12 Works

Monetary Policy and Redistribution in Open Economies

Xing Guo, Pablo Ottonello & Diego J. Perez
Globalization has not integrated households equally into the international goods and financial markets. Because of this uneven international integration, external shocks to the economy can have different impacts across households. How does monetary policy influence these effects? We build a model of a small open economy featuring uneven international integration across households. Then we analyze the difference between a floating exchange rate regime and a fixed exchange rate regime to study the distributional effects of...

Family physician services and blood pressure control in China: A population-based retrospective cohort study

Rize Jing, Karen Eggleston, Xiaozhen Lai & Hai Fang
ObjectiveGiven the importance of continuous family physician (FP) care in the management of hypertension, we explored the effects of such care among hypertensive patients in China, a country where such care is generally underutilized. We examined the longitudinal association between the use and continuity of FP services and health outcomes including blood pressure (BP) control rate, systolic blood pressure (SBP), and diastolic blood pressure (DBP).MethodsWe conducted a population-based cohort study using data from the retrospective...

Accounting for Real Exchange Rates Using Micro‐Data

Mario J. Crucini & Anthony Landry
The classical dichotomy predicts that all of the time-series variance in the aggregate real exchange rate is accounted for by non-traded goods in the consumer price index (CPI) basket because traded goods obey the Law of One Price. In stark contrast, Engel (1999) claimed the opposite: that traded goods accounted for all of the variance. Using micro-data and recognizing that final good prices include both the cost of the goods themselves and local, non-traded inputs...

Fiscal Policy in the Age of COVID-19: Does It “Get in All of the Cracks”?

Pierre-Olivier Gourinchas, Şebnem Kalemli-Özcan, Veronika Penciakova & Nicholas Sander
The COVID-19 pandemic caused an uncommon recession that required uniquely large and often novel fiscal responses. Government-imposed lockdowns created severe supply bottlenecks in some sectors of the economy, and physical distancing led to dramatic changes in patterns of consumer spending. Some sectors of the economy—such as online retail—benefited, while many others—such as restaurants and travel—struggled to deal with losses of customers and the constraints of lockdowns and remote work. In reaction to this, many governments...

On What States Do Prices Depend? Answers from Ecuador

Craig Benedict, Mario J. Crucini & Anthony Landry
In this paper, we argue that differences in the cost structures across sectors play an important role in firms’ decisions to adjust their prices. We develop a menu-cost model of pricing in which retail firms intermediate trade between producers and consumers. An important facet of our analysis is that the labor-cost share of retail production differs across goods and services in the consumption basket. For example, the price of gasoline at the retail pump is...

Stagflation and Topsy-Turvy Capital Flows

Julien Bengui & Louphou Coulibaly
Are unregulated capital flows excessive during a stagflation episode? We argue that they likely are, owing to a macroeconomic externality operating through the economy’s supply side. Inflows raise domestic wages through a wealth effect on labor supply and cause unwelcome upward pressure on marginal costs in countries where monetary policy is trying to drive down costs to stabilize inflation. Yet market forces are likely to generate such inflows. Optimal capital flow management instead requires net...

Supplemental Material - Family physician services and blood pressure control in China: A population-based retrospective cohort study

Rize Jing, Karen Eggleston, Xiaozhen Lai & Hai Fang
Supplemental Material for Family physician services and blood pressure control in China: A population-based retrospective cohort study by Rize Jing, Karen Eggleston, Xiaozhen Lai, and Hai Fang in Journal of Health Services Research & Policy

Analyzing Default Risk and Liquidity Demand during a Financial Crisis: The Case of Canada

Jason Allen, Ali Hortaçsu & Jakub Kastl
This paper explores the reliability of using prices of credit default swap contracts (CDS) as indicators of default probabilities during the 2007/2008 financial crisis. We use data from the Canadian financial system to show that these publicly available risk measures, while indicative of initial problems of the financial system as a whole, do not seem to correspond to risks implied by the cross-sectional heterogeneity in bank behavior in short-term lending markets. Strategies in, and reliance...

Systematic Risk, Debt Maturity and the Term Structure of Credit Spreads

Hui Chen, Yu Xu & Jun Yang
We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as well as their joint impact on the term structure of credit spreads. Our model allows for time variation and lumpiness in the maturity structure. Relative to short-term debt, long-term debt is less prone to rollover risks, but its illiquidity raises the costs of financing. The risk premium embedded in the bankruptcy costs causes firms with high...

Supplemental Material - Family physician services and blood pressure control in China: A population-based retrospective cohort study

Rize Jing, Karen Eggleston, Xiaozhen Lai & Hai Fang
Supplemental Material for Family physician services and blood pressure control in China: A population-based retrospective cohort study by Rize Jing, Karen Eggleston, Xiaozhen Lai, and Hai Fang in Journal of Health Services Research & Policy

Family physician services and blood pressure control in China: A population-based retrospective cohort study

Rize Jing, Karen Eggleston, Xiaozhen Lai & Hai Fang
ObjectiveGiven the importance of continuous family physician (FP) care in the management of hypertension, we explored the effects of such care among hypertensive patients in China, a country where such care is generally underutilized. We examined the longitudinal association between the use and continuity of FP services and health outcomes including blood pressure (BP) control rate, systolic blood pressure (SBP), and diastolic blood pressure (DBP).MethodsWe conducted a population-based cohort study using data from the retrospective...

Stress Relief? Funding Structures and Resilience to the Covid Shock

Kristin Forbes, Christian Friedrich & Dennis Reinhardt
This paper explores whether different funding structures—including the source, instrument, currency, and counterparty location of funding—affected the extent of financial stress experienced in various countries and sectors during the Covid-19 spread in early 2020. We measure financial stress using a new dataset on changes in credit default swap spreads for sovereigns, banks, and corporates. Then we use country-sector and country-sector-time panels to assess if these different funding structures mitigated—or amplified—the impact of this risk-off shock....

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Affiliations

  • National Bureau of Economic Research
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  • Bank of Canada
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  • Stanford University
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  • Shanghai Jiao Tong University
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  • Peking University
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  • University of Oxford
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  • Center for Economic and Policy Research
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  • Vanderbilt University
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  • Massachusetts Institute of Technology
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  • State University of New York at Oswego
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