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Comin, Diego; Johnson, Robert C.; Jones, Callum - National Bureau of Economic Research - 2023

We develop a multisector, open economy, New Keynesian framework to evaluate how potentially binding capacity constraints, and shocks to them, shape inflation. We show that binding constraints for domestic and foreign producers shift domestic and import price Phillips Curves up, similar to...

Persistent link: https://www.econbiz.de/10014250196

Getting to the Core : Inflation Risks Within and Across Asset Classes

Fang, Xiang; Liu, Yang; Roussanov, Nikolai - National Bureau of Economic Research - 2022

Do "real" assets protect against inflation? Core inflation betas of stocks are negative while energy betas are positive; currencies, commodities, and real estate also mostly hedge against energy inflation but not core. These hedging properties are reflected in the prices of inflation risks: only...

Persistent link: https://www.econbiz.de/10013334388

Seigniorage and Fixed Exchange Rates : An Optimal Inflation Tax Analysis

Fischer, Stanley - 1981

determination of the revenue received from seigniorage. If the country goes further and uses a foreign money, it loses all … seigniorage. This paper uses an optimal inflation tax approach to analyze the consequences for optimal rates of income taxation … and welfare of the alternative exchange rate and monetary arrangements. From the viewpoint of seigniorage, a system in …

Persistent link: https://www.econbiz.de/10012478330

Can the Central Bank Alleviate Fiscal Burdens?

Reis, Ricardo - 2016

Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This paper inspects the ability of the central bank to alleviate the fiscal...

Persistent link: https://www.econbiz.de/10012455666

The Effect of Inequality on Redistribution : An Econometric Analysis

Boskin, Michael J.; Elnahal, Kareem; Zhang, Adam - National Bureau of Economic Research - 2024

Using data on U.S. state and federal taxes and transfers over a quarter century, we estimate a regression model that yields the marginal effect of any shift of market income share from one quintile to another on the entire post tax, post-transfer income distribution. We identify exogenous income...

Persistent link: https://www.econbiz.de/10014544770

Measuring The Natural Rate Using Natural Experiments

Bäcker-Peral, Verónica; Hazell, Jonathon; Mian, Atif - National Bureau of Economic Research - 2023

Every month, a fraction of UK property leases are extended for another 90 years or more. We use new data on thousands of these natural experiments from 2003 onwards to estimate the "natural rate of return on capital", \(r_K^\text{*}\), which also represents the long-run dividend-price ratio....

Persistent link: https://www.econbiz.de/10014421185

Economic Integration and the Transmission of Democracy

Magistretti, Giacomo; Tabellini, Marco - National Bureau of Economic Research - 2022

In this paper, we study if exposure to the institutions of trade partners changes individuals' attitudes towards democracy and favors the process of democratization. We combine survey data with country-level measures of democracy from 1960 to 2015, and exploit the improvement in air, relative to...

Persistent link: https://www.econbiz.de/10013210083

Policy Packages and Policy Space : Lessons from COVID-19

Bergant, Katharina; Forbes, Kristin - National Bureau of Economic Research - 2023

This paper uses the onset of COVID-19 to examine how countries construct their policy packages in response to a severe negative shock. We use several new datasets to track the use of a large variety of policy tools: announced fiscal stimulus (both above- and below-the-line), monetary policy...

Persistent link: https://www.econbiz.de/10014287372

Inequality and Growth : What Can the Data Say?

Banerjee, Abhijit V. - 2000

in control variables and estimation methods. This inverted U-curve is consistent with a simple political economy model …

Persistent link: https://www.econbiz.de/10012470957

Explaining Inequality the World Round : Cohort Size, Kuznets Curves, andOpenness

Higgins, Matthew - 1999

Klaus Deininger and Lyn Squire have recently produced an inequality data base for a panel of countries from the 1960s to the 1990s. We use these data to decompose the sources of inequality into three central parts: the demographic or cohort size effect; the so-called Kuznets Curve or demand...

Persistent link: https://www.econbiz.de/10012471565

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