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Production, Trade, and Cross-Border Data Flows

Chang, Qing; Cong, Lin William; Liyong, Wang; Zhang, … - National Bureau of Economic Research - 2023

-existing development gaps in data economies on each country's production and international trade. Raw data as byproducts of consumption can …

Persistent link: https://www.econbiz.de/10014322803

Life-cycle Forces make Monetary Policy Transmission Wealth-centric

Beaudry, Paul; Cavallino, Paolo; Willems, Tim - National Bureau of Economic Research - 2024

of consumption/saving decisions, thereby enriching the determinants of aggregate demand and affecting the transmission of …

Persistent link: https://www.econbiz.de/10014544789

Managing an Energy Shock : Fiscal and Monetary Policy

Auclert, Adrien; Monnery, Hugo; Rognlie, Matthew; … - National Bureau of Economic Research - 2023

This paper studies the macroeconomic effects of energy price shocks in energy-importing economies using a heterogeneous-agent New Keynesian model. When MPCs are realistically large and the elasticity of substitution between energy and domestic goods is realistically low, increases in energy...

Persistent link: https://www.econbiz.de/10014337777

China's Macroeconomic Development : The Role of Gradualist Reforms

Chen, Kaiji; Zha, Tao - National Bureau of Economic Research - 2023

This paper reviews recent literature on China's macroeconomic development, emphasizing the critical role of the gradualist approach over the past four decades. Beyond China's structural transformation, we explore various aspects such as high saving rates, the housing boom, an expanding current...

Persistent link: https://www.econbiz.de/10014322782

Sentiment, Productivity, and Economic Growth

Kōnstantinidēs, Giōrgos; Montone, Maurizio; Potì, … - National Bureau of Economic Research - 2023

Previous research finds correlation between sentiment and future economic growth, but disagrees on the channel that explains this result. In this paper, we shed new light on this issue by exploiting cross-country variation in sentiment and market efficiency. We find that sentiment shocks in G7...

Persistent link: https://www.econbiz.de/10014247952

Global Fund Flows and Emerging Market Tail Risk

Chari, Anusha; Stedman, Karlye Dilts; Lundblad, Christian - National Bureau of Economic Research - 2022

Global risk and risk aversion shocks have distinct distributional impacts on emerging market capital flows and returns. In particular, we find salient consequences of these different global shocks for tail risk in emerging markets. Open-end mutual fund trading provides a key mechanism linking...

Persistent link: https://www.econbiz.de/10013435139

How Do Households Respond to Income Shocks?

Krueger, Dirk; Malkov, Egor; Perri, Fabrizio - National Bureau of Economic Research - 2023

components, modest changes in consumption expenditures, and large changes in wealth. We then split the sample in households which … do not own business or real estate wealth, and households who do. For the first group, we find that consumption responses … income shocks can explain well the consumption and wealth responses, both at short and long horizons. For the second group …

Persistent link: https://www.econbiz.de/10014437025

Demand Shocks as Technology Shocks

Bai, Yan; Ríos-Rull, José-Víctor; Storesletten, Kjetil - National Bureau of Economic Research - 2024

qualitatively similar effects as true productivity shocks. These shocks account for a large share of the fluctuations in consumption …

Persistent link: https://www.econbiz.de/10014486260

The How and Why of Household Reactions to Income Shocks

Colarieti, Roberto; Mei, Pierfrancesco; Stantcheva, Stefanie - National Bureau of Economic Research - 2024

This paper studies how and why households adjust their spending, saving, and borrowing in response to transitory income shocks. We leverage new large-scale survey data to first quantitatively assess households' intertemporal marginal propensities to consume (MPCs) and deleverage (MPDs) (the...

Persistent link: https://www.econbiz.de/10014512045

The Linear Algebra of Economic Geography Models

Kleinman, Benny; Liu, Ernest; Redding, Stephen - National Bureau of Economic Research - 2023

We provide sufficient statistics for nominal and real wage exposure to productivity shocks in a constant elasticity economic geography model. These exposure measures summarize the first-order general equilibrium elasticity of nominal and real wages in each location with respect to productivity...

Persistent link: https://www.econbiz.de/10014322852