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作者：Floetotto, Max; Kirker, Michael; Stroebel, Johannes
作者单位：University of Chicago; New York University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：Many U.S. government policies aim to encourage homeownership. We use a general equilibrium model with heterogeneous agents to consider the effects of temporary homebuyer tax credits and the asymmetric tax treatment of owner-occupied and rental housing on prices, quantities, allocations, and welfare. The model suggests that home buyer tax credits temporarily raise house prices and transaction volumes, but have negative effects on welfare. Removing the asymmetric tax treatment of owner-occupied ...
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作者：Perez-Orive, Ander
作者单位：Boston University; Pompeu Fabra University; Barcelona School of Economics
摘要：Credit constrained firms prefer types of capital that generate significant pledgeable output and are liquid, since they loosen current and future credit constraints. Because pledge ability and liquidity are low for long-term firm-specific capital, a negative temporary aggregate productivity shock that tightens credit constraints creates a bias towards liquid short-term investments. This dampens the short-run negative output reaction to the shock, at the expense of strong medium-run propagation...
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作者：Gnocchi, Stefano; Hauser, Daniela; Pappa, Evi
作者单位：Bank of Canada; European University Institute; Autonomous University of Barcelona; Centre for Economic Policy Research - UK
摘要：In an otherwise-standard business cycle model with housework, calibrated consistently with data on time use, we discipline complementarity between consumption and hours worked and relate its strength to the size of fiscal multipliers. Evidence on the substitutability between home and market goods confirms that complementarity is an empirically relevant driver of fiscal multipliers. However, in a housework model substantial complementarity can be generated without imposing a low wealth effect, ...
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作者：Favilukis, Jack; Lin, Xiaoji
作者单位：University of British Columbia; University System of Ohio; Ohio State University
摘要：The relationship between sticky wages and risk has important asset pricing implications. Like operating leverage, sticky wages are a source of risk for the firm. Firms, industries, regions, or times with especially high or rigid wages are especially risky. If wages are sticky, then wage growth should negatively forecast future stock returns because falling wages are associated with even bigger falls in output, and increases in operating leverage. Indeed, this is the case in aggregate, industry...
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作者：Gaballo, Gaetano; Zetlin-Jones, Ariel
作者单位：European Central Bank; Bank of France; Carnegie Mellon University
摘要：We show that an increase in banks' holdings of domestic Sovereign debt decreases the ability of domestic Sovereigns to successfully enact bailouts. When Sovereigns finance bailouts with newly issued debt and the price of Sovereign debt is sensitive to unanticipated debt issues, then bailouts dilute the value of banks' Sovereign debt holdings rendering bailouts less effective. We explore this feedback mechanism in a model of financial intermediation in which banks are subject to managerial mora...
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作者：Kydland, Finn E.; Zarazaga, Carlos E. J. M.
作者单位：University of California System; University of California Santa Barbara; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：The US economy has not recovered from the Great Recession as strongly as predicted by the neoclassical growth model, even after incorporating a variety of frictions to it. The paper explores quantitatively the hypothesis that the counterfactual predictions are mostly the result of ignoring the expectations of higher taxes prompted by unprecedented fiscal challenges faced by that country in peacetime. The main finding is that this fiscal sentiment hypothesis can account for a substantial fracti...
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作者：Wang, Zhu; Wolman, Alexander L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：Using three years of transactions data from a discount retailer with thousands of stores, we study payment variation along three dimensions: transaction size and location; weekly and monthly frequencies; and longer time horizons. In each case, we connect empirical patterns to theories of money demand and payments. We show that cross-sectional and time-series payment patterns are consistent with a theoretical framework in which individual consumers choose between cash and non-cash payments base...
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作者：Favilukis, Jack
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作者：Abrahams, Michael; Adrian, Tobias; Crump, Richard K.; Moench, Emanuel; Yu, Rui
作者单位：Massachusetts Institute of Technology (MIT); Federal Reserve System - USA; Federal Reserve Bank - New York; Deutsche Bundesbank; University of Pennsylvania
摘要：Inflation-indexed and nominal yield curves capture investors' expectations of real short rates and inflation as well as their required compensation for bearing liquidity, inflation, and real interest rate risk. We estimate an affine term structure model that allows us to decompose real and nominal bond yields into these components and use the model to study the transmission of monetary policy. The model decompositions imply that the Federal Reserve's announcements of LSAPs lowered yields prima...
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作者：Mueller, Philippe
作者单位：University of London; London School Economics & Political Science
