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Review of Economic Dynamics最新文献

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The paradox of price flexibility in an open economy 开放经济中的价格灵活性悖论
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.02.002
Daeha Cho , Kwang Hwan Kim , Suk Joon Kim
{"title":"The paradox of price flexibility in an open economy","authors":"Daeha Cho ,&nbsp;Kwang Hwan Kim ,&nbsp;Suk Joon Kim","doi":"10.1016/j.red.2023.02.002","DOIUrl":"10.1016/j.red.2023.02.002","url":null,"abstract":"<div><p><span>Empirical evidence suggests that the degree of price stickiness is not uniform around the world. Heterogeneous price stickiness introduces a new propagation mechanism of global demand shocks that lead to a </span>liquidity trap<span> for all countries, which we call the open-economy paradox of flexibility. We show that the severity of the paradox increases with the degree of trade and capital market openness, when home and foreign goods are Edgeworth substitutes and when the more affected home country runs a trade deficit. This implies that highly open trade and financial linkages are not desirable in terms of world welfare. We show that the inefficiencies generated by heterogeneous price stickiness can be reduced through two types of international policy coordination: i) an arrangement in which the country with relatively sticky prices raises the interest rates or ii) a monetary union.</span></p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 370-392"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86739279","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
Dynamic bank capital regulation in the presence of shadow banks 影子银行存在时的动态银行资本监管
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.09.004
Arsenii Mishin
{"title":"Dynamic bank capital regulation in the presence of shadow banks","authors":"Arsenii Mishin","doi":"10.1016/j.red.2023.09.004","DOIUrl":"10.1016/j.red.2023.09.004","url":null,"abstract":"<div><p>Regulated banks expand relative to shadow banks in recessions and when credit spreads are high, while regulated banks shrink relative to shadow banks in expansions and when credit spreads are low. Motivated by these facts, I build a quantitative general equilibrium model with endogenous risk taking to study how competitive interactions between regulated banks and shadow banks affect optimal dynamic capital requirements. Limited liability and deposit insurance can lead regulated banks to provide socially inefficient risky loans when the returns on safer loans decline. Competition for scarcer funding can further lower the net returns on safe loans, making it more attractive for regulated banks to exploit the shield of limited liability with risky loans. Higher capital requirements can reduce inefficient risk at the cost of lower liquidity provision and some migration of credit from regulated banks to shadow banks. Accounting for the interactions of regulated and shadow banks can change the magnitude and direction of the optimal response of capital requirements to shocks that drive the business cycle. Moreover, Basel-III style rules that differentiate between the type of bank loans are much better at mimicking the Ramsey optimal capital requirements than standard rules that aggregate loans. The performance of such dynamic rules can be further improved once they are combined with a small static capital buffer.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 965-990"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134914877","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
Capital and labor taxes with costly state contingency 资本税和劳动税，国家应急费用高昂
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.09.003
Alex Clymo , Andrea Lanteri , Alessandro T. Villa
{"title":"Capital and labor taxes with costly state contingency","authors":"Alex Clymo ,&nbsp;Andrea Lanteri ,&nbsp;Alessandro T. Villa","doi":"10.1016/j.red.2023.09.003","DOIUrl":"10.1016/j.red.2023.09.003","url":null,"abstract":"<div><p>We analyze optimal capital and labor taxes in a model where (i) the government makes noncontingent announcements about future policies and (ii) state-contingent deviations from these announcements are costly. With Full Commitment, optimal announcements coincide with expected future taxes. Costly state contingency dampens the response of both current and future capital taxes to government spending shocks and labor taxes play a major role in accommodating fiscal shocks. These features allow our quantitative model to account for the volatility of taxes in US data. In the absence of Full Commitment, optimal announcements are instead strategically biased, because governments have an incentive to partially constrain their successors. The cost of deviating from past announcements generates an endogenous degree of fiscal commitment, determining the average level of capital taxes.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 943-964"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134918629","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
Welfare-enhancing inflation and liquidity premia 提高福利的通货膨胀和流动性溢价
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.09.007
David Andolfatto , Fernando M. Martin
{"title":"Welfare-enhancing inflation and liquidity premia","authors":"David Andolfatto ,&nbsp;Fernando M. Martin","doi":"10.1016/j.red.2023.09.007","DOIUrl":"10.1016/j.red.2023.09.007","url":null,"abstract":"<div><p>We investigate what principles should govern the evolution and maturity structure of the national debt when nominal government securities constitute an important form of exchange media. Even in the absence of government funding risk, we find a rationale for issuing nominal debt in different maturities, purposely mispricing long-term debt, and growing the nominal debt to support a strictly positive inflation target. The policy of discounting long-term debt and supporting a strictly positive inflation target provides superior risk-sharing arrangements for clienteles characterized by different degrees of patience. Pareto improvements are possible only if these policies are offered jointly.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 1036-1047"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134918633","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 extent of downward nominal wage rigidity: New evidence from payroll data 名义工资刚性下行的程度：来自工资单数据的新证据
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2022.11.006
Daniel Schaefer , Carl Singleton
{"title":"The extent of downward nominal wage rigidity: New evidence from payroll data","authors":"Daniel Schaefer ,&nbsp;Carl Singleton","doi":"10.1016/j.red.2022.11.006","DOIUrl":"10.1016/j.red.2022.11.006","url":null,"abstract":"<div><p>We use over a decade of representative payroll data from Great Britain to study the nominal wage changes of employees who stayed in the same job for at least one year. We show that basic hourly pay drives the cyclicality of marginal labour costs, making this the most relevant measure of wages for macroeconomic models that incorporate wage rigidity. Basic hourly pay adjusts much less frequently than previously thought in Britain, particularly in small firms. We find that firms compress wage growth when inflation is low, which indicates that downward rigidity constrains firms' wage setting. We demonstrate that the empirical extent of downward nominal wage rigidity (DNWR) can theoretically cause considerable long-run output losses. Combined, our results all point to the importance of including DNWR in macroeconomic and monetary policy models.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 60-76"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1094202522000631/pdfft?md5=ea6f335194e247785b7f75cce15ce680&pid=1-s2.0-S1094202522000631-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88851639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Revisiting capital-skill complementarity, inequality, and labor share 重新审视资本-技能互补性、不平等和劳动份额
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.05.002
Lee E. Ohanian , Musa Orak , Shihan Shen
{"title":"Revisiting capital-skill complementarity, inequality, and labor share","authors":"Lee E. Ohanian ,&nbsp;Musa Orak ,&nbsp;Shihan Shen","doi":"10.1016/j.red.2023.05.002","DOIUrl":"10.1016/j.red.2023.05.002","url":null,"abstract":"<div><p>This paper analyzes the quantitative contribution of capital-skill complementarity in accounting for rising wage inequality<span>, as in Krusell, Ohanian, Rios-Rull, and Violante (KORV, 2000). We study how well the KORV framework accounts for more recent data, including the large changes in labor's share of income that occurred after the KORV estimation period ended. We also study how using information and communications technology (ICT) capital as the complementary capital stock affects the model's implications for inequality and overall model fit. We find significant evidence for continued capital-skill complementarity across all model permutations we analyze. Despite nearly 30 years of additional data, we find very little change to the original KORV estimates of substitution elasticities when the total stock of capital equipment is used as the complementary capital stock. We find much more capital-skill complementarity when ICT capital is used. The KORV framework continues to closely account for rising wage inequality through 2019, though it misses the three percentage points decline in labor's share of income that has occurred since 2000.</span></p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 479-505"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135338283","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
Business ownership and the secondary market 企业所有权和二级市场
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.10.002
Zachary Mahone
{"title":"Business ownership and the secondary market","authors":"Zachary Mahone","doi":"10.1016/j.red.2023.10.002","DOIUrl":"10.1016/j.red.2023.10.002","url":null,"abstract":"<div><p>I combine survey and transaction data to empirically characterize secondary markets for wholly owned businesses in the United States. While markets are active, with an estimated 2.9% of businesses sold annually, they are also frictional, with the median sale taking between 170 and 200 days. To quantify the impact of market frictions on business formation, ownership, continuation, and entrepreneurial welfare, I estimate a search and matching model of business ownership and resale using novel data from an online market. In the estimated model, removing secondary markets reduces output by almost 21%, while firm entry rates rise by 2.5 percentage points, highlighting a trade-off between firm entry and continuation that is absent in models without resale. I then characterize the planner's problem and show that buying and selling decisions will generally never be simultaneously efficient. A transaction tax used to finance a minimum income scheme for entrepreneurs raises welfare by 0.94%. Finally, I extend the model to include founding risk and find the risky economy is five times more responsive to frictions relative to the benchmark economy.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 1114-1158"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135963843","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
Low safe interest rates: A case for dynamic inefficiency? 低安全利率：动态低效的案例？
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.06.005
Gaetano Bloise , Pietro Reichlin
{"title":"Low safe interest rates: A case for dynamic inefficiency?","authors":"Gaetano Bloise ,&nbsp;Pietro Reichlin","doi":"10.1016/j.red.2023.06.005","DOIUrl":"10.1016/j.red.2023.06.005","url":null,"abstract":"<div><p>We reexamine the tests for dynamic inefficiency in productive overlapping-generations economies with stochastic growth. Contrary to certain claims in the recent literature, we argue that the size of real safe interest rates relative to average GDP growth is an inconclusive test for dynamic inefficiency. A more accurate test should take into account the correlation between growth and the marginal utility of wealth. We provide an exhaustive criterion based on the growth-adjusted <em>dominant root</em> of the stochastic discount factor emerging at the competitive equilibrium. Surprisingly, a preliminary rough empirical application of this criterion uncovers <em>dynamic inefficiency</em> of the US economy for any reasonable degree of risk aversion. We also distinguish capital overaccumulation from an inefficient distribution of consumption risk. The refined test for capital overaccumulation is rather stringent: Capital is not overaccumulated if the net dividend remains positive <em>with some probability</em>, as opposed to <em>always</em>, as in the original <span>Abel et al. (1989)</span>'s formulation.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 633-656"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1094202523000248/pdfft?md5=6f10123863de77e94b0658702911e07f&pid=1-s2.0-S1094202523000248-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136177898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
General equilibrium with multiple liquid assets 多种流动资产的一般均衡
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.01.003
Lukas Altermatt , Kohei Iwasaki , Randall Wright
{"title":"General equilibrium with multiple liquid assets","authors":"Lukas Altermatt ,&nbsp;Kohei Iwasaki ,&nbsp;Randall Wright","doi":"10.1016/j.red.2023.01.003","DOIUrl":"10.1016/j.red.2023.01.003","url":null,"abstract":"<div><p><span>This paper studies, analytically and numerically, economies with multiple liquid assets: fiat currency; fixed-supply real assets; and reproducible capital. Cases are considered where assets provide direct liquidity, and indirect liquidity via over-the-counter trade. The results shed new light on how monetary policy affects asset markets and investment. We also provide novel results on endogenous fluctuations (self-fulfilling prophecies), including coexistence of multiple equilibria with very different correlation and volatility patterns. Then we investigate if monetary policy can eliminate multiplicity. A calibration exercise assesses the impact on asset markets and on welfare of different policies, including changing </span>inflation, and eliminating currency altogether.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 267-291"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80954820","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: 2
Wage dispersion with heterogeneous wage contracts 异质性工资契约下的工资分散
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2022.12.003
Cynthia L. Doniger
{"title":"Wage dispersion with heterogeneous wage contracts","authors":"Cynthia L. Doniger","doi":"10.1016/j.red.2022.12.003","DOIUrl":"10.1016/j.red.2022.12.003","url":null,"abstract":"<div><p>I study a labor market in which identical workers search on- and off-the-job and heterogeneous firms employ using either an ex-ante posted wage or flexible wage contracts contingent on outside options. Firm level costs for contingent contracts generate a segmented equilibrium in which less productive firms post wages. The model with heterogeneous contracts can achieve wage dispersion, labor share, employment transitions, and flow value of unemployment that are simultaneously consistent with empirical observations while capturing information frictions and search externalities modeled by ex-ante wage posting. In contrast to well known results regarding pure wage posting models, a good fit to these data can be achieved even when the vast majority of firms post wages. Matching to moments for the U.S. economy in the 2010s implies roughly 58 percent of firms post wages and employ nearly 30 percent of workers under such contracts.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 138-160"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138518155","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
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