Journal of Economic Dynamics & Control最新文献_第3页

Investment, capital structure and agency costs with write-down equity 投资、资本结构和代理成本与减记股权

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-07-31 DOI: 10.1016/j.jedc.2025.105159

Zhiming Zhao , Wenjie Chen , Pengfei Luo

{"title":"Investment, capital structure and agency costs with write-down equity","authors":"Zhiming Zhao , Wenjie Chen , Pengfei Luo","doi":"10.1016/j.jedc.2025.105159","DOIUrl":"10.1016/j.jedc.2025.105159","url":null,"abstract":"<div><div>We develop an investment and financing model in which a controlling shareholder holds write-down equity and extracts private benefits by diverting the firm's cash flows. The model highlights how write-down equity affects investment and financing decisions, and the aggregate agency costs arising from investment, financing, and private benefits diversion. We find that the write-down equity causes the controlling shareholder to delay investment, choose conservative debt financing, and reduce credit spreads. Additionally, under an exogenous capital structure, there exists an optimal write-down ratio that completely eliminates agency costs related to investment. An increase in the write-down ratio reduces agency costs from private benefits diversion. Conversely, under the optimal capital structure, increasing the write-down ratio increases agency costs related to financing and private benefits diversion. Thus, the write-down equity is an effective financial instrument to reduce agency conflicts between the controlling shareholder and principals (i.e., minority shareholders and debtholders), especially for firms with debt financing constraints.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"178 ","pages":"Article 105159"},"PeriodicalIF":2.3,"publicationDate":"2025-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144781742","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 incentive contracts with controllable risk 风险可控的动态激励契约

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-07-31 DOI: 10.1016/j.jedc.2025.105160

Yuqian Zhang , Zhaojun Yang

引用次数: 0

Medicaid work requirements, labor market effects and welfare 医疗补助工作要求，劳动力市场影响和福利

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-07-24 DOI: 10.1016/j.jedc.2025.105147

Juergen Jung , Vinish Shrestha

{"title":"Medicaid work requirements, labor market effects and welfare","authors":"Juergen Jung , Vinish Shrestha","doi":"10.1016/j.jedc.2025.105147","DOIUrl":"10.1016/j.jedc.2025.105147","url":null,"abstract":"<div><div>We develop an overlapping generations model with labor supply, health risk, and health insurance choice to evaluate the effects of imposing work requirements for Medicaid eligibility. The model is calibrated to U.S. data and used to simulate counterfactual policies that condition Medicaid access on minimum weekly work hours, with exemptions for the sick and disabled. Our partial and general equilibrium analyses show that such requirements increase labor force participation, reduce Medicaid enrollment, raise the uninsured rate, and boost output. While long-run growth can offset short-run welfare losses, most scenarios lead to net welfare declines for low-income households. High-income households, by contrast, experience welfare gains. When work requirements are extended to include the sick and disabled, the policy yields stronger growth effects and larger welfare gains. Incorporating key features of the Affordable Care Act—such as Medicaid expansion and subsidized private insurance exchanges—creates a less risky environment in which low-income individuals can substitute Medicaid with subsidized private coverage, thereby reducing welfare losses. However, the fiscal burden of insurance subsidies offsets some of the government's savings from Medicaid contraction, resulting in more modest overall growth effects.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"178 ","pages":"Article 105147"},"PeriodicalIF":2.3,"publicationDate":"2025-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144738423","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

Monetary policy transmission with endogenous central bank responses in TANK 央行内生反应下的货币政策传导

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-07-24 DOI: 10.1016/j.jedc.2025.105146

Lilia Maliar , Christopher Naubert

引用次数: 0

A tractable model of epidemic control and equilibrium dynamics 一个易于处理的流行病控制和平衡动力学模型

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-07-17 DOI: 10.1016/j.jedc.2025.105145

Martín Gonzalez-Eiras , Dirk Niepelt

引用次数: 0

Yield curve dynamics and fiscal policy shocks 收益率曲线动态与财政政策冲击

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-07-16 DOI: 10.1016/j.jedc.2025.105144

Adam Kučera , Evžen Kočenda , Aleš Maršál

{"title":"Yield curve dynamics and fiscal policy shocks","authors":"Adam Kučera , Evžen Kočenda , Aleš Maršál","doi":"10.1016/j.jedc.2025.105144","DOIUrl":"10.1016/j.jedc.2025.105144","url":null,"abstract":"<div><div>This paper examines how anticipated, unanticipated, and uncertainty shocks in U.S. government spending affect the term structure of interest rates, showing that fiscal policy design significantly influences the yield curve and financing costs. Combining a recursively-identified fiscal SVAR with an affine term-structure model that incorporates five-year Congressional Budget Office projections and the Economic Policy Uncertainty index, we recover three orthogonal fiscal shocks and trace their effects on bond markets and economic activity. We find that heightened fiscal policy uncertainty induces a flight to quality, causing immediate declines in Treasury yields. Unanticipated spending shocks have a limited impact on yields, underscoring the forward-looking nature of financial markets. Anticipated spending shocks also lower yields as investors adjust expectations about future macroeconomic conditions. Contrary to traditional views, we observe a contractionary effect on real GDP growth, as lower yields reinforce precautionary behavior among households and firms. Our macro-finance framework captures the bidirectional relationship between macroeconomic expectations and financial markets, highlighting the critical role of the yield curve in transmitting fiscal policy shocks to the real economy.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"178 ","pages":"Article 105144"},"PeriodicalIF":1.9,"publicationDate":"2025-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144679756","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

DSGE Nash: Solving Nash games in macro models DSGE纳什：在宏观模型中解决纳什博弈

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-07-14 DOI: 10.1016/j.jedc.2025.105143

Massimo Ferrari Minesso , Maria Sole Pagliari

{"title":"DSGE Nash: Solving Nash games in macro models","authors":"Massimo Ferrari Minesso , Maria Sole Pagliari","doi":"10.1016/j.jedc.2025.105143","DOIUrl":"10.1016/j.jedc.2025.105143","url":null,"abstract":"<div><div>This paper presents <span>DSGE Nash</span>, a toolkit to solve for pure strategy Nash equilibria of global games in macro models. Nash equilibria are computed with a decentralized approach: each player controls only its own policy function while other agents in the economy act independently. Although primarily designed to solve for Nash equilibria in DSGE models, the toolkit encompasses a broad range of settings, including the possibility of matching empirical data. Importantly, it allows to solve for the equilibrium in the presence of non-linearities or conditionally on shocks. When only one player is selected, the problem is re-framed as a standard optimal policy problem. We apply the algorithm to a standard two-country open-economy model, where central banks compete for rate setting. In the Nash equilibrium, central banks symmetrically trade-off inflation for output stabilization, in the presence of a zero lower bound constraint, the equilibrium becomes asymmetric: the central bank in the shock-originating economy implements a tighter policy, to reduce the zero lower bound duration, while the central bank in the other country opts for a more lenient rate setting strategy.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"178 ","pages":"Article 105143"},"PeriodicalIF":1.9,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144633864","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

Mismatch unemployment during COVID-19 and the post-pandemic labor shortages COVID-19期间的不匹配失业和大流行后的劳动力短缺

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-07-11 DOI: 10.1016/j.jedc.2025.105142

Serdar Birinci , Yusuf Mercan , Kurt See

引用次数: 0

The demographic transition and stagnation in countries vulnerable to climate change 易受气候变化影响国家的人口转型和停滞

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-07-08 DOI: 10.1016/j.jedc.2025.105141

Nguyen Thang Dao , Chrysovalantis Vasilakis

引用次数: 0

Accounting for the multiple sources of inflation: An agent-based model investigation 考虑通货膨胀的多重来源：一个基于主体的模型研究

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-07-05 DOI: 10.1016/j.jedc.2025.105139

Leonardo Ciambezi , Mattia Guerini , Mauro Napoletano , Andrea Roventini

{"title":"Accounting for the multiple sources of inflation: An agent-based model investigation","authors":"Leonardo Ciambezi , Mattia Guerini , Mauro Napoletano , Andrea Roventini","doi":"10.1016/j.jedc.2025.105139","DOIUrl":"10.1016/j.jedc.2025.105139","url":null,"abstract":"<div><div>We develop a macroeconomic agent-based model to study the role of demand and supply factors in determining inflation dynamics. Local interactions of heterogeneous firms and households in the labor and goods markets characterize the model. Asymmetric information implies that firm selection is imperfect and depends both on firms' relative prices and on their size. We calibrate the model on EU data by using the method of simulated moments and show that it can generate realistic inflation dynamics and a non-linear Phillips curve in line with recent empirical evidence. We then find that the traditional demand-led explanation of inflation stemming from a tight labor market only holds when selection in the goods markets is mostly driven by relative prices in comparison to firm size. Finally, we study the response of inflation to shocks impacting consumption, labor productivity, or energy costs. The results indicate that only demand shocks lead to wage-led inflation surges. Productivity shocks are entirely passed through to prices without affecting the income distribution. Energy shocks, instead, induce sellers' inflation after changes in both firms' cost structure and profit margins. This is in line with the recent empirical evidence for the Euro Area.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"178 ","pages":"Article 105139"},"PeriodicalIF":1.9,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144655943","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