Results 31 to 40 of about 81,894 (47)
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Market Size, Innovation, and the Economic Effects of an Epidemic
Social Science Research NetworkWe develop a framework for the analysis of the economic effects of an epidemic that incorporates firm-specific innovation and endogenous entry. Transition dynamics is characterized by two differential equations describing the evolution of the mass of ...
D. Ferraro, P. Peretto
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Fiscal Policy and Credit Supply in a Crisis
The American Economic ReviewWe measure how cuts to public procurement propagate through the banking system in a financial crisis. During the European sovereign debt crisis, the Portuguese government cut procurement spending by 4.3 percent of GDP. We find that this cut saddled banks
Diana Bonfim +3 more
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Fiscal policy volatility and capital misallocation: Evidence from China
European Economic ReviewCan a demand-side macroeconomic shock be a driver of capital misallocation in China? Using cross-province data, we find a positive effect of fiscal policy volatility on the dispersion of risk-adjusted marginal revenue product of capital (MRPK), and the ...
Sai Ding, Wei Jiang, Shengyu Li, S. Wei
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When Money Dies: The Dynamics of Speculative Hyperinflations
The American Economic ReviewHow quickly does a fiat money become valueless? I study the speculative hyperinflation equilibria of continuous-time economies with decentralized markets where money is essential.
G. Rocheteau
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Domestic Policies and Sovereign Default
American Economic Journal: MacroeconomicsA model with two essential elements—sovereign default and distortionary fiscal and monetary policies—explains the interaction between sovereign debt, default risk, and inflation in emerging countries.
E. Espino +3 more
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Estimating the shadow economy at the provincial level in Indonesia: A MIMIC model approach
JURNAL EKONOMIKA INDONESIAThe shadow economy encompasses economic activities that are not recorded in the Gross Domestic Product (GDP), resulting in reporting bias and diminished state revenue.
Raif Maulana Lukman, Fitri Kartiasih
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Convenience Yield, Inflation Expectations, and Public Debt Growth
The Review of financial studiesWe present new facts on how convenience yields fluctuate with macroeconomic variables and fiscal policy: the convenience yield of long-term Treasuries is negatively correlated with inflation expectations, and inflation expectations predict future debt ...
J. Fu, Jian Li, Yinxi Xie
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Mental Accounts and Consumption Sensitivity Across the Distribution of Liquid Assets
Social Science Research NetworkWe study consumption spending responses to predictable income using household-level data from a US financial institution. Even for households with large liquid asset balances, we find no spending in anticipation of income receipt, substantial spending ...
J. Graham, R. Mcdowall
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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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Menu Costs, Aggregate Fluctuations, and Large Shocks
American Economic Journal: Macroeconomics, 2019We document that the aggregate price level responds flexibly and asymmetrically to large positive and negative value-added tax changes. We present a price-setting model with menu costs, trend inflation, and fat-tailed product-level shocks that is ...
P. Karadi, Ádám Reiff
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