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作者：Michaud, Amanda; Wiczer, David
作者单位：Indiana University System; Indiana University Bloomington; State University of New York (SUNY) System; Stony Brook University
摘要：Using retrospective data, we introduce evidence that occupational exposure significantly affects disability risk. Incorporating this into a general equilibrium model, social disability insurance (SDI) affects welfare through (i) the classic, risk-sharing channel and (ii) a new channel of occupational reallocation. Both channels can increase welfare, but at the optimal SDI they are at odds. Welfare gains from additional risk-sharing are reduced by overly incentivizing workers to choose risky oc...
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作者：Finocchiaro, Dada; Lombardo, Giovanni; Mendicino, Caterina; Weil, Philippe
作者单位：Sveriges Riksbank; Bank for International Settlements (BIS); European Central Bank; Universite Libre de Bruxelles
摘要：How does inflation affect the investment decisions of financially constrained firms in the presence of corporate taxation? Inflation interacts with corporate taxation via the deductibility of i) capital expenditures and ii) interest payments on debt. Through the first channel, inflation increases firms' taxable profits and further distorts their investment decisions. Through the second, expected inflation affects the effective real interest rate and stimulates investment. When debt is collater...
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作者：Sosa-Padilla, Cesar
作者单位：University of Notre Dame
摘要：Sovereign defaults feature three key empirical regularities regarding the domestic banking systems: (i) defaults and banking crises happen together, (ii) banks are largely exposed to government debt, (iii) defaults trigger major contractions in bank credit and production. We rationalize these phenomena by extending a traditional default framework to incorporate bankers who lend to both government and firms. When bankers are exposed to government debt, a default generates a banking crisis, whic...
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作者：Castex, Gonzalo; Dechter, Evgenia
作者单位：Central Bank of Chile; University of New South Wales Sydney
摘要：To analyze labor supply allocations, we propose a three-dimensional labor supply framework that distinguishes between hours worked per day, days worked per week and work-weeks. Individuals make labor supply choices given heterogeneous schedule-dependent fixed costs of work. The three margins are not perfect substitutes. Leisure on days not worked in a workweek has the largest weight in preferences, leisure on weeks off has the smallest weight. We use the model to analyze heterogeneous response...
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作者：Cooley, Thomas; Henriksen, Espen
作者单位：New York University; National Bureau of Economic Research; BI Norwegian Business School
摘要：There has been a slowdown in growth in the world's most advanced economies. In this paper we argue that changing demographics, in particular aging populations combined with increased life expectancy, may be part of the explanation for why we observe slower growth, falling interest rates and falling productivity growth. Using Japan and the U.S. in the years prior to the financial crises as a case study, we provide estimates of the growth deficit that arises from an aging cohort structure and in...
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作者：Moran, Patrick; Queralto, Albert
作者单位：University of Oxford; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：To what extent can monetary policy impact business innovation and productivity growth? We use a New Keynesian model with endogenous total factor productivity (TFP) to quantify the TFP losses due to the constraints on monetary policy imposed by the zero lower bound (ZLB) and the TFP benefits of tightening monetary policy more slowly than currently anticipated. In the model, monetary policy influences firms' incentives to develop and implement innovations. We use evidence on the dynamic effects ...
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作者：Routledge, Bryan R.
作者单位：Carnegie Mellon University
摘要：Big Data in Finance and the Growth of Large Firms (BFV) investigate how big data is connected to firm size via the impact of bid data on cost of external financing. This short comment notes that big data may impact firm size directly via investment. (C) 2018 Elsevier B.V. All rights reserved.
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作者：Bhattarai, Saroj; Eggertsson, Gauti B.; Schoenle, Raphael
作者单位：University of Texas System; University of Texas Austin; Brown University; Brandeis University
摘要：What are the implications of increased price flexibility on output volatility? In a simple DSGE model, we show analytically that more flexible prices always amplify output volatility for supply shocks and also amplify output volatility for demand shocks if monetary policy does not respond strongly to inflation. More flexible prices often reduce welfare, even under optimal monetary policy if full efficiency cannot be attained. Our results extend to a model with both sticky information and wages...
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作者：Gan, Li; Wang, Pengfei; Zhang, Qinghua
作者单位：Texas A&M University System; Texas A&M University College Station; Hong Kong University of Science & Technology; Peking University
摘要：A search-and-matching model is developed to study how unemployment influences the housing market in the presence of the thick-market effect. A structural estimation of the model is conducted based on Texas city-level data that covers three years-1990, 2000 and 2010. Simulations help clarify how much the thick-market effect amplifies the impact of unemployment. A three-percentage-point increase in the unemployment rate lowers the price by 10.74% and reduces the transaction volume by 5.49%. Inco...
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作者：Baumeister, Christiane; Hamilton, James D.
作者单位：University of Notre Dame; University of California System; University of California San Diego
摘要：Point estimates and error bands for SVARs that are set identified are only justified if the researcher is persuaded that some parameter values are a priori more plausible than others. When such prior information exists, traditional approaches can be generalized to allow for doubts about the identifying assumptions. We use information about both structural coefficients and impacts of shocks and propose a new asymmetric t-distribution for incorporating information about signs in a nondogmatic wa...
