Nber Macroeconomics Annual最新文献_第8页

Discussion 讨论

IF 7.7 1区经济学

Nber Macroeconomics Annual Pub Date : 2020-01-01 DOI: 10.1086/707180

M. Gertler

{"title":"Discussion","authors":"M. Gertler","doi":"10.1086/707180","DOIUrl":"https://doi.org/10.1086/707180","url":null,"abstract":"Mark Gertler and Martin Eichenbaum followed up on comments made by one of the discussants, BenBernanke. Gertler noted that the zero lower bound (ZLB) on the nominal interest rate might have played its biggest role from late 2008 to 2010, before quantitative easing and forward guidance produced their full effects. This period was also characterized by a rise in aggregate uncertainty, he argued, which might have interacted with the binding ZLB. Gertler identified two channels through which increaseduncertainty couldhave operated. First, increasedprecautionary savings further reduce the neutral interest rate, bringing it closer to the ZLB. Second, higher uncertainty raises the spread between shortand long-term interest rates, because the ZLB creates an option value by putting a lower bound on future short-term rates. Gertler encouraged the authors to quantify these channels using theirmodel. Eichenbaumpointed out that the binding ZLB took place during a period of large changes in fiscal spending.According to theHutchins Center Fiscal ImpactMeasure, fiscal policywas strongly expansionaryuntil 2011, he argued, before turning very contractionary until 2014. Eichenbaum wondered whether the authors could investigate the interplay between fiscal policy and the ZLB by repeating their empirical exercise using the preand post-2011 subsamples. He admitted that theremight be power issues with such a short sample. The authors acknowledged that strongly countercyclical fiscal policy could in theory explain the empirical irrelevance of the ZLB that they document in the paper. However, this explanation is hard to reconcile with their evidence on the response of long-term interest rates. Fiscal policy alone could not explain why the behavior of these rates did not change during the ZLBperiod, they argued. This is suggestive of a dominant role for monetary policy in the form of quantitative easing and forward guidance, according to the authors.","PeriodicalId":51680,"journal":{"name":"Nber Macroeconomics Annual","volume":"34 1","pages":"194 - 197"},"PeriodicalIF":7.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1086/707180","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44483468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Discussion 讨论

IF 7.7 1区经济学

Nber Macroeconomics Annual Pub Date : 2020-01-01 DOI: 10.1086/707184

V. Ramey

{"title":"Discussion","authors":"V. Ramey","doi":"10.1086/707184","DOIUrl":"https://doi.org/10.1086/707184","url":null,"abstract":"Valerie Ramey opened the general discussion by praising the paper as a good illustration of how theory and empiricism can inform each other. In particular, identification strategies rooted in theory are essential to good empirical work, she argued. Ramey discussed two identification issues when it comes to estimating Phillips curves. First, cost-push shocks are correlatedwith the explanatory variable, that is, output. Second,monetary policy is endogenous. The paper carefully addresses the second issue by exploiting variations at the regional level, according to Ramey. However, the first issue persists and the paper’s estimates should be interpreted as lower bounds on the slope of the Phillips curve, she argued. Ramey encouraged the authors to use existing state-level data sets on demand shocks, as in Emi Nakamura and Jón Steinsson (“Fiscal Stimulus in aMonetary Union: Evidence fromUSRegions,”American Economic Review 104, no. 3 [2014]: 753–92), to address the first issue. The authorswere very much in agreement with Ramey’s comment. Frederic Mishkin seconded the authors’ conclusions by referring to recentworkof his. PeterHooper, Frederic S.Mishkin, andAmir Sufi (“Prospects for Inflation in a High Pressure Economy: Is the Phillips Curve Dead or Is It Just Hibernating?” [Working Paper no. 25792, NBER, Cambridge, MA, May 2019]) found that the Phillips curve is flatter for periods during which monetary policy is more effective at stabilizing inflation. Indeed, the objective and the control variable should be uncorrelated when monetary policy is set optimally, he argued. Hooper et al. (“Prospects for Inflation in a High Pressure Economy”) exploit regional variations—as in the authors’ paper—to identify the relationship between unemployment and inflation. The identification assumption is that monetary policy is exogenous to regional shocks. Regional variations have also been exploited in the context of fiscal policy, Mishkin noted, citing again the work of Nakamura and Steinsson (“Fiscal Stimulus in a","PeriodicalId":51680,"journal":{"name":"Nber Macroeconomics Annual","volume":"34 1","pages":"280 - 283"},"PeriodicalIF":7.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1086/707184","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44786119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Discussion 讨论

IF 7.7 1区经济学

Nber Macroeconomics Annual Pub Date : 2020-01-01 DOI: 10.1086/707172

M. Eichenbaum

{"title":"Discussion","authors":"M. Eichenbaum","doi":"10.1086/707172","DOIUrl":"https://doi.org/10.1086/707172","url":null,"abstract":"Martin Eichenbaum interpreted the rising concentration in the banking industry through the lens of the authors’ framework. He noted that several regional banks in the Southwest had recentlymerged to forma superregional bank. According to banking professionals, increasing returns play an important role in this industry, he said. Eichenbaum argued that this form of concentration seems consistent with increasing sunk costs or barriers to entry. He asked the authors about their thoughts on the subject. The authors clarified that most of their analysis excludes financial services. They agreed that a rise in barriers to entry could explainmergers in the banking industry, together with an increase in efficiency from mergers. They noted, however, that the evidence on increasing returns to scale in the banking industry remains mostly inconclusive. The emergence of “fintech”might potentially create more scope for such efficiency gains, they argued. The authors emphasized the role of lobbying by the banking industry. As an example, theymentioneddata portability,which allows a client to share her portfolio information with another institution to obtain financial advice. Banks defeated calls for increased data portability in the US, the authors pointed out. On the contrary, they lost in the European Union, where their lobbying power is smaller. This illustrates the role of increased lobbying for the rise in barriers to entry in the US, according to the authors. Laura Veldkamp noted that uncertain revenue streams should command riskpremiawhen investors ormanagers are risk averse. Shepointed out that markups could be the firms’ compensation for that revenue risk andmight not reflect market power at all. Veldkampwondered how the authors took this into account in their analysis. The authors said that they measure firms’ value using market values, which should address concerns related to risk premia. On the relation between firms’ value and entry into an industry, they referred to another paper of theirs. Fixing","PeriodicalId":51680,"journal":{"name":"Nber Macroeconomics Annual","volume":"34 1","pages":"62 - 65"},"PeriodicalIF":7.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1086/707172","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45341814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Effect of chelating and antioxidant agents on morphology and DNA methylation in freeze-drying rabbit (Oryctolagus cuniculus) spermatozoa. 螯合剂和抗氧化剂对冻干兔精子形态和 DNA 甲基化的影响

IF 1.7 1区经济学

Nber Macroeconomics Annual Pub Date : 2020-01-01 Epub Date: 2019-11-08 DOI: 10.1111/rda.13577

Francesca Mercati, Paula Domingo, Rolando Pasquariello, Cecilia Dall'Aglio, Alessandro Di Michele, Katia Forti, Paolo Cocci, Cristiano Boiti, Lidia Gil, Massimo Zerani, Margherita Maranesi

{"title":"Effect of chelating and antioxidant agents on morphology and DNA methylation in freeze-drying rabbit (Oryctolagus cuniculus) spermatozoa.","authors":"Francesca Mercati, Paula Domingo, Rolando Pasquariello, Cecilia Dall'Aglio, Alessandro Di Michele, Katia Forti, Paolo Cocci, Cristiano Boiti, Lidia Gil, Massimo Zerani, Margherita Maranesi","doi":"10.1111/rda.13577","DOIUrl":"10.1111/rda.13577","url":null,"abstract":"<p><p>Freeze-drying (FD) has been exhaustively tried in several mammalian species as an alternative technique to sperm cryopreservation, but few studies have been done in rabbits (Oryctolagus cuniculus). The main objective of this study was to compare the protective effect of various antioxidants added to EDTA medium on structural and functional components of FD rabbit spermatozoa and on their status of global DNA methylation. FD media used were composed of basic FD medium (10 mM Tris-HCl buffer and 50 mM NaCl) supplemented with either 50 mM EDTA alone (EDTA) or added with 105 µM of rosmarinic acid (RA, EDTA-RA) or 10 µM of melatonin (MLT, EDTA-MLT). The effect of each medium on the preservation of FD spermatozoon structure was evaluated with light and scanning electron microscopy (SEM). Global DNA methylation was quantified in all FD sperm samples as well as in fresh spermatozoa. Morphologically, fracture points were evidenced in the neck, mid and principal piece of the spermatozoon tail. No differences in spermatozoon fracture points were evidenced among FD treatments: intact spermatozoa were the largest (p < .01) category, whereas the most frequent (p < .01) injury was the neck fracture, resulting in tailless heads. At SEM, the head of spermatozoa showed a well-conserved shape and intact membrane in all treatments. DNA methylation status was the same in all FD treatments. In conclusion, supplementation of EDTA, EDTA-RA and EDTA-MLT during FD preserved rabbit sperm morphological integrity and methylation status as well. Therefore, the difficulty of getting viable offspring using FD semen is likely unrelated to the impact of the lyophilization process on DNA methylation and morphology of lyophilized spermatozoa.</p>","PeriodicalId":51680,"journal":{"name":"Nber Macroeconomics Annual","volume":"11 1","pages":"29-37"},"PeriodicalIF":1.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/rda.13577","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83270849","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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: 7

Trading Up and the Skill Premium 交易和技能奖励

IF 7.7 1区经济学

Nber Macroeconomics Annual Pub Date : 2019-06-01 DOI: 10.1086/707185

Nir Jaimovich, Sergio Rebelo, Arlene Wong, Miao Zhang

引用次数: 17

From Good to Bad Concentration? US Industries over the Past 30 Years 注意力从好到坏?过去30年的美国工业

IF 7.7 1区经济学

Nber Macroeconomics Annual Pub Date : 2019-06-01 DOI: 10.1086/707169

Matías Covarrubias, G. Gutiérrez, Thomas Philippon

引用次数: 84

From Good to Bad Concentration? U.S. Industries over the past 30 years 注意力从好到坏?美国工业在过去30年的发展

IF 7.7 1区经济学

Nber Macroeconomics Annual Pub Date : 2019-06-01 DOI: 10.3386/W25983

Matías Covarrubias, G. Gutiérrez, Thomas Philippon

引用次数: 65

Special Deals with Chinese Characteristics 中国特色特惠

IF 7.7 1区经济学

Nber Macroeconomics Annual Pub Date : 2019-05-01 DOI: 10.1086/707189

C. Bai, Chang-tai Hsieh, Zheng Song

引用次数: 89

The Lost Ones: The Opportunities and Outcomes of White, Non-College-Educated Americans Born in the 1960s 失落的人：20世纪60年代出生的未受过大学教育的白人的机会和结果

IF 7.7 1区经济学

Nber Macroeconomics Annual Pub Date : 2019-03-01 DOI: 10.1086/707173

M. Borella, Mariacristina De Nardi, Fang Yang

引用次数: 12

Discussion 讨论

IF 7.7 1区经济学

Nber Macroeconomics Annual Pub Date : 2019-01-01 DOI: 10.1086/700911

{"title":"Discussion","authors":"","doi":"10.1086/700911","DOIUrl":"https://doi.org/10.1086/700911","url":null,"abstract":"The authors opened the discussion by addressing three concerns raised by the discussants. First, they pointed out their model assumes that asset holdings and liabilities grow at an exogenous rate. As a consequence, the balance sheet of banks is inelastic with respect to government guarantees, and the value of deposit insurance is not competed away, as noted by Lawrence Summers during his discussion. The authors agreed that changes in regulation or government guarantees could affect the size of the banking sector and that this issue is important for policy making. They argued that this response is slow due to adjustment costs in the banking sector, and the market-to-book ratio is expected to increase during the transition. Second, the authors acknowledged that both the reaction time before bailout and the presence of jump risk are key determinants of the value of government guarantees, as emphasized by Summers. Their calibration assumes a market-to-book ratio of 2, corresponding to that observed during the period of interest, and a risk-neutral probability of a crisis of 5%. With a reaction time of a year, their model predicts a government bailout worth half of book equity. They noted that with a precrisis book equity value of banks around $1.1 trillion, this amounts to a subsidy of $550 billion. In the authors’ view, this figure is comparable to the actual government support during crisis,which speaks in favor of a 1-year delay before bailout. Third, the authors confirmed that theirmodel abstracts from interest rate risk, as highlighted by Juliane Begenau as part of her discussion. They argued that such risk does not generate large enough losses over the course of a year to rationalize the value of government guarantees. Credit risk is more attractive in this respect, theymentioned, due to larger jumps and tail risk. In the authors’ opinion, the role of interest rate risk during earlier episodes, including the savings and loans crisis, was associated with longer reaction times by regulators.","PeriodicalId":51680,"journal":{"name":"Nber Macroeconomics Annual","volume":"33 1","pages":"163 - 165"},"PeriodicalIF":7.7,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1086/700911","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46978338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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