发布求助
文献互助 智能选刊 最新文献

Journal of Monetary Economics最新文献

筛选
英文 中文
Learning about labor markets 了解劳动力市场
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jmoneco.2024.103612
{"title":"Learning about labor markets","authors":"","doi":"10.1016/j.jmoneco.2024.103612","DOIUrl":"10.1016/j.jmoneco.2024.103612","url":null,"abstract":"<div><div>We study a general equilibrium model of the labor market in which agents slowly learn about their suitability for jobs. Our model reproduces desirable features of the data, many of which standard models fail to replicate. We explore how, in such an environment, asymmetric information can lead to substantial misallocation. We calibrate our model to US data and quantify the welfare loss arising from misallocation due to informational frictions. The tractability of the model allows us to explore the responsiveness of wages and employment to an aggregate shock. We find that wage rigidity arises endogenously because of protracted learning, and in line with the data, the model is able to generate a larger and more persistent employment response.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103612"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141142509","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Shopping behavior and the effect of monetary policy on inflation heterogeneity along the income distribution 购物行为和货币政策对收入分配中通货膨胀异质性的影响
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jmoneco.2024.103618
{"title":"Shopping behavior and the effect of monetary policy on inflation heterogeneity along the income distribution","authors":"","doi":"10.1016/j.jmoneco.2024.103618","DOIUrl":"10.1016/j.jmoneco.2024.103618","url":null,"abstract":"<div><div><span><span><span>This paper studies the effect of monetary policy on </span>inflation along the income distribution in the euro area and shows that monetary policy has differential effects. In response to monetary tightenings, high-income households engage in more intense </span>product substitution and trade down in the product and store space relative to low-income households, such that their inflation responds relatively </span><em>more</em>. This channel stands in contrast to the effect arising from different consumption bundles, which imply that the inflation experienced by high-income households responds <em>less</em> to monetary policy. The paper also reveals substantial cross-country heterogeneity, with the product substitution channel being more pronounced in countries where price differences between possible substitutes are larger.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103618"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141501116","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Six beliefs I have about inflation: Remarks prepared for NBER conference on “Inflation in the Covid era and beyond” 我对通货膨胀的六个信念：为 NBER "科维德时代及其后的通货膨胀 "会议准备的发言稿
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jmoneco.2024.103631
N. Gregory Mankiw
{"title":"Six beliefs I have about inflation: Remarks prepared for NBER conference on “Inflation in the Covid era and beyond”","authors":"N. Gregory Mankiw","doi":"10.1016/j.jmoneco.2024.103631","DOIUrl":"10.1016/j.jmoneco.2024.103631","url":null,"abstract":"<div><div>This essay discusses six of my beliefs about the inflation process that are not universally shared among economists.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103631"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141781811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Lessons from history for successful disinflation 成功解除通货紧缩的历史教训
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jmoneco.2024.103654
Christina D. Romer, David H. Romer
{"title":"Lessons from history for successful disinflation","authors":"Christina D. Romer,&nbsp;David H. Romer","doi":"10.1016/j.jmoneco.2024.103654","DOIUrl":"10.1016/j.jmoneco.2024.103654","url":null,"abstract":"<div><div>Why are some attempts at disinflation successful and others failures? We investigate this question in the context of the Federal Reserve's attempts at disinflation since World War II. Our central finding is that a fundamental determinant of success was the strength of the Federal Reserve's commitment to disinflation at the start of its attempts. In episodes where its commitment was high, there were significant declines in inflation that were often long-lasting, while in ones where its commitment was low, falls in inflation were small and short-lived. We find that although the extent of the Federal Reserve's commitment was often clear to the public, there is no evidence that stronger commitment to disinflation directly affected expected inflation. Rather, the main channel through which weak commitment led to unsuccessful disinflation was premature abandonment of the disinflationary policy. We conclude by discussing the implications for the Federal Reserve's current effort at disinflation.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103654"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142592895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Credit cards, credit utilization, and consumption 信用卡、信贷使用和消费
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jmoneco.2024.103619
{"title":"Credit cards, credit utilization, and consumption","authors":"","doi":"10.1016/j.jmoneco.2024.103619","DOIUrl":"10.1016/j.jmoneco.2024.103619","url":null,"abstract":"<div><div>We use credit bureau data to show that credit card limits grow rapidly early in life and are an important early-life liquidity source. Yet individual credit utilization is stable over the short and long term. To explain these new findings, we propose a life-cycle consumption model with heterogeneous preferences, the option to revolve, and credit cards used for payments. Using diary data to identify payment use and the revealed preference that some people with credit cards borrow at high interest, while others do not to help identify heterogeneous preferences, the estimated model matches consumption and credit use at every frequency. The model suggests that around half the population has an endogenously high marginal propensity to consume. This targetable population explains the large consumption response to unexpected cash.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103619"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141587531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 macroeconomic effects of universal basic income programs 全民基本收入计划的宏观经济效应
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jmoneco.2024.103615
{"title":"The macroeconomic effects of universal basic income programs","authors":"","doi":"10.1016/j.jmoneco.2024.103615","DOIUrl":"10.1016/j.jmoneco.2024.103615","url":null,"abstract":"<div><div>I develop a heterogeneous agents overlapping generations model to assess the welfare effects of substituting the US income security system with a UBI policy. I study two counterfactual exercises: an expenditure-neutral reform and a large, policy-oriented UBI reform with a transfer equivalent to $1000 monthly, both financed by changes in the consumption tax<span><span>. The first exercise has a moderate fiscal impact, induces increases in the aggregate output and employment, and reduces earnings and wealth inequality. The second exercise requires a large increase in the </span>consumption tax<span> rate, decreases employment and output, and increases earnings inequality, which moves sideways for wealth. In both cases, disposable income and consumption are more equally distributed, with less accrual at the top. The two economies generate positive welfare gains, with those for the generous UBI economy being larger.</span></span></div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103615"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141501117","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Phillips meets Beveridge 菲利普斯与贝弗里奇
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jmoneco.2024.103660
Régis Barnichon, Adam Hale Shapiro
{"title":"Phillips meets Beveridge","authors":"Régis Barnichon,&nbsp;Adam Hale Shapiro","doi":"10.1016/j.jmoneco.2024.103660","DOIUrl":"10.1016/j.jmoneco.2024.103660","url":null,"abstract":"<div><div>The Phillips curve plays a central role in the macroeconomics literature. However, there is little consensus on the forcing variable that drives inflation in the model, i.e., on the appropriate measure of “slack” in the economy. In this work, we systematically assess the ability of variables commonly used in the literature to (i) predict and (ii) explain inflation fluctuations over time and across U.S. metropolitan areas. In particular, we exploit a newly constructed panel dataset with job openings and vacancy filling cost proxies covering 1982–2022. We find that the vacancy-unemployment (V/U) ratio and vacancy filling cost proxies outperform other slack measures, in particular the unemployment rate. Beveridge curve shifts—notably, movements in matching efficiency—are responsible for the superior performance of the V/U ratio over unemployment.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103660"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142177714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
People’s understanding of inflation 人们对通货膨胀的理解
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jmoneco.2024.103652
Alberto Binetti , Francesco Nuzzi , Stefanie Stantcheva
{"title":"People’s understanding of inflation","authors":"Alberto Binetti ,&nbsp;Francesco Nuzzi ,&nbsp;Stefanie Stantcheva","doi":"10.1016/j.jmoneco.2024.103652","DOIUrl":"10.1016/j.jmoneco.2024.103652","url":null,"abstract":"<div><div>This paper studies people’s understanding of inflation—their perceived causes, consequences, trade-offs-and the policies supported to mitigate its effects. We design a new, detailed online survey based on the rich existing literature in economics with two experimental components — a conjoint experiment and an information experiment — to examine how well public views align with established economic theories. Our key findings show that the major perceived causes of inflation include government actions, such as increased foreign aid and war-related expenditures, alongside rises in production costs attributed to recent events like the COVID-19 pandemic, oil price fluctuations, and supply chain disruptions. Respondents anticipate many negative consequences of inflation but the most noted one is the increased complexity and difficulty in household decision-making. Partisan differences emerge distinctly, with Republicans more likely to attribute inflation to government policies and foresee broader negative outcomes, whereas Democrats anticipate greater inequality effects. Inflation is perceived as an unambiguously negative phenomenon without any potential positive economic correlates. Notably, there is a widespread belief that managing inflation can be achieved without significant trade-offs, such as reducing economic activity or increasing unemployment. These perceptions are hard to move experimentally. In terms of policy responses, there is resistance to monetary tightening, consistent with the perceived absence of trade-offs and the belief that it is unnecessary to reduce economic activity to fight inflation. The widespread misconception that inflation rises following increases in interest rates even leads to support for <em>rate cuts</em> to reduce inflation. There is a clear preference for policies that are perceived to have other benefits, such as reducing government debt in progressive ways or increasing corporate taxes, and for support for vulnerable households, despite potential inflationary effects.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103652"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142177733","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Comments on Alberto Binetti, Francesco Nuzzi, and Stefanie Stantcheva “people's understanding of inflation” 对 Alberto Binetti、Francesco Nuzzi 和 Stefanie Stantcheva "人们对通货膨胀的理解 "的评论
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jmoneco.2024.103674
Robert J. Shiller
{"title":"Comments on Alberto Binetti, Francesco Nuzzi, and Stefanie Stantcheva “people's understanding of inflation”","authors":"Robert J. Shiller","doi":"10.1016/j.jmoneco.2024.103674","DOIUrl":"10.1016/j.jmoneco.2024.103674","url":null,"abstract":"","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103674"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142263189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Comments on “Lessons from history for successful disinflation” by Christina D. Romer and David H. Romer 对 Christina D. Romer 和 David H. Romer 所著 "从历史中汲取成功解除通货紧缩的经验教训 "的评论罗默和 David H. Romer
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jmoneco.2024.103646
Donald Kohn
{"title":"Comments on “Lessons from history for successful disinflation” by Christina D. Romer and David H. Romer","authors":"Donald Kohn","doi":"10.1016/j.jmoneco.2024.103646","DOIUrl":"10.1016/j.jmoneco.2024.103646","url":null,"abstract":"<div><div>In these comments I extend the Romers' analysis to 1982–95, when inflation fell from 6 % to effective price stability with only one small recession. The Fed accomplished this, despite being only “moderately committed” to disinflation in the Romer classification, through careful weighing of shifting costs and benefits from tightening as inflation continued to moderate. Though policy backed off several times before stability was clearly in sight, success resulted from keeping focus on the ultimate price stability goal, pre-empting surges in inflation, and paying close attention to expectations. I close with suggestions about how the Fed can strengthen its price stability commitment in the 5-year review of its policy framework slated to begin in 2024.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103646"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141839379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
首页 上一页 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：481959085
Book学术官方微信