Kristin Forbes,Christian Friedrich,Dennis Reinhardt
Kristin Forbes
How did funding structures-the source, instrument, currency, and counterparty location of financing-relate to the financial stress experienced in different countries and sectors during Covid-19? Banks and corporates with a higher share of f...
Francesco Ferrante,Sebastian Graves,Matteo Iacoviello
Francesco Ferrante
The COVID-19 pandemic has led to an unprecedented shift of consumption from services to goods. We study this demand reallocation in a multi-sector model featuring sticky prices, input-output linkages, and labor reallocation costs. Reallocat...
Household spending and fiscal support during the COVID-19 pandemic: Insights from a new consumer survey [0.03%]
新冠肺炎疫情期间的居民消费和财政支持：一项新的消费者调查带来的启示
Dimitris Georgarakos,Geoff Kenny
Dimitris Georgarakos
This paper introduces the Consumer Expectations Survey (CES), a new online, high frequency panel survey of euro area consumers' expectations and behaviour. The paper also investigates whether public perceptions about fiscal support measures...
News and uncertainty about COVID-19: Survey evidence and short-run economic impact [0.03%]
新冠疫情下的新闻与不确定性：调查证据及短期内的经济影响
Alexander M Dietrich,Keith Kuester,Gernot J Müller et al.
Alexander M Dietrich et al.
A tailor-made survey documents consumers' perceptions of the US economy's response to a large shock: the advent of the COVID-19 pandemic. The survey ran at a daily frequency between March 2020 and July 2021. Consumer's perceptions regarding...
Wouter J Den Haan,Lukas B Freund,Pontus Rendahl
Wouter J Den Haan
In search-and-matching models, the nonlinear nature of search frictions increases average unemployment rates during periods with higher volatility. These frictions are not, however, by themselves sufficient to raise unemployment following a...
Workers, capitalists, and the government: fiscal policy and income (re)distribution [0.03%]
工人、资本家和政府：财政政策与收入（再）分配
Cristiano Cantore,Lukas B Freund
Cristiano Cantore
We propose a novel two-agent New Keynesian model to study the interaction of fiscal policy and household heterogeneity in a tractable environment. Workers can save in bonds subject to portfolio adjustment costs; firm ownership is concentrat...
Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and the Distribution of Income [0.03%]
金融包容性的制约因素及其对GDP、TFP和收入分配的影响的区别化分析
Era Dabla-Norris,Yan Ji,Robert M Townsend et al.
Era Dabla-Norris et al.
A general equilibrium model featuring multiple realistic sources of financial frictions is developed to study how different constraints interact in equilibrium. We highlight, distinguish, and evaluate their differential impacts and rich int...
Taking off into the wind: Unemployment risk and state-Dependent government spending multipliers [0.03%]
逆风起飞：失业风险与状态依存的政府支出乘数效应
Julien Albertini,Stéphane Auray,Hafedh Bouakez et al.
Julien Albertini et al.
We propose a model with involuntary unemployment, incomplete markets, and nominal rigidity, in which the effects of government spending are state-dependent. An increase in government purchases raises aggregate demand, tightens the labor mar...
Pablo A Guerron-Quintana
Pablo A Guerron-Quintana