The seminal contribution by Kiyotaki and Moore (1997) has spurred a vast literature on the importance of collateral constraints in propagating and amplifying shocks to the economy. However, most papers in the literature using collateral constraints assume non-state contingent debt, i.e., markets...

Band alignment between the organic and inorganic layers in two-dimensional (2D) hybrid perovskites inherently determines their carrier spatial confinement and charge separation, which is of great importance for optoelectronic applications. However, 2D perovskites usually exhibit type-I band...

Primary healthcare institutions (PHIs) in China have experienced a sizable decline in medical services in recent years. Despite the large regional disparities in China, there is a lack of evidence on the differential patterns of medical services offered by PHIs, especially from a spatial...

A nonlinear New Keynesian (NK) model with more severe downward rigidity in prices has a number of interesting implications. The “standard” NK equilibrium– with the nominal anchor during ELB episodes set by expectations about future monetary policy – exists even for long- lasting ELB...

Primary healthcare institutions (PHIs) in China have experienced a sizable decline in medical services in recent years. Despite the large regional disparities in China, there is a lack of evidence on the differential patterns of medical services offered by PHIs, especially from a spatial...

The forward fiscal guidance puzzle pertains to New Keynesian models when monetary policy is temporarily caught in a liquidity trap: (1) expected future fiscal shocks have an unbelievably large effect on current inflation, and (2) the effect on current inflation is larger the further out is the...

<script type="text/javascript" src="https://cdnjs.cloudflare.com/ajax/libs/mathjax/2.7.1/MathJax.js?config=AM_HTMLorMML-full"></script>We study a flexible dynamic savings game in continuous time, where decision makers rotate in and out of power. These agents value spending more highly while in power creating a time-inconsistency problem. We provide a sharp characterization of Markov equilibria. Our analysis proceeds by...