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Essays in Macroeconomics.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Essays in Macroeconomics./
作者:	Souchier, Martin Felix.
面頁冊數:	1 online resource (188 pages)
附註:	Source: Dissertations Abstracts International, Volume: 85-04, Section: A.
Contained By:	Dissertations Abstracts International85-04A.
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9798380482288

Essays in Macroeconomics.
Souchier, Martin Felix.

Essays in Macroeconomics. - 1 online resource (188 pages)

Source: Dissertations Abstracts International, Volume: 85-04, Section: A.

Thesis (Ph.D.)--Stanford University, 2023.

Includes bibliographical references

This thesis contains three chapters. The first chapter studies the cyclical competition for workers. Using French matched employer-employee data, I document that after positive firm-level productivity shocks, the wages of stayers rise and job-to-job transitions fall. However, after positive sectoral productivity shocks, wages rise significantly more and job-to-job transitions rise. To explain these differences, I build a model with dynamic wage contracts subject to two-sided limited commitment and imperfect information and in which sectoral productivity shocks generate cyclical competition for workers. After a positive firm-level shock, a firm increases its wages to reduce the quit rate of its workers. This increase is limited because workers are risk-averse and value insurance against shocks and because there is no increase in the cyclical competition from other firms. In contrast, after positive sectoral shocks, the cyclical competition for workers heats up and workers become more likely to switch jobs. In response, all firms increase their wages more aggressively to retain them. I find that firing costs play a new role when contracts are endogenous: by enhancing the commitment power of firms, they allow workers to receive more insurance against shocks.The second chapter, joint with Adrien Auclert, Matthew Rognlie, and Ludwig Straub, studies exchange rates and monetary policy in a New Keynesian model with Heterogeneous Agents (HANK). We argue that introducing heterogeneous households to a New Keynesian small open economy model amplifies the real income channel of exchange rates: the rise in import prices from a depreciation lowers households' real incomes, and leads them to cut back on spending. When the sum of import and export elasticities is one, this channel is offset by a larger Keynesian multiplier, heterogeneity is irrelevant, and expenditure switching drives the output response. With plausibly lower short-term elasticities, however, the real income channel dominates, and depreciation can be contractionary for output. This weakens monetary transmission and creates a dilemma for policymakers facing capital outflows. Delayed import price pass-through weakens the real income channel, while heterogeneous consumption baskets can strengthen it.The third chapter, joint with Aniket Baksy, evaluates the effects of 'Zombie lending', where banks lend to insolvent, unprofitable and unproductive firms, on aggregate consumption. We build a quantitative model in which banks lend to heterogeneous firms subject to a leverage constraint. Banks have private information on whether a given loan is in default, allowing them to refinance insolvent firms and delay their exit from the economy. Zombie lending thus allows banks to alleviate their leverage constraint but entails regulatory costs. In general equilibrium, this raises bank lending, but generates misallocation due to the survival of relatively unfit firms and less entry. We calibrate the model to Italian data and find that removing zombie firms increases consumption, meaning that the misallocation channel dominates the lending channel.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798380482288Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Essays in Macroeconomics.
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500 $a Source: Dissertations Abstracts International, Volume: 85-04, Section: A.
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502 $a Thesis (Ph.D.)--Stanford University, 2023.
504 $a Includes bibliographical references
520 $a This thesis contains three chapters. The first chapter studies the cyclical competition for workers. Using French matched employer-employee data, I document that after positive firm-level productivity shocks, the wages of stayers rise and job-to-job transitions fall. However, after positive sectoral productivity shocks, wages rise significantly more and job-to-job transitions rise. To explain these differences, I build a model with dynamic wage contracts subject to two-sided limited commitment and imperfect information and in which sectoral productivity shocks generate cyclical competition for workers. After a positive firm-level shock, a firm increases its wages to reduce the quit rate of its workers. This increase is limited because workers are risk-averse and value insurance against shocks and because there is no increase in the cyclical competition from other firms. In contrast, after positive sectoral shocks, the cyclical competition for workers heats up and workers become more likely to switch jobs. In response, all firms increase their wages more aggressively to retain them. I find that firing costs play a new role when contracts are endogenous: by enhancing the commitment power of firms, they allow workers to receive more insurance against shocks.The second chapter, joint with Adrien Auclert, Matthew Rognlie, and Ludwig Straub, studies exchange rates and monetary policy in a New Keynesian model with Heterogeneous Agents (HANK). We argue that introducing heterogeneous households to a New Keynesian small open economy model amplifies the real income channel of exchange rates: the rise in import prices from a depreciation lowers households' real incomes, and leads them to cut back on spending. When the sum of import and export elasticities is one, this channel is offset by a larger Keynesian multiplier, heterogeneity is irrelevant, and expenditure switching drives the output response. With plausibly lower short-term elasticities, however, the real income channel dominates, and depreciation can be contractionary for output. This weakens monetary transmission and creates a dilemma for policymakers facing capital outflows. Delayed import price pass-through weakens the real income channel, while heterogeneous consumption baskets can strengthen it.The third chapter, joint with Aniket Baksy, evaluates the effects of 'Zombie lending', where banks lend to insolvent, unprofitable and unproductive firms, on aggregate consumption. We build a quantitative model in which banks lend to heterogeneous firms subject to a leverage constraint. Banks have private information on whether a given loan is in default, allowing them to refinance insolvent firms and delay their exit from the economy. Zombie lending thus allows banks to alleviate their leverage constraint but entails regulatory costs. In general equilibrium, this raises bank lending, but generates misallocation due to the survival of relatively unfit firms and less entry. We calibrate the model to Italian data and find that removing zombie firms increases consumption, meaning that the misallocation channel dominates the lending channel.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
650 4 $a Tenure. $3 1465604
655 7 $a Electronic books. $2 local $3 554714
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690 $a 0510
710 2 $a Stanford University. $3 1184533
710 2 $a ProQuest Information and Learning Co. $3 1178819
773 0 $t Dissertations Abstracts International $g 85-04A.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30615146 $z click for full text (PQDT)