Macroeconomics: Monetary & Fiscal Policies eJournal最新文献_第6页

Cojump Anchoring

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-10-24 DOI: 10.2139/ssrn.3720932

Lars Winkelmann, Wenying Yao

引用次数: 0

Consumption Heterogeneity by Occupation: Understanding the Impact of Occupation on Personal Consumption During the COVID-19 Pandemic 职业消费异质性:了解新冠肺炎疫情期间职业对个人消费的影响

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-10-23 DOI: 10.2139/ssrn.3720235

Christopher D. Cotton, Vaishali Garga, J. Rohan

{"title":"Consumption Heterogeneity by Occupation: Understanding the Impact of Occupation on Personal Consumption During the COVID-19 Pandemic","authors":"Christopher D. Cotton, Vaishali Garga, J. Rohan","doi":"10.2139/ssrn.3720235","DOIUrl":"https://doi.org/10.2139/ssrn.3720235","url":null,"abstract":"Unemployment rates reached unprecedented levels during the COVID-19 pandemic. The nature of the virus transmission, and the policy interventions enacted in response, however, is such that certain \"high risk\" occupations suffered more than the \"low risk\" occupations. This paper exploits the variation in the unemployment rate of different occupations to analyze the response of (real-time) consumption spending to unemployment risk. We find that during the first five weeks of the pandemic, higher occupational unemployment risk did not result in lower relative spending. However, in later weeks as the pandemic proceeded, higher occupational unemployment risk resulted in lower relative spending. We attribute this change to the evolution of perceptions regarding unemployment risk, and the expiration of stimulus payments and expanded unemployment insurance benefits provided under the CARES Act. We also create an alternative metric, based on job characteristics, to predict the riskiness of different occupations. We find that high risk occupations were those that were unable to work from home, were required to work in close physical proximity to others, and were essential.","PeriodicalId":244949,"journal":{"name":"Macroeconomics: Monetary & Fiscal Policies eJournal","volume":"157 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127370079","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Sovereign Debt, Default Risk, and the Liquidity of Government Bonds 主权债务、违约风险和政府债券的流动性

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-10-18 DOI: 10.2139/ssrn.3714870

Gastón Chaumont

{"title":"Sovereign Debt, Default Risk, and the Liquidity of Government Bonds","authors":"Gastón Chaumont","doi":"10.2139/ssrn.3714870","DOIUrl":"https://doi.org/10.2139/ssrn.3714870","url":null,"abstract":"What is the role of liquidity in bond markets on government's debt issuances and default decisions? How do liquidity and risk premia interact in equilibrium and over the business cycle? To study these questions, this paper extends an incomplete markets model with endogenous default a la Eaton and Gersovitz (1981) by introducing liquidity frictions in sovereign bond markets. Liquidity frictions are endogenous in the model and determined by search frictions in sovereign debt markets. In order to trade, investors need to meet dealers in bond markets and, due to search frictions, trade is not guaranteed at each point in time. This assumption endogenously generates a liquidity premium on the price of debt. Moreover, search is assumed to be directed so investors willing to trade bonds face a trade-off between the amount of transaction fees that they are willing to pay and the probability of trading. As a result, in equilibrium, the optimal balance of this trade-off varies as the aggregate state of the economy evolves and liquidity varies endogenously over the business cycle. The model is used to study Greek's debt crisis in 2011-2012. We find that liquidity premium significantly contribute to debt spreads during that episode. Also, we Argentinian data to obtain results comparable to previous literature. The model is able to match liquidity measures while at the same time being able to reproduce standard business cycle moments of emerging economies.","PeriodicalId":244949,"journal":{"name":"Macroeconomics: Monetary & Fiscal Policies eJournal","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117077174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 11

Monetary Policy Uncertainty in China 中国货币政策的不确定性

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-10-12 DOI: 10.2139/ssrn.3729153

Hongyi Chen, Peter Tillmann

引用次数: 18

COVID-19 and the Fed’s Monetary Policy COVID-19和美联储的货币政策

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-10-01 DOI: 10.2139/ssrn.3711522

R. Hetzel

{"title":"COVID-19 and the Fed’s Monetary Policy","authors":"R. Hetzel","doi":"10.2139/ssrn.3711522","DOIUrl":"https://doi.org/10.2139/ssrn.3711522","url":null,"abstract":"The quantity theory, which posits a causal relationship between money and prices, is among the oldest theories in economics. Starting in March 2020 as the COVID-19 pandemic affected the United States, money surged at a historically rapid pace. Historical experience, most recently with the Great Inflation of the mid-1960s through the 1970s, suggests that an uncontrolled surge in inflation is coming. Other factors in the intellectual and political environment are also reminiscent of the Great Inflation. The Federal Reserve has reverted to its 1950s “cost and availability” view of monetary transmission. There also exists a widespread belief that inflation is a nonmonetary phenomenon. In Keynesian terms, because the Phillips curve, which relates inflation and unemployment, is presumed to be flat, the Fed can push the unemployment rate to historically low levels. Federal Open Market Committee (FOMC) chair Jerome Powell asserts that the course of the recovery will be dictated by the behavior of the virus. That makes sense in that the recession arose as a shock to potential output. Powell and the FOMC, however, treat the recession as if it originated in a large negative aggregate-demand shock requiring extremely stimulative monetary policy. The FOMC should follow a rule that ensures that the spring 2020 bulge in money dissipates.","PeriodicalId":244949,"journal":{"name":"Macroeconomics: Monetary & Fiscal Policies eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116170963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Financial Policy, Green Transition and Recovery after the COVID-19 新冠肺炎后的金融政策、绿色转型与复苏

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-10-01 DOI: 10.2139/ssrn.3719695

Dongyang Pan, Chuanqi Chen, M. Grubb, Yao Wang

{"title":"Financial Policy, Green Transition and Recovery after the COVID-19","authors":"Dongyang Pan, Chuanqi Chen, M. Grubb, Yao Wang","doi":"10.2139/ssrn.3719695","DOIUrl":"https://doi.org/10.2139/ssrn.3719695","url":null,"abstract":"Public policy that acts on financing activity - referred to here as financial policy - can play an important role in supporting the green transition and recovery of the economy. This research studies such specific role of financial policy, the mechanism of support, and how financial policy can be coordinated with other public policies that encourage the green transition, particularly in the recovery period after the COVID-19 pandemic. The method we employed is a macroeconomic growth model with “directed technical change”, the natural environment, and financial features. It is found that (1) Financial constraint is non-trivial in the economy and could delay the green transition if no additional policy is introduced. Financial policy directionally supporting the green economic sector can facilitate the green transition and help prevent the potential environmental disaster. (2) A financial policy can bring effects similar to what the traditional green economic policies can do in supporting the green transition. Compared with a traditional policy, the financial policy has certain advantages and disadvantages. There is space for financial policy to mix with other policies to save cost and improve the effect. (3) A green recovery after the COVID-19 shock can be realised with the policy mixes. This pandemic also provides a good time window to fasten the policy-driven green transition by strengthening the green financial policy. These findings not only justify the desirability of the currently popular “green financial policy”, show the way of policy conduction and coordination, but also reveal the special value of such policy after the COVID-19 if we want to accelerate the “green recovery”.","PeriodicalId":244949,"journal":{"name":"Macroeconomics: Monetary & Fiscal Policies eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125428230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Do house prices play a role in unconventional monetary policy transmission in Japan? 房价在日本非常规货币政策传导中发挥作用了吗?

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-10-01 DOI: 10.2139/ssrn.3378055

Nuobu Renzhi

引用次数: 2

Optimal Monetary Policy with an Occasionally Binding ZLB and Central Bank Asset Purchases 偶尔约束ZLB和央行资产购买的最优货币政策

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-09-22 DOI: 10.2139/ssrn.3697607

Ronald R. Mau, Mikheil Dvalishvili

引用次数: 0

The State Corporation Vnesheconombank Untouchable Mission 国有企业俄罗斯国家经济银行不可触及的使命

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-09-03 DOI: 10.2139/ssrn.3527895

A. Shashkova

引用次数: 0

When the Interest Rate on the National Debt is a Policy Variable (and “Printing Money” Does Not Apply) 当国债利率是一个政策变量时(“印钞”不适用)

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-08-31 DOI: 10.1111/pbaf.12249

Scott T. Fullwiler

引用次数: 7