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Short-Term Planning, Monetary Policy, and Macroeconomic Persistence

By Christopher Gust, Edward Herbst, and David López-Salido

American Economic Journal: Macroeconomics, October 2022

We estimate a behavioral New Keynesian (NK) model in which households and firms plan over a finite horizon. The finite-horizon planning (FHP) model outperforms rational expectations versions of the NK model as well as other behavioral NK models. In the FH...

www.aeaweb.org/articles?id=10.1257/mac.20200058

Monetary Policy and Liquidity Constraints: Evidence from the Euro Area

By Mattias Almgren, José-Elías Gallegos, John Kramer, and Ricardo Lima

American Economic Journal: Macroeconomics, October 2022

We quantify the relationship between the response of output to monetary policy shocks and the share of liquidity-constrained households. We do so in the context of the euro area, using a Local Projections Instrumental Variables estimation. We construct an...

www.aeaweb.org/articles?id=10.1257/mac.20200096

How Wage Announcements Affect Job Search—A Field Experiment

By Michèle Belot, Philipp Kircher, and Paul Muller

American Economic Journal: Macroeconomics, October 2022

In a field experiment, we study how job seekers respond to posted wages by assigning wages randomly to pairs of otherwise similar vacancies in a large number of professions. Higher wages attract significantly more interest. Still, a nontrivial number of a...

www.aeaweb.org/articles?id=10.1257/mac.20200116

Neo-Fisherian Policies and Liquidity Traps

By Florin O. Bilbiie

American Economic Journal: Macroeconomics, October 2022

Liquidity traps can be either fundamental or confidence-driven. In a simple, unified New Keynesian framework, I provide the analytical condition for the latter's prevalence: enough shock persistence and endogenous intertemporal amplification of future ("n...

www.aeaweb.org/articles?id=10.1257/mac.20200119

Population Aging and Structural Transformation

By Javier Cravino, Andrei Levchenko, and Marco Rojas

American Economic Journal: Macroeconomics, October 2022

We quantify the role of population aging in the structural transformation process. Household-level data from the United States show that the fraction of expenditures devoted to services increases with household age. We use a shift-share decomposition and ...

www.aeaweb.org/articles?id=10.1257/mac.20200371

ASSA Webcast Flash Drive Archives

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The Rise and Fall of Local Elections in China

By Monica Martinez-Bravo, Gerard Padró i Miquel, Nancy Qian, and Yang Yao

American Economic Review, September 2022

We posit that autocrats introduce local elections when their bureaucratic capacity is low. Local elections exploit citizens' informational advantage in keeping local officials accountable, but they also weaken vertical control. As bureaucratic capacity ...

www.aeaweb.org/articles?id=10.1257/aer.20181249