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The Domestic and International Effects of Interstate U.S. Banking

Cacciatore, Matteo; Ghironi, Fabio; Stebunovs, Viktors - Federal Reserve Board (Board of Governors of the … - 2014

, reduced markup countercyclicality, and weaker substitution effects in labor supply in response to productivity shocks. Bank …

Persistent link: https://www.econbiz.de/10010886231

Large Capital Inflows, Sectoral Allocation, and Economic Performance

Benigno, Gianluca; Converse, Nathan; Fornaro, Luca - Federal Reserve Board (Board of Governors of the … - 2015

This paper describes the stylized facts characterizing periods of exceptionally large capital inflows in a sample of 70 middle- and high-income countries over the last 35 years. We identify 155 episodes of large capital inflows and find that these events are typically accompanied by an economic...

Persistent link: https://www.econbiz.de/10011268459

Taxes and International Risk Sharing

Epstein, Brendan; Mukherjee, Rahul; Ramnath, Shanthi - Federal Reserve Board (Board of Governors of the … - 2014

We examine the extent to which differences in international tax rates may account for the small correlations of per capita consumption fluctuations across countries. Theory implies a close relationship between relative consumption growth, and consumption and capital income tax rate...

Persistent link: https://www.econbiz.de/10010787056

Banks, Capital Flows and Financial Crises

Akinci, Ozge; Queraltó, Albert - Federal Reserve Board (Board of Governors of the … - 2014

This paper proposes a macroeconomic model with financial intermediaries (banks), in which banks face occasionally binding leverage constraints and may endogenously affect the strength of their balance sheets by issuing new equity. The model can account for occasional financial crises as a result...

Persistent link: https://www.econbiz.de/10011075151

Reputation and Liquidity Traps

Nakata, Taisuke - Federal Reserve Board (Board of Governors of the … - 2014

Can the central bank credibly commit to keeping the nominal interest rate low for an extended period of time in the aftermath of a deep recession? By analyzing credible plans in a sticky-price economy with occasionally binding zero lower bound constraints, I find that the answer is yes if...

Persistent link: https://www.econbiz.de/10010886221

Reconstruction multipliers

Trezzi, Riccardo; Porcelli, Francesco - Federal Reserve Board (Board of Governors of the … - 2014

A law issued to allocate reconstruction grants following the 2009 "Aquilano" earthquake has resulted in a large and unanticipated discontinuity across municipalities with comparable damages. Using diff-in-diff analysis we estimate the "local spending" and the "local tax" multipliers--according...

Persistent link: https://www.econbiz.de/10011075120

Conservatism and Liquidity Traps

Nakata, Taisuke; Schmidt, Sebastian - Federal Reserve Board (Board of Governors of the … - 2014

Appointing Rogoff's (1985) conservative central banker improves welfare if the economy is subject to large contractionary shocks and the policy rate occasionally falls to the zero lower bound (ZLB). In an economy with occasionally binding ZLB constraints, the anticipation of future ZLB episodes...

Persistent link: https://www.econbiz.de/10011115660

Fiscal Multipliers at the Zero Lower Bound: The Role of Policy Inertia

Hills, Timothy S.; Nakata, Taisuke - Federal Reserve Board (Board of Governors of the … - 2014

The presence of the lagged shadow policy rate in the interest rate feedback rule reduces the government spending multiplier nontrivially when the policy rate is constrained at the zero lower bound (ZLB). In the economy with policy inertia, increased inflation and output due to higher government...

Persistent link: https://www.econbiz.de/10011115662

Cyclically Adjusted Current Account Balances

Haltmaier, Jane - Federal Reserve Board (Board of Governors of the … - 2014

The Great Financial Crisis coincided with a sizable reduction in global external imbalances, defined as the absolute value of the sum of individual country current account surpluses and deficits relative to global GDP. Although current account balances should not respond to a downturn that is...

Persistent link: https://www.econbiz.de/10011119889

Roads to prosperity? assessing the link between public capital and productivity

Fernald, John - Federal Reserve Board (Board of Governors of the … - 1997

At a macroeconomic level, infrastructure and productivity are positively correlated in the United States and other … infrastructure to productivity, or the reverse. This paper focuses on roads, and finds that vehicle-intensive industries benefit … disproportionately from road-building: when road growth changes, productivity growth changes more in industries that are more vehicle …

Persistent link: https://www.econbiz.de/10005368200