发布求助
文献互助 智能选刊 最新文献

Journal of Macroeconomics最新文献

筛选
英文 中文
Corporate finance and interest rate policy 公司财务和利率政策
IF 1.3 3区 经济学
Journal of Macroeconomics Pub Date : 2025-07-09 DOI: 10.1016/j.jmacro.2025.103698
Alessandro Piergallini
{"title":"Corporate finance and interest rate policy","authors":"Alessandro Piergallini","doi":"10.1016/j.jmacro.2025.103698","DOIUrl":"10.1016/j.jmacro.2025.103698","url":null,"abstract":"<div><div>I develop flexible- and sticky-price general equilibrium models that embody endogenous corporate financing decisions affecting firm value due to distortionary taxes. Nominal interest-rate variations impact the costs of debt and equity capital asymmetrically and thereby induce firms to modify the financial structure, altering the gap between the optimization-based weighted average cost of capital and the real interest rate. Under these circumstances, I characterize conditions under which rules-based monetary policies that set the nominal interest rate as an increasing function of the inflation rate induce aggregate stability in the form of a unique stable equilibrium. In contrast to what is commonly argued, I demonstrate that both passive interest rate policies, which underreact to inflation, and mildly active interest rate policies, which overreact to inflation but below a threshold reflecting both tax and capital structures, ensure determinacy of equilibrium. Conversely, excessively aggressive inflation-fighting monetary actions are destabilizing in the presence of price stickiness by generating either multiple equilibria or the nonexistence of stable equilibria. Under the stabilizing monetary regimes, I prove that macroeconomic dynamics following either interest rate normalization or temporary monetary tightening critically depend upon the tax code and the steady-state debt-equity ratio.</div></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"85 ","pages":"Article 103698"},"PeriodicalIF":1.3,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144631678","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Leading patent breadth, endogenous quality choice, and economic growth 领先专利广度、内生质量选择与经济增长
IF 1.3 3区 经济学
Journal of Macroeconomics Pub Date : 2025-06-28 DOI: 10.1016/j.jmacro.2025.103697
Keishun Suzuki, Shin Kishimoto
{"title":"Leading patent breadth, endogenous quality choice, and economic growth","authors":"Keishun Suzuki,&nbsp;Shin Kishimoto","doi":"10.1016/j.jmacro.2025.103697","DOIUrl":"10.1016/j.jmacro.2025.103697","url":null,"abstract":"<div><div>O’Donoghue and Zweimüller (2004, J. Econ. Growth 9(1), 81-123), a seminal work, showed that broadening leading breadth in patent protection can stimulate innovation. However, the empirical literature has consistently found skeptical results on the positive effect. To fill the gap, we build another framework where the quality improvement size is derived as an interior solution. In our model, broadening leading breadth can negatively affect innovation because each innovator is incentivized to <em>free-ride</em> the other innovators’ quality improvements. As a further analysis, we quantitatively investigate the growth effect of intervention in patent licensing negotiations using two different profit division rules derived from a cooperative game. We find that intervention in patent licensing negotiations increases the growth rate and stabilizes the economy.</div></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"85 ","pages":"Article 103697"},"PeriodicalIF":1.3,"publicationDate":"2025-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144581175","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Asserting independence: Optimal monetary policy when the central bank and political authority disagree 维护独立性：当中央银行和政治当局意见不一致时的最优货币政策
IF 1.3 3区 经济学
Journal of Macroeconomics Pub Date : 2025-06-27 DOI: 10.1016/j.jmacro.2025.103694
Justin Svec, Daniel L. Tortorice
{"title":"Asserting independence: Optimal monetary policy when the central bank and political authority disagree","authors":"Justin Svec,&nbsp;Daniel L. Tortorice","doi":"10.1016/j.jmacro.2025.103694","DOIUrl":"10.1016/j.jmacro.2025.103694","url":null,"abstract":"<div><div>This paper solves for optimal monetary policy when households face uncertainty about whether the central bank is independent from the political authority. In our model an independent central bank maximizes its own preferences while a dependent central bank maximizes the preferences of the political authority. Households form beliefs regarding the likelihood that the central bank is independent and update these beliefs using Bayes” rule given the observed choice of interest rate. The central bank takes into account how its policy choice influences household beliefs. We find that the central bank suffers losses when it is perceived to be captured, leading the central bank to deviate from traditional optimal policy under rational expectations to demonstrate its independence to the households.</div></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"85 ","pages":"Article 103694"},"PeriodicalIF":1.3,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144596240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Back to trend: COVID effects on E-commerce in 44 countries 回到趋势：新冠疫情对44个国家电子商务的影响
IF 1.3 3区 经济学
Journal of Macroeconomics Pub Date : 2025-06-09 DOI: 10.1016/j.jmacro.2025.103682
Joel Alcedo , Alberto Cavallo , Prachi Mishra , Antonio Spilimbergo
{"title":"Back to trend: COVID effects on E-commerce in 44 countries","authors":"Joel Alcedo ,&nbsp;Alberto Cavallo ,&nbsp;Prachi Mishra ,&nbsp;Antonio Spilimbergo","doi":"10.1016/j.jmacro.2025.103682","DOIUrl":"10.1016/j.jmacro.2025.103682","url":null,"abstract":"<div><div>We study online spending shares in 44 economies and 26 industries during the COVID-19 pandemic, using online transaction data from Mastercard. The online shares of total credit card transactions surged during the pandemic during lockdowns, but since returned to pre-pandemic trends in most countries. The differences between countries are strongly correlated with the mobility and fiscal measures. There is little evidence of permanent structural changes in e-commerce spending patterns. Finally, we estimate that COVID-19-related restrictions on in-person spending imposed average welfare costs of 7 percent.</div></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"85 ","pages":"Article 103682"},"PeriodicalIF":1.3,"publicationDate":"2025-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144314227","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The effects of fiscal stimulus under monetary accommodation 宽松货币政策下财政刺激的效果
IF 1.3 3区 经济学
Journal of Macroeconomics Pub Date : 2025-06-07 DOI: 10.1016/j.jmacro.2025.103691
Hanhui Tian , Chenxi Wang , Chengsi Zhang
{"title":"The effects of fiscal stimulus under monetary accommodation","authors":"Hanhui Tian ,&nbsp;Chenxi Wang ,&nbsp;Chengsi Zhang","doi":"10.1016/j.jmacro.2025.103691","DOIUrl":"10.1016/j.jmacro.2025.103691","url":null,"abstract":"<div><div>This paper investigates the transmission of fiscal stimulus under monetary accommodation (MA) in a New Keynesian framework. Our analysis highlights the financial accelerator channel, through which changes in nominal interest rate affect the asset price and consequently the real financing cost of firms. We examine how financial frictions and nominal interest rate dynamics shape the macroeconomic effects of fiscal expansion and compare different MA strategies: accommodative commitment policy and pegged interest rate policy, which capture worldwide practices of MA. Our findings highlight that the effectiveness of MA depends on the duration of fiscal stimulus and the presence of frictional financial intermediation. Additionally, we show that imperfect risk sharing between households and entrepreneurs further enhances the role of financial accelerator channel.</div></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"85 ","pages":"Article 103691"},"PeriodicalIF":1.3,"publicationDate":"2025-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144261775","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Are regional fiscal multipliers on EU structural and investment fund spending large? A reassessment of the evidence 欧盟结构性和投资基金支出的地区财政乘数是否很大？对证据的重新评估
IF 1.3 3区 经济学
Journal of Macroeconomics Pub Date : 2025-06-04 DOI: 10.1016/j.jmacro.2025.103692
Federico Fiuratti, Desislava Nikolova, Steven Pennings, Marc Schiffbauer
{"title":"Are regional fiscal multipliers on EU structural and investment fund spending large? A reassessment of the evidence","authors":"Federico Fiuratti,&nbsp;Desislava Nikolova,&nbsp;Steven Pennings,&nbsp;Marc Schiffbauer","doi":"10.1016/j.jmacro.2025.103692","DOIUrl":"10.1016/j.jmacro.2025.103692","url":null,"abstract":"<div><div>The European Commission’s “NextGenerationEU” COVID-19 recovery package has underscored interest in the size of regional fiscal multipliers in Europe. While the objective of EU funds is generally the long-term transformation and growth of EU economies, several recent papers have estimated large short-term regional multipliers on historical EU structural and investment fund spending. This paper reevaluates the evidence by estimating relative regional short-term multipliers using recent data on EU fund spending at the subnational (NUTS2) level and a leave-one-out predicted disbursement schedule instrument. In contrast with much of the recent literature, we find little evidence of large relative GDP multipliers. While investment responds strongly to EU funds, often increasing euro for euro, we also find suggestive evidence of crowding out of other government consumption.</div></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"85 ","pages":"Article 103692"},"PeriodicalIF":1.3,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144314226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Learning from news 从新闻学习
IF 1.3 3区 经济学
Journal of Macroeconomics Pub Date : 2025-06-03 DOI: 10.1016/j.jmacro.2025.103690
Luis Herrera , Jesús Vázquez
{"title":"Learning from news","authors":"Luis Herrera ,&nbsp;Jesús Vázquez","doi":"10.1016/j.jmacro.2025.103690","DOIUrl":"10.1016/j.jmacro.2025.103690","url":null,"abstract":"<div><div>This paper contributes to two strands of business cycle literature — news shocks and bounded rationality — by assessing the empirical importance of TFP news shocks while relaxing the rational expectations assumption. We estimate a medium-scale DSGE model, incorporating financial frictions and TFP news shocks, under two different expectation formation mechanisms: rational expectations (RE) and adaptive learning (AL). The results suggest that AL amplifies the effects of financial market frictions, leading to three key findings. First, AL improves the model’s fit, as shown in the related literature, and better replicates the volatility of several aggregate variables. Second, the AL amplification results in a deflationary response and a more persistent reaction of lending spreads to TFP news shocks. Third, AL increases the importance of pure news shocks (i.e. purely anticipated shocks), amplifying their effects through both expectation and credit channels. Finally, we show that the dynamics generated by the DSGE model under AL align more closely with empirical VAR evidence than those produced by the RE version of the DSGE model.</div></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"85 ","pages":"Article 103690"},"PeriodicalIF":1.3,"publicationDate":"2025-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144261901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
What goes around comes around: The US climate-economic cycle 一报还一报：美国气候-经济周期
IF 1.3 3区 经济学
Journal of Macroeconomics Pub Date : 2025-05-22 DOI: 10.1016/j.jmacro.2025.103680
Konstantin Boss , Alessandra Testa
{"title":"What goes around comes around: The US climate-economic cycle","authors":"Konstantin Boss ,&nbsp;Alessandra Testa","doi":"10.1016/j.jmacro.2025.103680","DOIUrl":"10.1016/j.jmacro.2025.103680","url":null,"abstract":"<div><div>We use a spatial data set of US temperatures in a factor-augmented VAR to quantify the contribution of the US economy to fluctuations in temperatures over the past 70 years. Disentangling natural from anthropogenic effects, we find that economic expansions have not only led to warming: technology shocks initially decreased temperatures, whereas investment and labor supply shocks increased them rapidly and persistently. Taken together, these economic shocks explained around 25% of long-term temperature variation in the US. In turn, temperature shocks have induced small contractions in aggregate GDP, but could even be beneficial for the economy, when they predominantly hit the western states.</div></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"85 ","pages":"Article 103680"},"PeriodicalIF":1.3,"publicationDate":"2025-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144170792","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The quantity theory of money: An empirical analysis for 1870 - 2020 货币数量理论：1870 - 2020年的实证分析
IF 1.3 3区 经济学
Journal of Macroeconomics Pub Date : 2025-05-11 DOI: 10.1016/j.jmacro.2025.103681
Alexander Jung
{"title":"The quantity theory of money: An empirical analysis for 1870 - 2020","authors":"Alexander Jung","doi":"10.1016/j.jmacro.2025.103681","DOIUrl":"10.1016/j.jmacro.2025.103681","url":null,"abstract":"<div><div>This study revisits the Quantity Theory of Money (QTM) by examining the relationship between excess money growth and inflation over 150 years (1870–2020) in 18 industrialized countries. Utilizing the Jordà-Schularick-Taylor Macrohistory Database and advanced econometric techniques, the research uncovers that the strength of this long-run relationship has varied across time and different monetary regimes: it was weak during the classical gold standard and the recent age of inflation targeting, whereas it was strong after World War I and before the Great Moderation. The money-inflation link has been very reliable in high-inflation regimes but was unreliable in low-inflation environments. The empirical analysis also confirms long and variable lags in the transmission of monetary impulses to inflation, with excess money growth impacting inflation after 2 to 2½ years.</div></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"85 ","pages":"Article 103681"},"PeriodicalIF":1.3,"publicationDate":"2025-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144139555","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Cautionary tales of fat tails 肥尾的警世故事
IF 1.3 3区 经济学
Journal of Macroeconomics Pub Date : 2025-04-22 DOI: 10.1016/j.jmacro.2025.103679
Chetan Dave , Scott J. Dressler , Samreen Malik
{"title":"Cautionary tales of fat tails","authors":"Chetan Dave ,&nbsp;Scott J. Dressler ,&nbsp;Samreen Malik","doi":"10.1016/j.jmacro.2025.103679","DOIUrl":"10.1016/j.jmacro.2025.103679","url":null,"abstract":"<div><div>Distributions of GDP fluctuations that exhibit fat tails shed doubt on the suitability of Normal distributions in empirical and theoretical business-cycle analyses. We document: (i) fat tails in US output fluctuations are not a pervading characteristic of the entire post-war sample, and appear in subsamples exhibiting declines in cyclical and trend volatility (e.g., the Great Moderation); (ii) a DSGE environment featuring Normal shocks that match the declines in observed cyclical and trend volatility can explain almost all of the fat-tailed characteristics observed in the data, leaving little support for the role of rare, large shocks delivering fat-tailed distributions.</div></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"84 ","pages":"Article 103679"},"PeriodicalIF":1.3,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143870120","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信