Meta tags:
description=5 posts published by Christian Zimmermann during May 2021;

Headings (most frequently used words):

the, of, nep, and, on, dge, blog, for, follow, macroeconomic, effects, carbon, tax, to, meet, paris, agreement, target, role, firm, creation, technology, adoption, trade, credit, sectoral, comovement, during, great, recession, doves, rich, hawks, poor, distributional, consequences, systematic, monetary, policy, should, we, revive, payg, optimal, pension, system, in, view, current, economic, trends, collateral, framework, liquidity, premia, multiple, equilibria, me, twitter, blogs, blogroll, subscribe, via, email, recent, comments, latest, papers, archives, meta,

Text of the page (most frequently used words):
the (78), and (56), may (21), 2021 (20), that (18), nep (16), september (14), october (14), november (14), december (14), january (14), dge (13), february (13), march (13), april (13), june (13), july (13), august (13), 2012 (13), 2010 (12), 2011 (12), 2013 (12), 2014 (12), 2015 (12), 2016 (12), 2017 (12), 2018 (12), 2019 (12), 2020 (12), 2022 (12), policy (12), for (12), repec (12), credit (12), this (11), blog (11), with (10), trade (10), model (9), recession (9), carbon (8), endogenous (7), effects (7), tax (7), monetary (6), christian (6), zimmermann (6), are (6), output (6), labor (6), great (6), other (5), shocks (5), unemployment (5), posted (5), permalink (5), uncategorized (5), leave (5), comment (5), show (5), http (5), org (5), supply (5), sectoral (5), wordpress (4), com (4), 2009 (4), financial (4), firm (4), liquidity (4), countries (4), follow (4), email (4), economic (4), equilibrium (4), such (4), framework (4), system (4), optimal (4), payg (4), funding (4), market (4), about (4), same (4), comovement (4), during (4), design (3), log (3), subscribe (3), account (3), comments (3), feed (3), has (3), dsge (3), business (3), heterogeneous (3), wealth (3), new (3), debt (3), collateral (3), interesting (3), how (3), bank (3), can (3), increase (3), paper (3), pension (3), between (3), two (3), gradual (3), aspects (3), all (3), see (3), rich (3), systematic (3), income (3), adjustment (3), firms (3), inflation (3), centric (3), sectors (3), then (3), through (3), short (3), term (3), taxes (3), green (3), technology (3), adoption (3), consumption (3), site (2), view (2), sign (2), subscribed (2), have (2), join (2), 153 (2), subscribers (2), create (2), archives (2), latest (2), papers (2), crises (2), wage (2), inequality (2), cycle (2), constraints (2), crisis (2), propagation (2), self (2), reflexive (2), dynamics (2), job (2), capital (2), cost (2), loss (2), address (2), your (2), posts (2), rss (2), society (2), pay (2), dynamic (2), general (2), economics (2), you (2), bonds (2), thus (2), ecb (2), others (2), way (2), central (2), governments (2), rise (2), reduces (2), finance (2), external (2), multiple (2), equilibria (2), not (2), nice (2), shows (2), many (2), both (2), balance (2), made (2), transition (2), more (2), develop (2), three (2), models (2), role (2), political (2), analyze (2), impact (2), several (2), trends (2), decline (2), rate (2), average (2), volatility (2), increased (2), revive (2), current (2), stabilization (2), demand (2), because (2), idiosyncratic (2), poor (2), instead (2), one (2), highlight (2), households (2), was (2), shock (2), will (2), mechanism (2), any (2), outputs (2), these (2), when (2), banking (2), amplifies (2), generates (2), production (2), aggregate (2), our (2), force (2), participation (2), margins (2), creation (2), emissions (2), under (2), paris (2), agreement (2), long (2), expansion (2), get, started, like, collapse, bar, manage, subscriptions, reader, report, content, privacy, already, now, free, website, entries, meta, search, 2023, error, occurred, probably, down, try, again, later, lee, miller, alisher, tolepbergen, minimum, estimated, underreporting, winfried, koeniger, opportunity, across, generations, jake, bradley, worker, screening, joão, quelhas, fiscal, multipliers, nikos, fatouros, disaster, prone, developing, bouchaud, daniel, carroll, racial, gap, giulio, fella, ladder, human, recent, enter, receive, notifications, via, rbc, mailing, list, econacademics, aggregator, editor, calls, blogroll, cashless, opm, open, macroeconomics, ltv, poverty, int, international, his, history, ara, mena, middle, east, north, africa, blogs, tweets, twitter, currently, browsing, strong, case, here, european, union, stopping, deal, national, good, example, politics, getting, into, each, banks, normally, accept, their, own, operations, without, reservations, gives, valuable, premium, government, exception, respect, relies, assessments, creditworthiness, its, member, states, ratings, determine, eligibility, haircut, imposes, features, give, cliff, bond, yields, vulnerability, potentially, induce, sovereign, defaults, would, otherwise, arise, bsl, wpaper, yvan, lenwiler, athanasios, orphanides, premia, really, overview, literature, along, analysis, changes, fundamentals, change, used, pensions, although, principles, differs, lot, over, last, decades, analytical, includes, allowing, study, efficiency, redistributional, economy, subsequently, permanent, return, markets, growth, decreased, argue, revise, tiu, tiucen, 63418f60, e248, 4dc9, aac8, ffefd6da93a4, westerhout, lex, mijdam, eduard, ponds, jan, bonenkamp, should, back, first, authors, tackling, issue, progress, since, topic, relates, events, reported, build, keynesian, household, heterogeneity, affects, distribution, risks, funds, assets, matching, frictions, render, risk, markups, costs, mean, profitability, disagreement, pronounced, retired, tend, favor, targeting, working, class, favors, agent, alternatives, unanimous, disapproval, support, depends, setting, portfolio, ajk, ajkdps, 089, nils, gornemann, keith, kuester, makoto, nakajima, doves, hawks, distributional, consequences, characterized, large, common, suspect, pandemic, seems, play, initially, impacts, filters, sector, chain, disruptions, unlike, after, world, war, significantly, hand, measured, ratio, receivables, total, value, collapsed, larger, connected, multisector, occasionally, binding, explain, facts, reflects, intermediate, supplier, client, lending, conditions, asymmetric, serves, mitigation, able, substitute, loans, however, strongly, correlated, negative, sharp, observed, network, reduced, form, wedges, unable, generate, pattern, qld, uqmrg6, jorge, miranda, pinto, gang, zhang, does, entail, even, why, hard, sell, quantitative, pollution, externalities, incorporates, influenced, percent, roughly, reductions, required, biden, administration, commitment, transfers, revenue, mild, positive, run, marginal, rates, number, fraction, use, technologies, higher, accompanied, gains, negligible, critically, abstracting, from, entry, implies, substantial, adverse, findings, importance, comprehensive, assessment, ags, feemwp, 311095, alan, finkelstein, shapiro, gilbert, metcalf, macroeconomic, meet, target, home, discussion, research, theory,

Text of the page (random words):
may 2021 nep dge blog nep dge blog discussion about the latest research in dynamic general equilibrium theory home about the macroeconomic effects of a carbon tax to meet the u s paris agreement target the role of firm creation and technology adoption may 31 2021 by alan finkelstein shapiro and gilbert metcalf http d repec org n u repec ags feemwp 311095 r dge we analyze the quantitative labor market and aggregate effects of a carbon tax in a framework with pollution externalities and equilibrium unemployment our model incorporates endogenous labor force participation and two margins of adjustment influenced by carbon taxes firm creation and green production technology adoption a carbon tax policy that reduces carbon emissions by 35 percent roughly the emissions reductions that will be required under the biden administration s new commitment under the paris agreement and transfers the tax revenue to households generates mild positive long run effects on consumption and output a marginal increase in the unemployment and labor force participation rates and an expansion in the number and fraction of firms that use green technologies in the short term the adjustment to higher carbon taxes is accompanied by gradual gains in output and consumption and a negligible expansion in unemployment critically abstracting from endogenous firm entry and green technology adoption implies that the same policy has substantial adverse short and long term effects on labor income consumption and output our findings highlight the importance of these margins for a comprehensive assessment of the labor market and aggregate effects of carbon taxes interesting to see that a carbon tax does not entail any output loss even in the short term why is it then such a hard sell leave a comment uncategorized permalink posted by christian zimmermann trade credit and sectoral comovement during the great recession may 26 2021 by jorge miranda pinto and gang zhang http d repec org n u repec qld uqmrg6 47 r dge we show that unlike any other recession after world war ii sectoral output comovement significantly increased during the great recession on the other hand trade credit supply as measured by the ratio of account receivables to the total value of outputs collapsed during the great recession we show that sectoral comovement was larger for sectors connected through trade credit we then develop a multisector model with occasionally binding credit constraints and endogenous supply of trade credit to explain these facts the model shows that equilibrium trade credit reflects both the intermediate supplier s and client s bank lending conditions and thus has asymmetric effects on sectoral outputs when banking shocks are idiosyncratic trade credit serves as a mitigation mechanism as firms are able to substitute bank loans for trade credit however when banking shocks are strongly correlated trade credit amplifies the negative financial shock and generates the sharp increase in sectoral comovement observed during the great recession we show that production network models with reduced form wedges are unable to generate this pattern and that a model with endogenous trade credit amplifies the great recession in 18 the great recession was characterized by a large shock common to all sectors i suspect we will see the same with the pandemic recession the same mechanism seems at play a shocks initially impacts several sectors and it then filters to others sector through credit in one recession and through supply chain disruptions in the other leave a comment uncategorized permalink posted by christian zimmermann doves for the rich hawks for the poor distributional consequences of systematic monetary policy may 18 2021 by nils gornemann keith kuester and makoto nakajima http d repec org n u repec ajk ajkdps 089 r dge we build a new keynesian business cycle model with rich household heterogeneity in the model systematic monetary stabilization policy affects the distribution of income income risks and the demand for funds and supply of assets the demand because matching frictions render idiosyncratic labor market risk endogenous the supply because markups adjustment costs and the tax system mean that the average profitability of firms is endogenous disagreement about systematic monetary stabilization policy is pronounced the wealth rich or retired tend to favor inflation targeting the wealth poor working class instead favors unemployment centric policy one and two agent alternatives can show unanimous disapproval of inflation centric policy instead we highlight how the political support for inflation centric policy depends on wage setting the tax system and the portfolio that households have all the way back in 2012 i reported about a first paper by the same three authors tackling the issue of the heterogeneous impact of monetary policy it is nice to see all the progress made since on this topic and how it relates to current events leave a comment uncategorized permalink posted by christian zimmermann should we revive payg on the optimal pension system in view of current economic trends may 16 2021 by ed westerhout lex mijdam eduard ponds and jan bonenkamp http d repec org n u repec tiu tiucen 63418f60 e248 4dc9 aac8 ffefd6da93a4 r dge in many countries both pay as you go payg and funding are used to finance pensions although the balance between the two principles differs a lot between countries over the last decades many countries made a gradual transition to more funding in this paper we develop an analytical framework that includes three models of pension design allowing us to study the role of efficiency aspects redistributional aspects and political economy aspects we subsequently analyze the impact of several trends a permanent decline in the rate of return on financial markets a decline in the average rate of economic growth decreased output volatility and increased capital market volatility on the optimal balance between payg and funding we argue that it may be optimal to revise the gradual transition to more funding and to revive payg this paper is a really nice overview of the literature on pension system along with an interesting analysis that shows that optimal policy design changes as fundamentals change leave a comment uncategorized permalink posted by christian zimmermann collateral framework liquidity premia and multiple equilibria may 3 2021 by yvan lenwiler and athanasios orphanides http d repec org n u repec bsl wpaper 2021 06 r dge central banks normally accept debt of their own governments as collateral in liquidity operations without reservations this gives rise to a valuable liquidity premium that reduces the cost of government finance the ecb is an interesting exception in this respect it relies on external assessments of the creditworthiness of its member states such as credit ratings to determine eligibility and the haircut it imposes on such debt we show how such features in a central bank s collateral framework can give rise to cliff effects and multiple equilibria in bond yields and increase the vulnerability of governments to external shocks this can potentially induce sovereign debt crises and defaults that would not otherwise arise a strong case here for european union bonds and thus for the ecb stopping to deal with national bonds or a good example of politics and economics getting into each others way leave a comment uncategorized permalink posted by christian zimmermann you are currently browsing the nep dge blog blog archives for may 2021 follow me on twitter my tweets nep blogs nep ara economics of the mena middle east and north africa nep dge dynamic general equilibrium nep his business economic and financial history nep int international trade nep ltv unemployment inequality and poverty nep opm open macroeconomics nep pay the cashless society blogroll calls for papers christian zimmermann your editor econacademics blog aggregator nep nep dge mailing list qm rbc repec repec blog society for economic dynamics subscribe rss posts rss comments follow blog via email enter your email address to follow this blog and receive notifications of new posts by email email address follow join 153 other subscribers recent comments giulio fella on job ladder human capital and the cost of job loss daniel carroll on the dynamics of the racial wealth gap jp bouchaud on crisis propagation in a heterogeneous self reflexive dsge model m h on crisis propagation in a heterogeneous self reflexive dsge model nikos fatouros on monetary policy in disaster prone developing countries joão quelhas on liquidity constraints and fiscal multipliers jake bradley on worker firm screening and the business cycle winfried koeniger on opportunity and inequality across generations alisher tolepbergen on minimum wage shocks in an estimated dsge model with underreporting lee miller on monetary policy and endogenous financial crises latest papers on nep dge an error has occurred the feed is probably down try again later archives january 2023 4 december 2022 3 november 2022 4 october 2022 2 september 2022 2 august 2022 1 july 2022 2 june 2022 1 may 2022 3 april 2022 5 march 2022 7 february 2022 2 january 2022 2 december 2021 5 november 2021 5 october 2021 5 september 2021 5 august 2021 3 july 2021 1 june 2021 2 may 2021 5 april 2021 4 march 2021 5 february 2021 4 january 2021 4 december 2020 4 november 2020 4 october 2020 4 september 2020 4 august 2020 4 july 2020 3 june 2020 4 may 2020 4 april 2020 4 march 2020 5 february 2020 4 january 2020 4 december 2019 4 november 2019 4 october 2019 14 september 2019 4 august 2019 6 july 2019 2 june 2019 1 may 2019 4 april 2019 4 march 2019 7 february 2019 3 january 2019 2 december 2018 4 november 2018 3 october 2018 15 september 2018 3 august 2018 4 july 2018 3 june 2018 4 may 2018 5 april 2018 4 march 2018 4 february 2018 4 january 2018 3 december 2017 5 november 2017 5 october 2017 5 september 2017 7 august 2017 2 july 2017 5 june 2017 4 may 2017 5 april 2017 5 march 2017 4 february 2017 4 january 2017 5 december 2016 3 november 2016 6 october 2016 7 september 2016 1 august 2016 4 july 2016 6 june 2016 5 may 2016 4 april 2016 4 march 2016 7 february 2016 6 january 2016 3 december 2015 4 november 2015 5 october 2015 4 september 2015 7 august 2015 5 july 2015 7 june 2015 1 may 2015 6 april 2015 5 march 2015 5 february 2015 5 january 2015 5 december 2014 9 november 2014 4 october 2014 5 september 2014 5 august 2014 5 july 2014 5 june 2014 3 may 2014 7 april 2014 3 march 2014 4 february 2014 3 january 2014 5 december 2013 5 november 2013 5 october 2013 5 september 2013 6 august 2013 3 july 2013 6 june 2013 2 may 2013 5 april 2013 5 march 2013 6 february 2013 4 january 2013 6 december 2012 5 november 2012 4 october 2012 5 september 2012 4 august 2012 2 july 2012 6 june 2012 5 may 2012 6 april 2012 5 march 2012 3 february 2012 3 january 2012 3 december 2011 3 november 2011 5 october 2011 3 september 2011 3 august 2011 5 july 2011 4 june 2011 5 may 2011 4 april 2011 5 march 2011 4 february 2011 4 january 2011 5 december 2010 3 november 2010 4 october 2010 4 september 2010 3 august 2010 5 july 2010 3 june 2010 6 may 2010 4 april 2010 5 march 2010 5 february 2010 4 january 2010 3 december 2009 3 november 2009 5 october 2009 4 september 2009 2 search meta create account log in entries feed comments feed wordpress com create a free website or blog at wordpress com subscribe subscribed nep dge blog join 153 other subscribers sign me up already have a wordpress com account log in now privacy nep dge blog subscribe subscribed sign up log in report this content view site in reader manage subscriptions collapse this bar design a site like this with wordpress com get started