Report NEP-MAC-2018-08-20

This is the archive for NEP-MAC, a report on new working papers in the area of Macroeconomics. Soumitra K Mallick issued this report. It is usually issued weekly.

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Other reports in NEP-MAC

The following items were announced in this report:

• Alban Moura & Kyriacos Lambrias, 2018. "LU-EAGLE: A DSGE model for Luxembourg within the euro area and global economy," BCL working papers 122, Central Bank of Luxembourg.
• Timothy Jackson & Laurence J. Kotlikoff, 2018. "Banks as Potentially Crooked Secret-Keepers," NBER Working Papers 24751, National Bureau of Economic Research, Inc.
• ,, 2018. "Reserves For All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence," CEPR Discussion Papers 13065, C.E.P.R. Discussion Papers.
• Ademmer, Martin & Jannsen, Nils, 2018. "Post-crisis business investment in the euro area and the role of monetary policy," Open Access Publications from Kiel Institute for the World Economy 180839, Kiel Institute for the World Economy (IfW Kiel).
• Vadim Elenev & Tim Landvoigt & Stijn Van Nieuwerburgh, 2018. "A Macroeconomic Model with Financially Constrained Producers and Intermediaries," NBER Working Papers 24757, National Bureau of Economic Research, Inc.
• Joerg Schmidt, 2018. "Unconventional Monetary Policy and Bank Risk-Taking in the Euro Area," MAGKS Papers on Economics 201824, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
• COULIBALY, Louphou, 2018. "Monetary policy in sudden stop-prone economies," Cahiers de recherche 2018-03, Universite de Montreal, Departement de sciences economiques.
• Bluwstein, Kristina & Brzoza-Brzezina, Michał & Gelain, Paolo & Kolasa, Marcin, 2018. "Multi-period loans, occasionally binding constraints and Monetary policy: a quantitative evaluation," Bank of England working papers 749, Bank of England.
• Lorenzo Burlon & Alessandro Notarpietro & Massimiliano Pisani, 2018. "Macroeconomic effects of an open-ended Asset Purchase Programme," Temi di discussione (Economic working papers) 1185, Bank of Italy, Economic Research and International Relations Area.
• Julien BENGUI & Toan PHAN, 2018. "Asset Pledgeability and Endogenously Leveraged Bubbles," Cahiers de recherche 07-2018, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
• BENGUI, Julien & PHAN, Toan, 2018. "Asset pledgeability and endogenously leveraged bubbles," Cahiers de recherche 2018-04, Universite de Montreal, Departement de sciences economiques.
• Paolo Pasimeni, 2018. "The Relation between Productivity and Compensation in Europe," European Economy - Discussion Papers 079, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
• Chizonde, Bright, 2016. "The Macroeconomic Determinants of Economic Growth in Zambia: Do Copper prices matter?," MPRA Paper 87854, University Library of Munich, Germany.
• David Greenlaw & James D. Hamilton & Ethan Harris & Kenneth D. West, 2018. "A Skeptical View of the Impact of the Fed’s Balance Sheet," NBER Working Papers 24687, National Bureau of Economic Research, Inc.
• Bernardino Adão & André C. Silva, 2018. "Sub-Optimality of the Friedman Rule with Distorting Taxes," Working Papers w201803, Banco de Portugal, Economics and Research Department.
• Bronson Argyle & Taylor D. Nadauld & Christopher Palmer & Ryan D. Pratt, 2018. "The Capitalization of Consumer Financing into Durable Goods Prices," NBER Working Papers 24699, National Bureau of Economic Research, Inc.
• Kristin Forbes & Ida Hjortsoe & Tsvetelina Nenova, 2018. "The Shocks Matter: Improving Our Estimates of Exchange Rate Pass-Through," NBER Working Papers 24773, National Bureau of Economic Research, Inc.
• Romanos Priftis & Srecko Zimic, 2018. "Sources of Borrowing and Fiscal Multipliers," Staff Working Papers 18-32, Bank of Canada.
• Jesus Crespo Cuaresma & Jan Capek, 2018. "We just estimated twenty million fiscal multipliers," Department of Economics Working Papers wuwp268, Vienna University of Economics and Business, Department of Economics.
• Thomas Palley, 2018. "Government Spending and the Income-Expenditure Model: The Multiplier, Spending Composition, and Job Guarantee Programs," FMM Working Paper 30-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
• Escañuela Romana, Ignacio, 2018. "Instability in the basic New Keynesian model under limited information," MPRA Paper 88015, University Library of Munich, Germany.
• Jarko Fidrmuc & Moritz Degler, 2018. "Temporal and Spatial Dependence of Inter-Regional Risk Sharing: Evidence from Russia," Working Papers 373, Leibniz Institut für Ost- und Südosteuropaforschung (Institute for East and Southeast European Studies).
• Roberto Blanco & Noelia Jiménez, 2018. "Credit allocation along the business cycle: evidence from the latest boom bust credit cycle in Spain," Working Papers 1826, Banco de España.
• Mari Tanaka & Nicholas Bloom & Joel M. David & Maiko Koga, 2018. "Firm Performance and Macro Forecast Accuracy," NBER Working Papers 24776, National Bureau of Economic Research, Inc.
• Topan, Ligia & Castro, César & Jerez, Miguel & Barge-Gil, Andrés, 2017. "Oil price pass-through into inflation in Spain at national and regional level," MPRA Paper 87821, University Library of Munich, Germany.
• Jacques Rouillard & Jean-François Rouillard, 2018. "Perspective historique sur l’évolution des salaires réels au Québec (1940-2016)," Cahiers de recherche 18-04, Departement d'économique de l'École de gestion à l'Université de Sherbrooke.
• Gauti Eggertsson & Vaishali Garga, 2018. "Sticky Prices versus Sticky Information: Does It Matter For Policy Paradoxes?," 2018 Meeting Papers 577, Society for Economic Dynamics.
• Jesus Ferreiro & Carmen Gómez, 2018. "Employment protection and labour market performance in European Union countries during the Great Recession," FMM Working Paper 31-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
• António Afonso & Frederico Silva Leal, 2018. "Fiscal Multipliers in the Eurozone: A SVAR Analysis," Working Papers REM 2018/47, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
• David Rezza Baqaee & Emmanuel Farhi, 2018. "Macroeconomics with Heterogeneous Agents and Input-Output Networks," NBER Working Papers 24684, National Bureau of Economic Research, Inc.
• Jordi Galí, 2018. "The State of New Keynesian Economics: A Partial Assessment," NBER Working Papers 24845, National Bureau of Economic Research, Inc.
• Lawrence J. Christiano & Martin S. Eichenbaum & Mathias Trabandt, 2018. "On DSGE Models," NBER Working Papers 24811, National Bureau of Economic Research, Inc.
• Nikolay Iskrev, 2018. "Calibration and the estimation of macroeconomic models," Working Papers w201801, Banco de Portugal, Economics and Research Department.
• Richard T. Thakor & Robert C. Merton, 2018. "Trust in Lending," NBER Working Papers 24778, National Bureau of Economic Research, Inc.
• Miguel Sarmiento, 2016. "Market Discipline and Liquidity Risk: Evidence from the Interbank Funds Market," IHEID Working Papers 14-2016, Economics Section, The Graduate Institute of International Studies.
• Matteo Deleidi & Walter Paternesi Meloni & Antonella Stirati, 2018. "Structural change, labour productivity and the Kaldor-Verdoorn law: evidence from European countries," Departmental Working Papers of Economics - University 'Roma Tre' 0239, Department of Economics - University Roma Tre.
• Omar Barbiero & Emmanuel Farhi & Gita Gopinath & Oleg Itskhoki, 2018. "The Macroeconomics of Border Taxes," NBER Working Papers 24702, National Bureau of Economic Research, Inc.
• Olivier Coibion & Yuriy Gorodnichenko & Saten Kumar & Mathieu Pedemonte, 2018. "Inflation Expectations as a Policy Tool?," NBER Working Papers 24788, National Bureau of Economic Research, Inc.
• International Monetary Fund, 2018. "Georgia; 2018 Article IV Consultation, Second Review under the Extended Fund Facility Arrangement, and Request for Modification of a Quantitative Performance Criterion – Press Releases; Staff Report; ," IMF Staff Country Reports 18/198, International Monetary Fund.
• Zimmermann, Klaus F., 2018. "Reflections on wage-setting," GLO Discussion Paper Series 230, Global Labor Organization (GLO).
• Andrew K. Rose, 2018. "Currency Wars? Unconventional Monetary Policy Does Not Stimulate Exports," NBER Working Papers 24817, National Bureau of Economic Research, Inc.
• Andrew Phiri, 2018. "Endogenous monetary approach to optimal inflation-growth nexus in Swaziland," Working Papers 1827, Department of Economics, Nelson Mandela University.
• Phiri, Andrew, 2018. "Endogenous monetary approach to optimal inflation-growth nexus in Swaziland," MPRA Paper 88258, University Library of Munich, Germany.
• Silvia Gabrieli & Claire Labonne, 2018. "Bad Sovereign or Bad Balance Sheets? Euro Interbank Market Fragmentation and Monetary Policy, 2011-2015," Working papers 687, Banque de France.
• Takayuki Tsuruga & Shota Wake, 2018. "Money-Financed Fiscal Stimulus: The Effects of Implementation Lag," ISER Discussion Paper 1038, Institute of Social and Economic Research, Osaka University.
• International Monetary Fund, 2018. "Czech Republic; 2018 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for the Czech Republic," IMF Staff Country Reports 18/187, International Monetary Fund.
• Gianluca Cafiso & Roberto Cellini, 2018. "How Much Binding Is the Bill?," CESifo Working Paper Series 7147, CESifo.
• Nyoni, Thabani, 2018. "What determines private investment in Burundi?," MPRA Paper 87614, University Library of Munich, Germany.
• Jouchi Nakajima, 2018. "The role of household debt heterogeneity on consumption: Evidence from Japanese household data," BIS Working Papers 736, Bank for International Settlements.
• Capek, Jan & Crespo Cuaresma, Jesus, 2018. "We just estimated twenty million fiscal multipliers," Department of Economics Working Paper Series 268, WU Vienna University of Economics and Business.
• Christian Osterhold, 2018. "Fear the walking dead: zombie firms, spillovers and exit barriers," Working Papers w201811, Banco de Portugal, Economics and Research Department.
• Alex Clymo, 2018. "Firm Dynamics at the Zero Lower Bound," 2018 Meeting Papers 912, Society for Economic Dynamics.
• Rossi-Hansberg, Esteban & Bilal, Adrien, 2018. "Location as an Asset," CEPR Discussion Papers 13063, C.E.P.R. Discussion Papers.
• Damir Filipović & Sander Willems, 2017. "A Term Structure Model for Dividends and Interest Rates," Swiss Finance Institute Research Paper Series 17-52, Swiss Finance Institute.
• Laura Bakkensen & Lint Barrage, 2018. "Climate Shocks and Economic Growth: Bridging the Micro-Macro Gap," 2018 Meeting Papers 1198, Society for Economic Dynamics.
• Paul Beaudry & Franck Portier, 2018. "Real Keynesian Models and Sticky Prices," 2018 Meeting Papers 61, Society for Economic Dynamics.
• Nikolay Iskrev, 2018. "Are asset price data informative about news shocks? A DSGE perspective," Working Papers w201802, Banco de Portugal, Economics and Research Department.
• Francisco Buera, 2018. "Real Effects of Financial Distress: The Role of Heterogeneity," Working Papers w201806, Banco de Portugal, Economics and Research Department.
• International Monetary Fund, 2018. "New Zealand; 2018 Article IV Consultation – Press Release; Staff Report; and Statement by the Executive Director for New Zealand," IMF Staff Country Reports 18/202, International Monetary Fund.
• Bernardino Adão & André C. Silva, 2018. "The Effect of Firm Cash Holdings on Monetary Policy," Working Papers w201804, Banco de Portugal, Economics and Research Department.
• Itay Goldstein & Jonathan Witmer & Jing Yang, 2018. "Following the Money: Evidence for the Portfolio Balance Channel of Quantitative Easing," Staff Working Papers 18-33, Bank of Canada.
• Pia M. Orrenius & Madeline Zavodny, 2018. "Hispanics in the U.S. Labor Market: A Tale of Three Generations," Working Papers 1809, Federal Reserve Bank of Dallas.
• Nwachukwu, Jacinta & Aziz, Aqsa & Tony-Okeke, Uchenna & Asongu, Simplice, 2018. "The determinants of interest rates in microfinance: age, scale and organisational charter," MPRA Paper 87866, University Library of Munich, Germany.
• International Monetary Fund, 2018. "Honduras; 2018 Article IV Consultation – Press Release; Staff Report and Statement by the Executive Director for Honduras," IMF Staff Country Reports 18/206, International Monetary Fund.
• International Monetary Fund, 2018. "United States; 2018 Article IV Consultation – Press Release; Staff Report and Statement by the Executive Director for United States," IMF Staff Country Reports 18/207, International Monetary Fund.
• Thiago Christiano Silva & Solange Maria Guerra & Michel Alexandre da Silva & Benjamin Miranda Tabak, 2018. "Interconnectedness, Firm Resilience and Monetary Policy," Working Papers Series 478, Central Bank of Brazil, Research Department.
• International Monetary Fund, 2018. "Republic of Lithuania; 2018 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for the Republic of Lithuania," IMF Staff Country Reports 18/185, International Monetary Fund.
• Òscar Jordà & Moritz Schularick & Alan M. Taylor & Felix Ward, 2018. "Global Financial Cycles and Risk Premiums," NBER Working Papers 24677, National Bureau of Economic Research, Inc.
• Vértesy, László, 2017. "Constitutional Bases of Public Finances in the Central and Eastern European Countries," MPRA Paper 88185, University Library of Munich, Germany.
• Chakraborty, Lekha & Chakraborty, Pinaki, 2018. "Federalism, Fiscal Asymmetries and Economic Convergence: Evidence from Indian States," Working Papers 18/232, National Institute of Public Finance and Policy.
• International Monetary Fund, 2018. "Tuvalu; 2018 Article IV Consultation – Press Release; Staff Report and Statement by the Executive Director for Tuvalu," IMF Staff Country Reports 18/209, International Monetary Fund.
• Pascal Seppecher & Isabelle Salle & Marc Lavoie, 2018. "What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model," Working Papers hal-01486597, HAL.
• José R. Maria & Paulo Júlio, 2018. "An integrated financial amplifier: the role of defaulted loans and occasionally binding constraints in output fluctuations," Working Papers w201813, Banco de Portugal, Economics and Research Department.
• Anil Kumar & Che-Yuan Liang, 2018. "Labor Market Effects of Credit Constraints: Evidence from a Natural Experiment," Working Papers 1810, Federal Reserve Bank of Dallas, revised 04 Feb 2023.
• International Monetary Fund, 2018. "Cote d'Ivoire; Staff Report for the 2018 Article IV Consultation and Third Reviews Under the Arrangement Under the Extended Credit Facility and Extended Arrangement Under the Extended Fund Facility, a," IMF Staff Country Reports 18/182, International Monetary Fund.
• Ulrike Malmendier & Leslie Sheng Shen, 2018. "Scarred Consumption," NBER Working Papers 24696, National Bureau of Economic Research, Inc.
• Robert D. Ebel, 2018. "Intergovernmental Revenue Assignment and Mobilization Principles and Applications for Somalia," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper1814, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
• International Monetary Fund, 2018. "Republic of Moldova; Third Reviews under the Extended Credit Facility and Extended Fund Facility Arrangements and Request for Modification of Performance Criteria – Press Release; Staff Report; and St," IMF Staff Country Reports 18/205, International Monetary Fund.
• Gilbert Cette & Jimmy Lopez & Giorgio Presidente & Vincenzo Spiezia, 2018. "Measuring “Indirect” Investments in ICT in OECD Countries," Working papers 686, Banque de France.
• Aubhik Khan & Julia Thomas & Tatsuro Senga, 2018. "The Persistent Effects of Entry and Exit," 2018 Meeting Papers 707, Society for Economic Dynamics.
• Katz, Matthijs & van der Kwaak, Christiaan, 2018. "The Macroeconomic Effectiveness of Bank Bail-ins," Research Report 2018009-EEF, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
• Schnabl, Gunther & Siemon, Klaus, 2018. "Die EU-Insolvenzrichtlinie zu vorinsolvenzlichen Verfahren aus ordnungspolitischer Perspektive [The EU directive on preventive restructuring frameworks from a ordoliberal perspective]," Working Papers 154, University of Leipzig, Faculty of Economics and Management Science.
• Ray C. Fair, 2018. "Information Content of DSGE Forecasts," Cowles Foundation Discussion Papers 2140, Cowles Foundation for Research in Economics, Yale University.
• International Monetary Fund, 2018. "Germany; 2018 Article IV Consultation – Press Release; Staff Report and Statement by the Executive Director for Germany," IMF Staff Country Reports 18/208, International Monetary Fund.
• Stephan Imhof & Cyril Monnet & Shengxing Zhang, 2018. "The Risk-Taking Channel of Liquidity Regulations and Monetary Policy," Working Papers 18.03, Swiss National Bank, Study Center Gerzensee.
• Armand Fouejieu & Sergio Rodriguez & Sohaib Shahid, 2018. "Fiscal Adjustment in the Gulf Countries: Less Costly than Previously Thought," IMF Working Papers 18/133, International Monetary Fund.
• International Monetary Fund, 2018. "Ireland; 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ireland," IMF Staff Country Reports 18/194, International Monetary Fund.
• Imura, Yuko & Shukayev, Malik, 2018. "The Extensive Margin of Trade and Monetary Policy," Working Papers 2018-11, University of Alberta, Department of Economics.
• Wolski, Marcin, 2018. "Sovereign risk and corporate cost of borrowing: Evidence from a counterfactual study," EIB Working Papers 2018/05, European Investment Bank (EIB).
• Thomas Walther & Lanouar Charfeddine & Tony Klein, 2018. "Oil Price Changes and U.S. Real GDP Growth: Is this Time Different?," Working Papers on Finance 1816, University of St. Gallen, School of Finance.
• Bellido, Héctor & Marcén, Miriam, 2018. "Will you marry me? It depends (on the business cycle)," GLO Discussion Paper Series 229, Global Labor Organization (GLO).
• Hauzenberger, Niko & Böck, Maximilian & Pfarrhofer, Michael & Stelzer, Anna & Zens, Gregor, 2018. "Implications of macroeconomic volatility in the Euro area," ESRB Working Paper Series 80, European Systemic Risk Board.
• Sebastian Heise & Aysegul Sahin & Fatih Karahan, 2018. "Job Ladder, Wages, and Prices," 2018 Meeting Papers 428, Society for Economic Dynamics.
• World Bank Group, 2017. "Iran Economic Monitor, Fall 2017," World Bank Publications - Reports 29440, The World Bank Group.
• William, Barnett & Qing, Han & Jianbo, Zhang, 2018. "Monetary Services Aggregation under Uncertainty: A Behavioral Economics Extension Using Choquet Expectation," MPRA Paper 88261, University Library of Munich, Germany.
• Ozlem Omer, 2018. "Equilibrium-Disequilibrium Dynamics of the US Housing Market, 2000-2015: A Quantal Response Statistical Equilibrium Approach," Working Papers 1809, New School for Social Research, Department of Economics.
• Philippe Bacchetta, 2017. "The Sovereign Money Initiative in Switzerland: An Assessment," Swiss Finance Institute Research Paper Series 17-25, Swiss Finance Institute.
• International Monetary Fund, 2018. "Mongolia; Fourth Review under the Extended Fund Facility Arrangement and Request for Modification of Performance Criteria – Press Release; Staff Report; Staff Statement; and Statement by the Executive," IMF Staff Country Reports 18/204, International Monetary Fund.
• Richard Senner & Didier Sornette, 2017. "A Sovereign Wealth Fund for Switzerland," Swiss Finance Institute Research Paper Series 17-24, Swiss Finance Institute.
• Daniel A. Dias, 2018. "Every cloud has a silver lining: micro-level evidence on the cleansing effects of the portuguese financial crisis," Working Papers w201818, Banco de Portugal, Economics and Research Department.
• Tatsuro Senga & Iacopo Varotto, 2018. "Idiosyncratic shocks and the role of granularity in business cycle," 2018 Meeting Papers 1012, Society for Economic Dynamics.
• International Monetary Fund, 2018. "Seychelles; First Review under the Policy Coordination Instrument and Request for Modification of Targets - Press Release; Staff Report," IMF Staff Country Reports 18/196, International Monetary Fund.
• International Monetary Fund, 2018. "The Gambia; Second Review Under the Staff-Monitored Program - Press Release and Staff Report for The Gambia," IMF Staff Country Reports 18/197, International Monetary Fund.
• Spencer G. Lyon & Michael E. Waugh, 2018. "Redistributing the Gains From Trade Through Progressive Taxation," NBER Working Papers 24784, National Bureau of Economic Research, Inc.
• Fafchamps, Marcel & Davies, Elwyn, 2018. "When No Bad Deed Goes Punished: Relational Contracting in Ghana and the UK," CEPR Discussion Papers 13057, C.E.P.R. Discussion Papers.
• Doireann Fitzgerald & Anthony Priolo, 2018. "How Do Firms Build Market Share?," NBER Working Papers 24794, National Bureau of Economic Research, Inc.
• Christoph Albert & Andrea Caggese, 2018. "Financial Frictions, Cyclical Fluctuations and the Innovative Nature of New Firms," 2018 Meeting Papers 815, Society for Economic Dynamics.
• Per Östberg & Thomas Richter, 2017. "The Sovereign Debt Crisis: Rebalancing or Freezes?," Swiss Finance Institute Research Paper Series 17-32, Swiss Finance Institute.
• Mandal, Biswajit & Roy, Sangita, 2018. "Inflow of Educational Capital, Intermediation and Informal Sector," MPRA Paper 87461, University Library of Munich, Germany.
• Andreas Fuster & Ricardo Perez-Truglia & Mirko Wiederholt & Basit Zafar, 2018. "Expectations with Endogenous Information Acquisition: An Experimental Investigation," NBER Working Papers 24767, National Bureau of Economic Research, Inc.
• Djimoudjiel, Djekonbe, 2018. "Normes prudentielles et risques bancaires : une analyse économétrique des implications sur la structure du marché bancaire dans la CEMAC [Prudential Standards and Banking Risks: An Econometric Anal," MPRA Paper 88411, University Library of Munich, Germany.
• Germán Gutiérrez & Thomas Philippon, 2018. "How European Markets Became Free: A Study of Institutional Drift," NBER Working Papers 24700, National Bureau of Economic Research, Inc.
• Massimiliano Affinito & Matteo Piazza, 2018. "Always look on the bright side? Central counterparties and interbank markets during the financial crisis," Temi di discussione (Economic working papers) 1181, Bank of Italy, Economic Research and International Relations Area.
• Ferrando, Annalisa & Wolski, Marcin, 2018. "Investment of financially distressed firms: The role of trade credit," EIB Working Papers 2018/04, European Investment Bank (EIB).