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作者：Alvarez, Fernando
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Capital accumulation is introduced into a version of Eaton-Kortum model of international trade, imposing period by period balanced trade. The effects of tariff changes on world steady states and transition dynamics are studied. A calibrated version of the model is used to assess the short- and long-run gains from a world-wide elimination of trade tariffs. The determinants and importance of convergence in world-wide capital as well as convergence on the relative capitals and incomes are analyze...
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作者：Fitzgerald, Doireann
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
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作者：Amaral, Pedro S.; MacGee, James C.
作者单位：California State University System; California State University Fullerton; Western University (University of Western Ontario)
摘要：We quantify the role of contractionary monetary shocks and nominal wage rigidities in the U.S. Great Contraction. In contrast to conventional wisdom, we find little increase in the economy-wide real wage over 1929-33, although real wages rose significantly in some industries. In the context of a two-sector model with intermediates and nominal wage rigidities in one sector, contractionary monetary shocks account for only a third of the fall in GDP. Intermediate linkages play an important role, ...
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作者：Ellahie, Atif; Ricco, Giovanni
作者单位：Utah System of Higher Education; University of Utah; University of Warwick
摘要：Using a large Bayesian VAR, we approximate the flow of information received by economic agents to investigate the effects of changes to government purchases. We document robust evidence that informational insufficiency in conventional models explains inconsistent results across samples and commonly employed identifications in recursive Structural VARs and Expectational VARs. Furthermore, we report heterogeneous effects of components of government purchases. While aggregate government purchases...
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作者：Eisfeldt, Andrea L.
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
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作者：Perri, Fabrizio
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Centre for Economic Policy Research - UK
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作者：Gorodnichenko, Yuriy; Ng, Serena
作者单位：University of California System; University of California Berkeley; Columbia University; National Bureau of Economic Research
摘要：Macroeconomic models typically focus on innovations in the level of fundamentals as driver of business cycles because modeling of volatility can be demanding. This paper suggests a simple methodology that can separate the level from the volatility factors without directly estimating the volatility processes. This is made possible by exploiting features in the second order approximation of equilibrium models and using information in a large panel of data to estimate the factors. Augmenting the ...
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作者：Garetto, Stefania
作者单位：Boston University; Centre for Economic Policy Research - UK
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作者：Gersbach, Hans; Rochet, Jean-Charles
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; University of Zurich; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：Credit cycle stabilization can be a rationale for imposing counter-cyclical capital requirements on banks. The model comprises two productive sectors: in one sector, firms can finance investments through a bond market. In the other, firms rely on bank credit. Financial frictions limit banks' borrowing capacity. Aggregate shocks impact firms' productivity. From a welfare perspective, banks lend too much in high productivity states and too little in bad states, although financial markets are com...
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作者：Goldberg, Linda S.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
