Similar Search Results

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

Stagflation and Topsy-Turvy Capital Flows

Bengui, Julien; Coulibaly, Louphou - National Bureau of Economic Research - 2022

Are unregulated capital flows excessive during a stagflation episode? We argue that they likely are, owing to a macroeconomic externality operating through the economy's supply side. Inflows raise domestic wages through a wealth effect on labor supply and cause unwelcome upward pressure on...

Persistent link: https://www.econbiz.de/10013462700

Spending and Job-Finding Impacts of Expanded Unemployment Benefits : Evidence from Administrative Micro Data

Ganong, Peter; Greig, Fiona E.; Noel, Pascal J.; … - National Bureau of Economic Research - 2022

We show that the largest increase in unemployment benefits in U.S. history had large spending impacts and small job-finding impacts. This finding has three implications. First, increased benefits were important for explaining aggregate spending dynamics--but not employment dynamics--during the...

Persistent link: https://www.econbiz.de/10013361970

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

Navigating by Falling Stars : Monetary Policy with Fiscally Driven Natural Rates

Campos, Rodolfo G.; Fernández-Villaverde, Jesús; … - National Bureau of Economic Research - 2024

We study a new type of monetary-fiscal interaction in a heterogeneous-agent New Keynesian model with a fiscal block. Due to household heterogeneity, the stock of public debt affects the natural interest rate, forcing the central bank to adapt its monetary policy rule to the fiscal stance to...

Persistent link: https://www.econbiz.de/10014512073

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