The B.E. Journal of Macroeconomics最新文献

Industry Impacts of US Unconventional Monetary Policy 美国非常规货币政策对产业的影响

The B.E. Journal of Macroeconomics Pub Date : 2024-06-18 DOI: 10.1515/bejm-2022-0184

Eiji Goto

引用次数: 0

Decomposing Structural Change 分解结构性变化

The B.E. Journal of Macroeconomics Pub Date : 2024-06-07 DOI: 10.1515/bejm-2023-0124

Jaime Alonso-Carrera, María Jesús Freire-Serén, Xavier Raurich

引用次数: 0

Endogenous Financial Friction and Growth 内生金融摩擦与增长

The B.E. Journal of Macroeconomics Pub Date : 2024-05-17 DOI: 10.1515/bejm-2024-0028

Minhyeon Jeong

引用次数: 0

Credit Resource Misallocation and Macroeconomic Fluctuations in China: From the Perspective of Heterogeneous Financial Frictions 中国信贷资源错配与宏观经济波动：从异质金融摩擦的角度看中国的信贷资源错配与宏观经济波动

The B.E. Journal of Macroeconomics Pub Date : 2023-12-25 DOI: 10.1515/bejm-2023-0188

Jian Zhou, Zhipeng Zhang, Yu Shao

{"title":"Credit Resource Misallocation and Macroeconomic Fluctuations in China: From the Perspective of Heterogeneous Financial Frictions","authors":"Jian Zhou, Zhipeng Zhang, Yu Shao","doi":"10.1515/bejm-2023-0188","DOIUrl":"https://doi.org/10.1515/bejm-2023-0188","url":null,"abstract":"Abstract In China, state-owned firms exhibit easier access to external credit but have lower productivity than private firms. We construct a dynamic general equilibrium model incorporating heterogeneous financial frictions to investigate their impact on credit resource misallocation and macroeconomic fluctuations in the Chinese economy. A calibration of our model suggests that heterogeneity in financial frictions can reduce macroeconomic volatility. The mechanism is that heterogeneity in financial frictions induces the procyclicality of credit resource misallocation within entrepreneurs, thus the procyclicality of productivity loss. The stabilization effect depends on the relative magnitude of the impact of the shock on credit resource misallocation within entrepreneurs compared to its impact on the output. In addition, we show that the cost of the stabilization effect of heterogeneity in financial frictions is that it reduces the economy’s aggregate TFP and output at the steady state. Our results imply that neglecting heterogeneity may overestimate the impact of financial frictions on economic volatility in previous studies.","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138943769","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

Optimal Taxation of Informal Firms: Misreporting Costs and a Tax Reform in Brazil 非正式企业的最优税收:巴西的误报成本和税收改革

The B.E. Journal of Macroeconomics Pub Date : 2023-10-19 DOI: 10.2139/ssrn.4213345

Marcelo Arbex, Enlinson Mattos, R. Regatieri

引用次数: 0

Open Economy Neoclassical Growth Models and the Role of Life Expectancy 开放经济新古典增长模型与预期寿命的作用

The B.E. Journal of Macroeconomics Pub Date : 2023-08-11 DOI: 10.1515/bejm-2022-0163

Tselmuun Tserenkhuu, Stephen Kosempel

{"title":"Open Economy Neoclassical Growth Models and the Role of Life Expectancy","authors":"Tselmuun Tserenkhuu, Stephen Kosempel","doi":"10.1515/bejm-2022-0163","DOIUrl":"https://doi.org/10.1515/bejm-2022-0163","url":null,"abstract":"Abstract This paper applies the Ramsey–Cass–Koopmans (RCK) growth model to an open economy so that, when calibrated with standard parameter values that are commonly used in the small open economy macroeconomic literature, the time paths of the model variables and the speeds of convergence implied by the model conform with empirical evidence. Open-economy versions of the RCK growth model lead to several counterfactual conclusions including: infinite speeds of convergence for physical capital and output; and unbalanced consumption and asset growth. We avoid these undesired results by extending the baseline model with human capital, international credit constraints, and finite horizons. Given its finite-horizons feature, our model allows us to study the growth implications of changes in life expectancy from the perspective of an open economy, as most of the existing theoretical-quantitative literature that focus on the relationship assumes a closed economy. The model predicts that increased life expectancy has positive but diminishing marginal effect on long-run output per capita. We find that, between 1960 and 2018, improvements in average life expectancy at birth raised long-run output per capita in sub-Saharan Africa, the OECD region, and Canada by an estimated 57.49 %, 14.94 %, and 11.58 %, respectively. In addition, if average life expectancy at birth in sub-Saharan African countries converges from its current level to the level in their OECD counterparts, the region’s long-run output per capita will increase by an estimated 22.89 %.","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132400163","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

Un-Incorporation and Conditional Misallocation: Firm-Level Evidence from Sri Lanka 非注册与条件错配:来自斯里兰卡的企业层面证据

The B.E. Journal of Macroeconomics Pub Date : 2023-08-04 DOI: 10.1515/bejm-2022-0107

Ranpati Dewage Thilini Sumudu Kumari, Shawn Xiaoguang Chen, S. Tang

{"title":"Un-Incorporation and Conditional Misallocation: Firm-Level Evidence from Sri Lanka","authors":"Ranpati Dewage Thilini Sumudu Kumari, Shawn Xiaoguang Chen, S. Tang","doi":"10.1515/bejm-2022-0107","DOIUrl":"https://doi.org/10.1515/bejm-2022-0107","url":null,"abstract":"Abstract Un-incorporated firms are usually found less productive than their incorporated counterparts. However, little is known about the misallocation conditional on firms’ incorporation status and their productivity. This paper investigates the resource misallocation across un-incorporated firms and gauges the consequent aggregate productivity loss in comparison with their incorporated counterparts. We examine the question by using firm-level survey data from Sri Lanka’s manufacturing sector for 2005–2017 that provide unique information about firms’ corporation status. Our findings suggest that misallocation is more severe in unincorporated firms than in incorporated ones, leading to extra 42 % aggregate TFP loss to the former. By comparing the sources of misallocation between the two types of firms, we find capital is more misallocated relative to output and there is a stronger positive correlation between firm-specific distortion and productivity across the unincorporated firms. Our findings suggest that the un-incorporated firms suffer additional productivity loss at the aggregate level due to misallocation.","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127012295","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

Wealth Inequality and the Exploration of Novel Technologies 财富不平等与新技术的探索

The B.E. Journal of Macroeconomics Pub Date : 2023-05-23 DOI: 10.1515/bejm-2022-0073

A. Spiganti

引用次数: 0

Interest Rates, Money, and Fed Monetary Policy in a Markov-Switching Bayesian VAR 马尔可夫转换贝叶斯VAR中的利率、货币和美联储货币政策

The B.E. Journal of Macroeconomics Pub Date : 2023-05-04 DOI: 10.1515/bejm-2022-0072

Kenneth M. Rich

{"title":"Interest Rates, Money, and Fed Monetary Policy in a Markov-Switching Bayesian VAR","authors":"Kenneth M. Rich","doi":"10.1515/bejm-2022-0072","DOIUrl":"https://doi.org/10.1515/bejm-2022-0072","url":null,"abstract":"Abstract This paper evaluates the roles of short- and long-term private and government interest rates and inside and outside money in the monetary transmission mechanism. With money and credit markets present, changes in monetary policy set off a chain of relative price and portfolio adjustments affecting output and prices. I study interest rate and money supply rules within this monetary transmission mechanism by estimating several Markov-switching Bayesian vector autoregressions (MS-BVARs) on a quarterly U.S. sample from 1960 to 2018. The best-fit MS-BVAR restricts MS to the impact and lag coefficients of the monetary policy and money demand regressions as well as to the stochastic volatilities (SVs) of the structural shocks. Estimates of this MS-BVAR yield evidence of a SV regime which coincides with NBER-dated recessions. This MS-BVAR also identifies a regime switch in the Fed’s interest rate rule and banks’ demand for outside money around the dot-com bust of 2000 and again from the 2007–2009 recession and financial crisis to the end of the sample. Counterfactual simulations show the 2007–2009 recession and financial crisis would have not been as deep and long-lasting if the fed funds rate had been as low as −8 % in 2009 and remained negative from 2010 through 2016.","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125041840","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

Learning, Central Bank Conservatism, and Stock Price Dynamics 学习，中央银行保守主义和股票价格动态

The B.E. Journal of Macroeconomics Pub Date : 2023-03-27 DOI: 10.1515/bejm-2020-0243

M. André, Meixing Dai

引用次数: 0