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作者：Coleman, Nicholas; Feler, Leo
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Johns Hopkins University
摘要：Although government banks are frequently associated with political capture and resource misallocation, they may be well-positioned during times of crisis to provide counter-cyclical support. Following the collapse of Lehman Brothers in September 2008, Brazil's government banks substantially increased lending. Localities in Brazil with a high share of government banks received more loans and experienced better employment outcomes relative to localities with a low share of government banks. Whil...
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作者：Chien, YiLi; Naknoi, Kanda
作者单位：Federal Reserve System - USA; University of Connecticut
摘要：This study proposes that heterogeneous household portfolio choices within a country and across countries offer an explanation for global imbalances. We construct a stochastic growth multi-country model in which heterogeneous agents face the following restrictions on asset trade. First, the degree of US equity market participation is higher than that of the rest of the world. Second, a fraction of households in each country maintains a fixed share of equity in its portfolios. In our calibrated ...
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作者：Fratzscher, Marcel; Rime, Dagfinn; Sarno, Lucio; Zinna, Gabriele
作者单位：Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Humboldt University of Berlin; Centre for Economic Policy Research - UK; BI Norwegian Business School; City St Georges, University of London; European Central Bank; Bank of Italy
摘要：The scapegoat theory of exchange rates (Bacchetta and van Wincoop, 2004, 2013) suggests that market participants may attach excessive weight to individual economic fundamentals, which are picked as scapegoats to rationalize observed currency fluctuations at times when exchange rates are driven by unobservable shocks. Using novel survey data that directly measure foreign exchange scapegoats for 12 exchange rates, we find empirical evidence that supports the scapegoat theory. The resulting model...
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作者：Ennis, Huberto M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
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作者：Ireland, Peter N.
作者单位：Boston College; National Bureau of Economic Research
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作者：Lucas, Robert E., Jr.; Pablo Nicolini, Juan
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Universidad Torcuato Di Tella
摘要：We show that regulatory changes that occurred in the banking sector in the early 1980s, that considerably weakened Regulation Q can explain the apparent instability of money demand starting in the same period. We evaluate the effects of the regulatory changes using a model that goes beyond aggregates as M1 and treats currency and different deposit types as alternative means of payments. We use the model to construct a new monetary aggregate that performs remarkably well for all the period 1915...
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作者：Bianchi, Javier
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
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作者：Kehoe, Patrick; Midrigan, Virgiliu
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of London; University College London; New York University
摘要：Economists have interpreted the evidence that prices change every four months as implying that sticky prices cannot be important for monetary transmission. Theory implies that this interpretation is correct if most price changes are regular, but not if a large fraction are temporary, as in the data. Since regular prices are much stickier than temporary ones, our models predict that the stickiness of the aggregate price level matches that in a standard Calvo model or a standard menu cost model ...
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作者：Santacreu, Ana Maria
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：What are the sources of economic growth? This paper presents a multicountry growth model of innovation and the adoption of foreign technologies through trade. The costs of both domestic innovation and adopting foreign innovations are estimated using data on innovation, output and trade. A decomposition of the sources of growth shows that technology adoption accounts for about 65% of embodied growth in developing countries. Developed countries grow mainly through domestic innovation, which expl...
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作者：Capatina, Elena
作者单位：University of New South Wales Sydney
摘要：Health status affects individuals' labor supply, asset accumulation and welfare through four main channels: productivity, medical expenditures, time endowments and survival probabilities. Using a life-cycle model calibrated to the U.S. for different education groups, I evaluate the relative importance of each channel and quantify their interactions. The productivity and time endowment channels dominate in importance and the risks implied by them contribute significantly to income inequality an...
