed Euro218 billion worth of government securities from five EMU countries under the Securities Markets Programme (SMP). Detailed security holdings data at the bank level affirms an effective lending stimulus due to the SMP. Exposed banks contract household lending, but increase commercial lending substantially. Holding non-SMP securities from stressed EMU countries amplifies the commercial lending response. The SMP also improved liquidity ...
-
作者：Busch, Christopher; Krueger, Dirk; Ludwig, Alexander; Popova, Irina; Iftikhar, Zainab
作者单位：Autonomous University of Barcelona; Barcelona School of Economics; University of Pennsylvania; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Goethe University Frankfurt
摘要：In 2015-2016 Germany experienced a wave of predominantly low-skilled refugee immigration. We evaluate its macroeconomic and distributional effects using a quantitative overlapping generations model calibrated using German micro data to replicate education and productivity differentials between foreign born and native workers. Workers are modelled as imperfect substitutes in aggregate production leading to endogenous wage differentials. We simulate the dynamic effects of this refugee wave, with...
-
作者：Lagakos, David; Marshall, Samuel; Mobarak, Ahmed Mushfiq; Vernot, Corey; Waugh, Michael E.
作者单位：National Bureau of Economic Research; University of Warwick; Yale University; Deakin University; Centre for Economic Policy Research - UK; New York University
摘要：Recent studies find that observational returns to rural-urban migration are near zero in three developing countries. We revisit this result using panel tracking surveys from six countries, finding higher returns on average. We then interpret these returns in a multiregion Roy model with heterogeneity in migration costs. In the model, the observational return to migration confounds the urban premium and the individual benefits of migrants, and is not directly informative about the welfare gain ...
-
作者：Bigoni, Maria; Camera, Gabriele; Casari, Marco
作者单位：University of Bologna; IZA Institute Labor Economics; Chapman University System; Chapman University
摘要：Impersonal exchange is the hallmark of an advanced society and money is one key institution that supports it. Economic theory regards money as a crude arrangement for monitoring counterparts' past conduct. If so, then a public record of past actions-or memory-should supersede the function performed by money. This intriguing theoretical postulate remains untested. In an experiment, we show that the suggested functional equivalence between money and memory does not translate into an empirical eq...
-
作者：Bishop, Kelly C.
作者单位：Arizona State University; Arizona State University-Tempe
-
作者：Sedlacek, Petr
作者单位：University of Oxford
摘要：Can the unprecedented lack of startups during the U.S. Great Recession have persistently negative effects? While fewer firms hiring workers can mechanically reduce employment for many years, this may be offset by feedback effects on lower wages, slacker labor markets and higher profits. An estimated model of firm dynamics and frictional labor markets suggests that such feedback effects are too weak to offset the direct impact of fewer startups. Had firm entry remained constant during the Great...
-
作者：Bacchetta, Philippe; Benhima, Kenza; Kalantzis, Yannick
作者单位：University of Lausanne; Centre for Economic Policy Research - UK; Swiss Finance Institute (SFI); European Central Bank; Bank of France
摘要：Using a monetary model with asset scarcity, we show that a liquidity trap caused by a persistent deleveraging shock increases real cash holdings and decreases investment and output in the medium term. This medium-term supply-side effect arises when firms face financial constraints. Policy implications differ from shorter-run analyses implied by nominal rigidities. Quantitative easing leads to a deeper liquidity trap. Exiting the trap by increasing expected inflation or applying negative intere...
-
作者：Caballero, Diego; Lucas, Andre; Schwaab, Bernd; Zhang, Xin
作者单位：European Central Bank; Vrije Universiteit Amsterdam; Tinbergen Institute; Sveriges Riksbank
摘要：To what extent can a central bank influence its own balance sheet credit risks during a financial crisis through unconventional monetary policy operations? To study this question we develop a risk measurement framework to infer the time-variation in portfolio credit risks at a high (weekly) frequency. Focusing on the Eurosystem's experience during the euro area sovereign debt crisis between 2010 and 2012, we find that the announcement and implementation of unconventional monetary policy operat...
-
作者：Huffman, Gregory W.
作者单位：Vanderbilt University
摘要：A growth model is studied in which the destruction (or exit) and creative (or research) decisions are decoupled. This approach emphasizes that different agents make these interrelated decisions. The growth rate equals the product of a measure of the destruction and creation rates. The determinants of income mobility, income inequality, the lifespan of a firm, and the growth rate are studied. The equilibrium can either yield too high or low a level of innovation, but the destruction rate may al...
-
作者：Li, Bin Grace; McAndrews, James; Wang, Zhu
作者单位：International Monetary Fund; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：It takes many years for more efficient electronic payments to be widely used, and the fees that merchants (consumers) pay for using those services are increasing (decreasing) over time. We address these puzzles by studying payments system evolution with a dynamic model in a two-sided market setting. We calibrate the model to U.S. payment card data and conduct welfare and policy analysis. Our analysis shows that the market power of electronic payment networks plays important roles in explaining...
