-
作者：Masolo, Riccardo M.; Monti, Francesca
作者单位：Bank of England
摘要：Allowing for ambiguity about the behavior of the policymaker in a simple New-Keynesian model gives rise to wedges between long-run inflation expectations, trend inflation, and the inflation target. The degree of ambiguity we measure in Blue Chip survey data helps explain the dynamics of long-run inflation expectations and the inflation trend measured in the US data. Ambiguity also has implications for monetary policy. We show that it is optimal for policymakers to lean against the households' ...
-
作者：Argente, David; Lee, Munseob
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; University of California System; University of California San Diego
摘要：We construct income-specific price indexes for the period from 2004 to 2016. We find substantial differences across income groups that arise during the Great Recession. The difference in annual inflation between the lowest quartile of the income distribution and the highest quartile was 0.22 percentage points for 2004-2007, 0.85 percentage points for 2008-2013, and 0.02 percentage points for 2014-2016. We find that product quality substitution and changes in the shopping behavior, margins most...
-
作者：Lutz, Flora; Pichler, Paul
作者单位：University of Vienna
摘要：We study financial stability regulation in an environment with pecuniary externalities and where banks face both a liability choice (between private money creation and long-term borrowing) and an asset choice (between liquid and illiquid investments). Return risk on illiquid assets gives rise to liquidity risk, because banks that learn to have low future returns find themselves unable to roll over money-like debt. Privately optimal borrowing and investment decisions by banks lead, in general, ...
-
作者：Ravn, Morten O.; Sterk, Vincent
作者单位：University of London; University College London
摘要：Recently developed HANK models, which combine Heterogeneous Agents and New Keynesian frictions, have had a considerable impact on macroeconomics. However, due to the complexity of such models, the literature has focused on numerically solved models and therefore little is known about their general properties. This paper presents a tractable HANK model that integrates Search and Matching (SAM) frictions in the labor market. The model features an endogenous idiosyncratic earnings risk, which may...
-
作者：Patt, Alexander; Ruhose, Jens; Wiederhold, Simon; Flores, Miguel
作者单位：University of Kiel; Leibniz Association; Ifo Institut; Tecnologico de Monterrey
摘要：We present the first evidence on the role of occupational choices and acquired skills for migrant selection. Combining novel data from a representative Mexican task survey with rich individual-level worker data, we find that Mexican migrants to the United States have higher manual skills and lower cognitive skills than nonmigrants. Results hold within narrowly defined region-industry-occupation cells and for all education levels. Consistent with a Roy/Borjas-type selection model, differential ...
-
作者：Rantakari, Heikki
作者单位：University of Rochester
摘要：Agents need to be motivated to develop ideas and to share information regarding their potential value. When the agents fail to agree on which alternative to implement, the principal needs to decide how to resolve the disagreement. When the agents' information is soft, favoring one of the agents in the case of disagreement is always optimal in the present setting. In contrast, if the information is hard, a balanced treatment of the agents is preferred to encourage competition. The reason for th...
-
作者：Cappelli, Veronica; Cerreia-Vioglio, Simone; Maccheroni, Fabio; Marinacci, Massimo; Minardi, Stefania
作者单位：Hautes Etudes Commerciales (HEC) Paris; Bocconi University; Bocconi University
摘要：We develop a general framework to study source-dependent preferences in economic contexts. We behaviorally identify two key features. First, we drop the assumption of uniform uncertainty attitudes and allow for source-dependent attitudes. Second, we introduce subjective prices to compare outcomes across different sources. Our model evaluates profiles source-wise, by computing the source-dependent certainty equivalents; the latter are converted into the unit of account of a common source and th...
-
作者：Lichter, Andreas; Loeffler, Max; Siegloch, Sebastian
作者单位：Heinrich Heine University Dusseldorf; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); University of Mannheim; Maastricht University
摘要：We investigate the long-run effects of government surveillance on civic capital and economic performance, studying the case of the Stasi in East Germany. Exploiting regional variation in the number of spies and administrative features of the system, we combine a border discontinuity design with an instrumental variable strategy to estimate the long-term, post-reunification effect of government surveillance. We find that a higher spying density led to persistently lower levels of interpersonal ...
-
作者：Jacquet, Laurence; Lehmann, Etienne
作者单位：CY Cergy Paris Universite; Centre National de la Recherche Scientifique (CNRS); Universite Paris-Pantheon-Assas
摘要：Providing estimable sufficient statistics to give policy prescriptions has become a widespread approach, a well-known limitation of which is the endogeneity of sufficient statistics to the policy. Using optimal tax policy as our field of application, we highlight a new source of endogeneity. It arises under multidimensional heterogeneity, because optimal tax formulas are then expressed as functions of weighted means of sufficient statistics computed at the individual level and the weights are ...
-
作者：Amberg, Niklas; Jacobson, Tor; von Schedvin, Erik
作者单位：Sveriges Riksbank; Stockholm School of Economics
摘要：We empirically investigate the proposition that firms charge premia on cash prices in transactions involving trade credit. Using a comprehensive panel data set on product-level transaction prices and firm characteristics, we relate trade credit issuance to price setting. In a recession characterized by tightened credit conditions, we find that prices increase significantly more on products sold by firms issuing more trade credit, in response to higher opportunity costs of liquidity and counter...
