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作者：Clementi, Gian Luca
作者单位：New York University; National Bureau of Economic Research
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作者：Azzimonti, Marina; Yared, Pierre
作者单位：State University of New York (SUNY) System; Stony Brook University; National Bureau of Economic Research; Columbia University; National Bureau of Economic Research
摘要：We develop a theory of optimal government debt in which publicly-issued and privately issued safe assets are substitutes. While government bonds are backed by future tax revenues, privately-issued safe assets are backed by the future repayment of pools of default able private loans. We find that a higher supply of public debt crowds out privately-issued safe assets less than one for one and reduces the interest spread between borrowing and deposit rates. Our main result is that the optimal lev...
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作者：Bigio, Saki
作者单位：University of California System; University of California Los Angeles
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作者：Jaimovich, Nir; Rebelo, Sergio; Wong, Arlene
作者单位：University of Zurich; Northwestern University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Princeton University
摘要：We document two facts. First, during the Great Recession, consumers traded down in the quality of the goods and services they consumed. Second, the production of low-quality goods is less labor intensive than that of high-quality goods. When households traded down, labor demand fell, increasing the recession's severity. We find that the trading-down phenomenon accounts for a substantial fraction of the decline in U.S. employment in the recent recession. We show that embedding quality choice in...
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作者：Liu, Chang; Williams, Noah
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Wisconsin System; University of Wisconsin Madison
摘要：The United States federal fiscal policy has differential impact across states. We construct a new quarterly state-level dataset that we use to analyze the impact of unexpected changes in federal personal and corporate income taxes. We find substantial heterogeneity across states, with more than half having no significant response to the tax cuts. In addition, less capital intensive states have larger responses to corporate tax cuts. Although puzzling in standard models, a model with corporate ...
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作者：Kocherlakota, Narayana R.
作者单位：University of Rochester; National Bureau of Economic Research
摘要：In the wake of the Lucas (1976), the study of appropriate macroeconomic policy has largely focused on the comparison of different regimes/rules. In practice, few policymakers are faced with making those kinds of choices. I examine the problem of a policymaker making but one in a sequence of similar decisions. My main result is that the policymaker's optimal response to the current state can be found by applying regression methods to past macroeconomic data. I argue that macroeconomic policy ev...
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作者：Bholat, David; Broughton, Nida; Ter Meer, Janna; Walczak, Eryk
作者单位：Bank of England; University of London; University College London
摘要：Central bankers and the central banking literature are increasingly attuned to the importance of communications as a policy tool. However, less is known about how central bank communications should be drafted for maximal impact. Our paper contributes new insights in this regard. Using a large-scale online experiment with a sample representative of the UK population, the paper documents the communicative techniques that increase public comprehension and trust in monetary and macroeconomic polic...
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作者：Hommes, Cars; Lustenhouwer, Joep
作者单位：University of Amsterdam; Tinbergen Institute; Bank of Canada; Otto Friedrich University Bamberg
摘要：Policy implications are derived for an inflation-targeting central bank, whose credibility is endogenous and depends on its past ability to achieve its targets. This is done in a New Keynesian framework with heterogeneous and boundedly rational expectations. We find that the region of allowed policy parameters is strictly larger than under rational expectations. However, when the zero lower bound on the nominal interest rate is accounted for, self-fulfilling deflationary spirals can occur, dep...
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作者：Albertus, James F.; Glover, Brent; Levine, Oliver
作者单位：Carnegie Mellon University; University of Wisconsin System; University of Wisconsin Madison
摘要：When multinationals face lower tax rates abroad than in the US, transfer pricing strategies generate an asymmetry in the tax rates on a project's profits and losses. We show that the tax savings from transfer pricing can be expressed as a long position in a call option. We use a model to show that this transfer pricing call option leads a firm to choose riskier and larger projects than it would otherwise. Thus, transfer pricing strategies do not simply reduce a firm's taxes, they can influence...
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作者：Engel, Charles
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：In many open-economy models based on Dornbusch (1976), the speed of convergence of the real exchange rate is tied to the stickiness of prices. The purchasing power parity puzzle concerns the empirical fact that real exchange rates appear to converge more slowly than nominal prices. In some New Keynesian models, when there is no interest rate smoothing, the stickiness of prices does not matter at all for persistence, as Benigno (2004) showed. We show that in the presence of interest-rate smooth...
