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作者：Bech, Morten; Keister, Todd
作者单位：Bank for International Settlements (BIS); Rutgers University System; Rutgers University New Brunswick
摘要：We study the impact of the Basel III liquidity coverage ratio (LCR) on interbank interest rates in an otherwise-standard model of monetary policy implementation. When banks face the possibility of an LCR shortfall, the overnight interest rate tends to decrease, while a regulatory premium arises in longer-term rates. In addition, the LCR requirement can substantially alter the effect of a central banks' open market operations on equilibrium interest rates. (C) 2017 Elsevier B.V. All rights rese...
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作者：Chen, Peter; Karabarbounis, Loukas; Neiman, Brent
作者单位：University of Chicago; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：The sectoral composition of global saving changed dramatically during the last three decades. Whereas in the early 1980s most of global investment was funded by household saving, nowadays nearly two-thirds of global investment is funded by corporate saving. This shift in the sectoral composition of saving was not accompanied by changes in the sectoral composition of investment, implying an improvement in the corporate net lending position. We characterize the behavior of corporate saving using...
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作者：Chen, Han
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Standard Dynamic Stochastic General Equilibrium (DSGE) models cannot explain the near zero interest rate policy (near-ZIRP) by the Federal Reserve. I study two methods of modeling the near-ZIRP in DSGE models: the perfect foresight model and the Markov regime-switching model developed in this paper. The near-ZIRP has a significant expansionary effect, and the regime-switching model generates a more realistic predicted path of macro variables than the perfect foresight model. Furthermore, the g...
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作者：Dupor, Bill; Guerrero, Rodrigo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Using a newly constructed panel of state-level defense contracts, this paper studies the effect of defense spending on the U.S. macroeconomy. Summing observations across states, we estimate aggregate income and employment multipliers. Comparing these to local multipliers estimated with the panel provides evidence that local multiplier estimates may be reliable indicators of fiscal policy's aggregate effects. Furthermore, evidence of small positive spillovers is found. Across several specificat...
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作者：Gilbert, Thomas; Scotti, Chiara; Strasser, Georg; Vega, Clara
作者单位：University of Washington; University of Washington Seattle; Federal Reserve System - USA; European Central Bank
摘要：The literature documents a heterogeneous asset price response to macroeconomic news announcements. We relate this heterogeneity to a novel measure of the intrinsic value of an announcement-the announcement's ability to nowcast GDP growth, inflation, and the federal funds target rate-and find that differences across the intrinsic values of several U.S. macroeconomic announcements explain a significant fraction of the variation in the impact each of these announcements has on U.S. Treasury yield...
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作者：Brown, Craig O.
作者单位：Northeastern University
摘要：In the $3.7 trillion U.S. state-and-local-government-bond market, greater issuance costs (lower issue-prices and greater underwriting fees) benefit financial institutions, while costing taxpayers. Campaign contributions by politically supportive underwriters can be associated with lower issuance costs. Alternatively, contributions can influence a politician to accept greater costs. This paper's evidence suggests that contributions influence politicians: In the absence of an underwriter auction...
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作者：Salomao, Juliana
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：A credit default swap (CDS) contract provides insurance against default. This paper incorporates the contract into a sovereign default model and demonstrates that the existence of a CDS market results in lower default probability, higher debt levels, and lower financing costs for the country. Uncertainty over the insurance payout when the debt is renegotiated explains why in the data, as the output declines, the CDS spread becomes lower than the bond spread. Finally, my results show that the 2...
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作者：Binder, Carola C.
作者单位：Haverford College
摘要：The literature on cognition and communication documents that people use round numbers to convey uncertainty. This paper introduces a method of quantifying the uncertainty associated with round responses in pre-existing survey data. I construct micro-level and time series measures of inflation uncertainty since 1978. Inflation uncertainty is countercyclical and correlated with inflation disagreement, volatility, and the Economic Policy Uncertainty index. Inflation uncertainty is lowest among hi...
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作者：Di Maggio, Marco
作者单位：Harvard University; National Bureau of Economic Research
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作者：Yurdagul, Emircan
作者单位：Universidad Carlos III de Madrid
摘要：The focus of this paper is the flexibility in working hours as a motive for entrepreneurship. The model exhibits inflexibilities for workers and entrepreneurs, which arise due to complementarities in production. In addition, it allows for volatile value of leisure to make flexibility in hours desirable. Differences in occupation-specific flexibility, disciplined with the observed patterns in hours (level, persistence, dispersion) and income (persistence, dispersion), can explain relatively low...
