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作者：Davis, J. Scott; Presno, Ignacio
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Is there a link between capital controls and monetary policy autonomy in a country with a floating currency? Shocks to capital flows into a small open economy lead to volatility in asset prices and credit supply. To lessen the impact of capital flows on financial instability, a central bank finds it optimal to use the domestic interest rate to manage the capital account. Capital account restrictions affect the behavior of optimal monetary policy following shocks to the foreign interest rate. C...
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作者：Eisfeldt, Andrea L.; Muir, Tyler
作者单位：University of California System; University of California Los Angeles
摘要：US data display aggregate external financing and savings waves. Firms can allocate costly external finance to productive capital, or to liquid assets with low physical returns. If firms raise costly external finance and accumulate liquidity, either the cost of external finance is relatively low or the total return to liquidity accumulation, including its shadow value as future internal funds, is particularly high. We formalize this intuition by estimating a dynamic model of firms' financing an...
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作者：Kaymak, Baris; Poschke, Markus
作者单位：Universite de Montreal; McGill University; Universite de Montreal
摘要：Over the last 50 years the U.S. tax system went through a striking transformation that reduced the effective tax rates for top income groups and raised transfers to seniors. This paper investigates the macroeconomic repercussions of this change in policy, particularly for the distributions of income, wealth and consumption. Changes in taxes and transfers account for nearly half of the rise in wealth concentration. Nonetheless, their impact on the distributions of income and consumption has bee...
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作者：Sigurdsson, Josef; Sigurdardottir, Rannveig
作者单位：Stockholm University
摘要：Administrative data on monthly wages in Iceland during 1998-2010 provide new insight into nominal wage rigidity. Unlike the data used in previous work, ours have a higher frequency, minimal measurement error, and a long sample including a period of substantial macroeconomic instability. We find that the monthly frequency of nominal wage changes is 13 percent. Although nominal wage cuts are rare, their frequency rises following a large macroeconomic shock. Timing of wage changes is both time-de...
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作者：Benigno, Gianluca; Chen, Huigang; Otrok, Christopher; Rebucci, Alessandro; Young, Eric R.
作者单位：University of London; London School Economics & Political Science; University of Missouri System; University of Missouri Columbia; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Johns Hopkins University; National Bureau of Economic Research; University of Virginia
摘要：A new literature studies the use of capital controls to prevent financial crises. Within this new framework, we show that when exchange rate policy is costless, there is no need for capital controls. However, if exchange rate policy entails efficiency costs, capital controls become part of the optimal policy mix. When exchange rate policy is costly, the optimal mix combines prudential capital controls in tranquil times with policies that limit exchange rate depreciation in crisis times. The op...
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作者：Boneva, Lena Mareen; Braun, R. Anton; Waki, Yuichiro
作者单位：Bank of England; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Queensland
摘要：Does fiscal policy have large and qualitatively different effects on the economy when the nominal interest rate is zero? An emerging consensus in the New Keynesian (NK) literature is that the answer to this question is yes. Evidence presented here suggests that the NM model's implications for fiscal policy at the zero bound may not be all that different from its implications for policy away from it. For a range of empirically relevant parameterizations, employment increases when the labor tax ...
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作者：Janiak, Alexandre; Monteiro, Paulo Santos
作者单位：Universidad de Chile; University of York - UK
摘要：Employment volatility is larger for young and old workers than for the prime aged. At the same time, in countries with high tax rates, the share of total hours supplied by young/old workers is lower. These two observations imply a negative correlation between government size and business cycle volatility. This paper assesses in a heterogeneous agent OLG model the quantitative importance of these two facts to account for the empirical relation between government size and macroeconomic stability...
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作者：Coeurdacier, Nicolas; Gourinchas, Pierre-Olivier
作者单位：University of California System; University of California Berkeley
摘要：This paper presents a model of international portfolios with real exchange rate and non-financial risks that account for observed levels of equity home bias. Bonds matter: in equilibrium, investors structure their bond portfolio to hedge real exchange rate risks. Equity home bias arises when non-financial income risk is negatively correlated with equity returns, after controlling for bond returns. Our framework allows us to derive equilibrium bond and equity portfolios in terms of directly mea...
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作者：Krusell, Per; Rudanko, Leena
作者单位：Stockholm University; University of Gothenburg; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：A labor market with search and matching frictions, where wage setting is controlled by a monopoly union that follows a norm of wage solidarity, is found vulnerable to substantial distortions associated with holdup. With full commitment to future wages, the union achieves efficient hiring in the long run, but hikes up wages in the short run to appropriate rents from firms. Without commitment, in a Markov-perfect equilibrium, hiring is too low both in the short and the long run. The quantitative...
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作者：Stantcheva, Stefanie
作者单位：Harvard University
