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Optimal Price Indices for Targeting Inflation Under Incomplete Markets

Anand, Rahul - 2010

In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. In this paper, we develop a two-sector two-good closed economy new Keynesian model to study the optimal choice of price index in markets with...

Persistent link: https://www.econbiz.de/10013139035

Credit Constraints and Productive Entrepreneurship in Africa

Baliamoune-Lutz, Mina - 2011

that can be used as collateral. This paper presents a model where firm creation and growth hinge on matching potential … entrepreneurs with productive technologies, while firm growth depends on acquired capital. The shortage of collateral creates a ….g., the depth of credit information and the strength of legal rights pertaining to collateral and bankruptcy) would stimulate …

Persistent link: https://www.econbiz.de/10013117196

Causal Effects of Monetary Shocks : Semiparametric Conditional Independence Tests with a Multinomial Propensity Score

Angrist, Joshua D.; Kuersteiner, Guido M. - 2021

Macroeconomists have long been concerned with the causal effects of monetary policy. When the identification of causal effects is based on a selection-on-observables assumption, non-causality amounts to the conditional independence of outcomes and policy changes. This paper develops a...

Persistent link: https://www.econbiz.de/10013325071

Monetary Persistence, Imperfect Competition, and Staggering Complementarities

Merkl, Christian; Snower, Dennis J. - 2021

This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are complementary in generating monetary persistence. We do so by proposing the new measure of quantitative inertia, after discussing...

Persistent link: https://www.econbiz.de/10013316832

Why Have Lending Programs Targeting Disadvantaged Small-Business Borrowers Achieved so Little Success in the United States?

Bates, Timothy Mason - 2010

Small business lending programs designed to move disadvantaged low-income people into business ownership have been difficult to implement successfully in the U.S. context. Based in part on the premise that financing requirements are an entry barrier limiting the ability of aspiring entrepreneurs...

Persistent link: https://www.econbiz.de/10013137555

Heterogeneous Effects of Credit Constraints on Smes' Employment : Evidence from the Great Recession

Cornille, David - 2018

This paper takes advantage of access to detailed matched bank-firm data to investigate whether and how employment decisions of SMEs have been affected by credit constraints in the wake of the Great Recession. Variability in banks' financial health following the 2008 crisis is used as an...

Persistent link: https://www.econbiz.de/10012929109

The Economic Effects of COVID-19 and Credit Constraints : Evidence from Italian Firms' Expectations and Plans

Balduzzi, Pierluigi - 2020

We investigate the economic effects of the COVID-19 pandemic and the role played by credit constraints in the transmission mechanism, using a novel survey of expectations and plans of Italian firms, taken just before and after the outbreak. Most firms revise downward their expectations for...

Persistent link: https://www.econbiz.de/10012824428

Financial Constraints and Girls' Secondary Education : Evidence from School Fee Elimination in the Gambia

Blimpo, Moussa P. - 2015

We assess the impact of large-scale fee elimination for secondary school girls in The Gambia on the quantity, composition, and achievement of students. The gradual rollout of the program across geographic regions provides identifying variation in the policy. The program increased access to...

Persistent link: https://www.econbiz.de/10013016366

Financial Constraints and Innovation : Why Poor Countries Don't Catch Up

Gorodnichenko, Yuriy - 2015

This paper examines micro-level channels of how financial development can affect macroeconomic outcomes like the level of income and export intensity. We investigate theoretically and empirically how financial constraints affect a firm's innovation and export activities, using unique firm survey...

Persistent link: https://www.econbiz.de/10013039087

Estimating Labor-Supply Elasticities with Joint Borrowing Constraints of Couples

Bredemeier, Christian - 2016

Estimates of Frisch labor-supply elasticities are biased in the presence of borrowing constraints. We show that this estimation bias is less pronounced for secondary than for primary earners. The reason is that, in households with two earners and joint borrowing constraints, wage-rate...

Persistent link: https://www.econbiz.de/10012981501