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Public Liquidity and Financial Crises
American Economic Journal: MacroeconomicsThis paper studies the equilibrium effect of public liquidity on financial crises. Banks borrow from households via insured deposits and partially runnable debt and suffer endogenous funding withdrawals from households in crises. Holding public liquidity
Wenhao Li
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Price Rigidities and Credit Risk
Social Science Research NetworkWe develop a capital structure model in which firms feature differential flexibility in adjusting output prices. Inflexible-price firms have lower profits and higher cash flow volatility, leading in equilibrium to lower financial leverage, shorter debt ...
Patrick Augustin +3 more
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Fiscal and Monetary Policy Interactions in a Model with Low Interest Rates
American Economic Journal: MacroeconomicsWe provide a new Keynesian model where entrepreneurs face uninsurable idiosyncratic investment risk and credit constraints. Government bonds provide liquidity services.
Jianjun Miao, Dongling Su
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Assessing the Stabilizing Effects of Unemployment Benefit Extensions
American Economic Journal: MacroeconomicsWe study the stabilizing role of benefit extensions. We develop a tractable quantitative model with heterogeneous agents, search frictions, and nominal rigidities.
Alexey Gorn, A. Trigari
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Delayed Overshooting: The Case for Information Rigidities
American Economic Journal: MacroeconomicsWe provide evidence that the delayed overshooting puzzle reflects a slow adjustment of exchange rate expectations to monetary policy shocks rather than a failure of uncovered interest parity.
Gernot J. Müller +2 more
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Trend Inflation, Indexation, and Inflation Persistence in the New Keynesian Phillips Curve
, 2008Timothy Cogley, Argia M. Sbordone
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Term Premia and Inflation Uncertainty: Empirical Evidence from an International Panel Dataset
, 2011Jonathan H. Wright
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