Review of Economic Dynamics最新文献_第8页

Revisiting taxes on high incomes 重新审视对高收入征税

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.11.001

Ayşe İmrohoroğlu , Çağrı S. Kumru , Jiu Lian , Arm Nakornthab

引用次数: 0

Money laundering and the privacy design of central bank digital currency 洗钱与中央银行数字货币的隐私设计

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.06.004

Zijian Wang

引用次数: 0

The risk-premium channel of uncertainty: Implications for unemployment and inflation 不确定性的风险溢价渠道：对失业和通货膨胀的影响

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2022.12.002

Lukas B. Freund , Hanbaek Lee , Pontus Rendahl

{"title":"The risk-premium channel of uncertainty: Implications for unemployment and inflation","authors":"Lukas B. Freund , Hanbaek Lee , Pontus Rendahl","doi":"10.1016/j.red.2022.12.002","DOIUrl":"https://doi.org/10.1016/j.red.2022.12.002","url":null,"abstract":"<div><p>This paper studies the role of macroeconomic uncertainty in a search-and-matching framework with risk-averse households. Heightened uncertainty about future productivity reduces current economic activity even in the absence of nominal rigidities. A risk-premium mechanism accounts for this result. As future asset prices become more volatile and covary more positively with aggregate consumption, the risk premium rises in the present. The associated downward pressure on current asset values lowers firm entry, making it harder for workers to find jobs and reducing the supply of goods. With nominal rigidities the recession is exacerbated, as a more uncertain future reinforces households' precautionary behavior, which causes demand to contract. Counterfactual analyses using a calibrated model imply that unemployment would rise by less than half as much absent the risk-premium channel. The presence of this mechanism implies that uncertainty shocks are less deflationary than regular demand shocks, nor can they be fully neutralized by monetary policy.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 117-137"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1094202522000655/pdfft?md5=f2fc5d8502334a2c9f3c558918cbe731&pid=1-s2.0-S1094202522000655-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138739247","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

Rescue policies for small businesses in the COVID-19 recession 在 COVID-19 经济衰退中拯救小企业的政策

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.06.003

Alessandro Di Nola , Leo Kaas , Haomin Wang

{"title":"Rescue policies for small businesses in the COVID-19 recession","authors":"Alessandro Di Nola , Leo Kaas , Haomin Wang","doi":"10.1016/j.red.2023.06.003","DOIUrl":"10.1016/j.red.2023.06.003","url":null,"abstract":"<div><p>While the COVID-19 pandemic had a large and asymmetric impact on firms, many countries quickly enacted massive business rescue programs which are specifically targeted to smaller firms. Little is known about the effects of such policies on business entry and exit, investment, factor reallocation, and macroeconomic outcomes. This paper builds a general equilibrium model with heterogeneous and financially constrained firms in order to evaluate the short- and long-term consequences of small firm rescue programs in a pandemic recession. We calibrate the stationary equilibrium and the pandemic shock to the U.S. economy, taking into account the factual Paycheck Protection Program (PPP) as a specific policy. We find that the policy has only a modest impact on aggregate output and employment because (i) jobs are saved predominately in the smallest firms that account for a minor share of employment and (ii) the grant reduces the reallocation of resources towards larger and less impacted firms. Much of the reallocation effects occur in the aftermath of the pandemic episode. By preventing inefficient liquidations, the policy dampens the long-term declines of aggregate consumption and of the real wage, thus delivering small welfare gains.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 579-603"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1094202523000224/pdfft?md5=b388eb21a2fb0949abec3e701f90a524&pid=1-s2.0-S1094202523000224-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85255310","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: 1

Optimal GDP-indexed bonds 最佳 GDP 指数债券

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.08.002

Yasin Kürşat Önder

引用次数: 0

Fiscal policy and the monetary transmission mechanism 财政政策和货币传导机制

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.08.001

Nicolas Caramp , Dejanir H. Silva

引用次数: 1

Contract enforcement and preventive healthcare: Theory and evidence 合同执行与预防性保健：理论与证据

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.09.008

Shiv Dixit

引用次数: 0

Market uncertainty and international trade 市场不确定性与国际贸易

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.05.001

Haichao Fan , Guangyu Nie , Zhiwei Xu

引用次数: 0

Slow recoveries, endogenous growth and macro-prudential policy 缓慢复苏、内生增长和宏观审慎政策

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.07.001

Dario Bonciani , David Gauthier , Derrick Kanngiesser

引用次数: 0

When to lock, not whom: Managing epidemics using time-based restrictions 何时锁定，而不是锁定谁：利用基于时间的限制管理流行病

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.01.004

Yinon Bar-On , Tatiana Baron , Ofer Cornfeld , Eran Yashiv

引用次数: 1