Search Results - "American Economic Journal: Macroeconomics"

Journal Article

Tranching, CDS, and Asset Prices: How Financial Innovation Can Cause Bubbles and Crashes

by Fostel, Ana Geanakoplos, John Published in American Economic Journal: Macroeconomics (2012)

“...We show how the timing of financial innovation might have contributed to the mortgage bubble and then to the crash of 2007-2009. We show why tranching and...”

Journal Article

How Does the US Government Finance Fiscal Shocks?

by Yeltekin, Sevin Berndt, Antje Lustig, Hanno Published in American Economic Journal: Macroeconomics (2012)

“...We develop a method for identifying and quantifying the fiscal channels that help finance government spending shocks. We define fiscal shocks as surprises in...”

Journal Article

How Important Is Technology Capital for the United States?

by Kapicka, Marek Published in American Economic Journal: Macroeconomics (2012)

“...I construct measures of technology capital and country openness for the US economy and the rest of the world for 1982-2007. The key identifying assumption is...”

Journal Article

Learning in a Medium-Scale DSGE Model with Expectations Based on Small Forecasting Models

by Slobodyan, Sergey Wouters, Raf Published in American Economic Journal: Macroeconomics (2012)

“...This paper evaluates the empirical performance of a medium-scale DSGE model with agents forming expectations using small forecasting models updated by the...”

Journal Article

Political Pressures on Monetary Policy during the US Great Inflation

by Weise, Charles Louis Published in American Economic Journal: Macroeconomics (2012)

“...Drawing on an analysis of Federal Open Market Committee (FOMC) documents, this paper argues that political pressures on the Federal Reserve were an important...”

Journal Article

Stories of the Twentieth Century for the Twenty-First

by Gourinchas, Pierre-Olivier Obstfeld, Maurice Published in American Economic Journal: Macroeconomics (2012)

“...A key precursor of twentieth-century financial crises in emerging and advanced economies alike was the rapid buildup of leverage. Those emerging economies that...”

Journal Article

Contagious Adverse Selection

by Morris, Stephen Shin, Hyun Song Published in American Economic Journal: Macroeconomics (2012)

“...We illustrate the corrosive effect of even small amounts of adverse selection in an asset market and show how it can lead to the total breakdown of trade. The...”

Journal Article

International Portfolio Allocation under Model Uncertainty

by Benigno, Pierpaolo Nisticò, Salvatore Published in American Economic Journal: Macroeconomics (2012)

“...This paper revisits an old argument, hedging real exchange rate risk, as an explanation of the international home bias in equity. In a dynamic model, the...”

Journal Article

Ambiguity Aversion: Implications for the Uncovered Interest Rate Parity Puzzle

by Ilut, Cosmin Liviu Published in American Economic Journal: Macroeconomics (2012)

“...High interest rate currencies tend to appreciate in the future relative to low interest rate currencies instead of depreciating as uncovered interest parity...”

Journal Article

The Optimal Conduct of Monetary Policy with Interest on Reserves

by Stein, Jeremy C Kashyap, Anil K Published in American Economic Journal: Macroeconomics (2012)

“...In a world with interest on reserves, the central bank has two distinct tools that it can use to raise the short-term policy rate: it can either increase the...”

Journal Article

Rebalancing Frequency and the Welfare Cost of Inflation

by Silva, Andre C Published in American Economic Journal: Macroeconomics (2012)

“...Cash-in-advance models usually require agents to reallocate money and bonds in fixed periods. Every month or quarter, for example. I show that fixed periods...”

Journal Article

Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking

by Acharya, Viral V Gromb, Denis Yorulmazer, Tanju Published in American Economic Journal: Macroeconomics (2012)

“...We study interbank lending and asset sales markets in which banks with surplus liquidity have market power vis-a-vis banks needing liquidity, frictions arise...”

Journal Article

Real Wages and the Business Cycle: Accounting for Worker, Firm, and Job Title Heterogeneity

by Portugal, Pedro Carneiro, Anabela Guimaraes, Paulo Published in American Economic Journal: Macroeconomics (2012)

“...Using a longitudinal matched employer-employee dataset for Portugal over the 1986-2007 period, this study analyzes the wage responses to aggregate labor market...”

Journal Article

Capital Market Integration and Wages

by Chari, Anusha Henry, Peter Blair Sasson, Diego Published in American Economic Journal: Macroeconomics (2012)

“...For three years after the typical emerging economy opens its stock market to inflows of foreign capital, the average annual growth rate of the real wage in the...”

Journal Article

Are the Effects of Monetary Policy Shocks Big or Small?

by Coibion, Olivier Published in American Economic Journal: Macroeconomics (2012)

“...This paper studies the small estimated effects of monetary policy shocks from standard VARs versus the large effects from the Romer and Romer (2004) approach...”

Journal Article

The Bond Premium in a DSGE Model with Long-Run Real and Nominal Risks

by Rudebusch, Glenn D Swanson, Eric T Published in American Economic Journal: Macroeconomics (2012)

“...The term premium in standard macroeconomic DSGE models is far too small and stable relative to the data--an example of the "bond premium puzzle." However, in...”

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