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作者：Ordonez, Guillermo
作者单位：University of Pennsylvania; National Bureau of Economic Research
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作者：Pastor, Lubos; Veronesi, Pietro
作者单位：University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK; National Bank of Slovakia
摘要：Our simple model features agents heterogeneous in skill and risk aversion, incomplete financial markets, and redistributive taxation. In equilibrium, agents become entrepreneurs if their skill is sufficiently high or risk aversion sufficiently low. Under heavier taxation, entrepreneurs are more skilled and less risk-averse, on average. Through these selection effects, the tax rate is positively related to aggregate productivity and negatively related to the equity risk premium. Both income ine...
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作者：Cordoba, Juan Carlos; Liu, Xiying; Ripoll, Marla
作者单位：Iowa State University; Wuhan University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Dynastic altruistic models with endogenous fertility have been shown to be unable to generate enough intergenerational persistence. Using a Bewley model with endogenous fertility we show that it is possible to recover persistence. Key ingredients for our result include exponential child discounting, discrete number of children, diminishing costs of child rearing, and an elasticity of intergenerational substitution larger than one. Our model provides a unified framework of analysis for long-run...
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作者：Lu, Yang K.; King, Robert G.; Pasten, Ernesto
作者单位：Hong Kong University of Science & Technology; Boston University; Central Bank of Chile; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We study the optimal committed monetary policy when the private sector has imperfect information and has to infer the central banker's ability to commit. The optimal policy is designed to influence learning and improve the central banker's reputation of being committed. The reputation building implies that when a committed central banker first takes office, he should resist the temptation to stimulate output with initially high but declining inflation; he should reverse a missed inflation targ...
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作者：Kirchner, Markus; van Wijnbergen, Sweder
作者单位：Central Bank of Chile; University of Amsterdam; Tinbergen Institute
摘要：Recent developments in the euro area highlighted the interactions between fiscal policy, sovereign debt and financial fragility. We introduce asset choice and sovereign debt holdings in banks' portfolios in an otherwise standard macroeconomic model with financial frictions, to emphasize a new crowding-out mechanism through reduced private access to credit when leverage-constrained banks accumulate sovereign debt. When banks are substantially invested in sovereign debt, the effectiveness of fis...
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作者：Nosal, Jaromir B.; Ordonez, Guillermo
作者单位：Boston College; University of Pennsylvania; National Bureau of Economic Research
摘要：When governments cannot commit to not providing bailouts, banks may take excessive risks and generate crises. At the outbreak of a financial crisis, however, governments are usually uncertain about its systemic nature, and may delay intervention to learn more from endogenous market outcomes. We show such delay introduces strategic restraint: banks restrict their portfolio riskiness relative to their peers to avoid being the worst performers and bearing the costs of delay. Hence, uncertainty ha...
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作者：Carlsson, Mikael; Westermark, Andreas
作者单位：Uppsala University; Sveriges Riksbank; Sveriges Riksbank
摘要：In central theories of monetary non-neutrality, the Ramsey optimal steady-state inflation rate varies between the negative of the real interest rate and zero. This paper explores how the interaction of nominal wage and search and matching frictions affect the policy prescription. We show that adding the combination of such frictions to the canonical monetary model can generate an optimal inflation rate that is significantly positive. Specifically, for a standard U.S. calibration, we find a Ram...
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作者：Levchenko, Andrei A.; Zhang, Jing
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Using novel estimates of sectoral total factor productivities for 72 countries across 5 decades we provide evidence of relative productivity convergence: productivity grew systematically faster in initially relatively less productive sectors. These changes have had a significant impact on trade volumes and patterns, and a non-negligible welfare impact. Had productivity in each country's manufacturing sector relative to the US remained the same as in the 1960s, trade volumes would be higher, cr...
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作者：Canzoneri, Matthew; Cumby, Robert; Diba, Behzad
作者单位：Georgetown University
摘要：Conventional wisdom on public debt management says that liquidity demand should be satiated and that tax rates should be smoothed. Conflicts between the two can arise when government bonds provide liquidity. Smoothing taxes causes greater variability in fiscal balances, and therefore in the supply of government liabilities. When prices are flexible, and can jump to absorb fiscal shocks, the tradeoff between liquidity provision and tax smoothing is eased; when they conflict, optimal policy subo...
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作者：Gissler, Stefan; Oldfather, Jeremy; Ruffino, Doriana
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：The 2011-2013 rule-making process for the regulation of qualified mortgages was correlated with a reduction in mortgage lending. In this paper, we document this correlation at the bank level. Using a novel measure of banks' perception of regulatory uncertainty, we offer suggestive evidence that banks that perceived higher regulatory uncertainty (or that were more adverse to it) reduced lending more severely. Other channels that might explain banks' lending behavior-investment/securitization, p...
