Christian Zimmermann's research while affiliated with Federal Reserve Bank of St. Louis and other places

Publications (62)

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This article studies loan activity in a context where banks have to follow Basel Accord–type rules and find financing with the households. Loan activity typically decreases when investment returns of entrepreneurs decline, and we study which type of policy could invigorate an economy in a trough. The authors find that an active monetary policy incr...
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In this paper we compare the welfare effects of unemployment insurance (UI) with a universal basic income (UBI) system in an economy with idiosyncratic shocks to employment. Both policies provide a safety net in the face of idiosyncratic shocks. While the unemployment insurance program should do a better job at protecting the unemployed, it suffers...
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This article describes the data collection and use of data for the computation of rankings within RePEc (Research Papers in Economics). This encompasses the determination of impact factors for journals and working paper series, as well as the ranking of authors, institutions, and geographic regions. The various ranking methods are also compared, us...
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We study the impact of loan regulation in rural India on child labor with an overlapping-generations model of formal and informal lending, human capital accumulation, adverse selection, and differentiated risk types. Specifically, we build a model economy that replicates the current outcome with a loan rate cap and no lender discrimination by risk...
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This paper studies loan activity in a context where banks must follow Basel Accord-type rules and acquire financing from households. Loan activity typically decreases when entrepreneurs’ investment returns decline, and we study which type of policy could revigorate an economy in a trough. We find that active monetary policy increases loan volume ev...
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How will global climate change affect the prevalence of tropical diseases? In general, warmer temperatures will expand the areas in which these diseases are endemic. However, if households can take actions to protect themselves from disease—such as purchasing bednets or insecticidal sprays—then economic factors may greatly mitigate the effects of c...
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Identifying authorship correctly and efficiently is a difficult problem when the literature is abundant, but poorly recorded. Homonyms are tedious to differentiate. This paper describes how the field of economics has organized itself with respect to author identification. We describe the RePEc project with a special emphasis on the RePEc Author Ser...
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Traditionally, the literature on financial intermediation and credit channels, especially credit crunches, emphasized the relation between banks and entrepreneurs requiring credit, neglect-ing the funding of banks. With this paper, we want to be much more precise in this respect and study the impact of funding on credit. Indeed, regulation that has...
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Publishing articles on the economics involves long time frames of up to several years, from submission to publication. Consequently, journal contents tend to lag behind what is happening on the research frontier. The most usual sources of information on frontier research are conferences and « working papers », which are photocopied documents that c...
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In previous work, Pallage and Zimmermann (2010) document how an Unemployment Account system dominates an Unemployment Insurance system in many circumstances for a labor market like in the US if it is optimized. This paper reevaluates this in the context of a labor market with higher average unemployment rates and durations, using a heterogeneous DS...
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Unemployment insurance programs are standard mechanisms by which governments protect their constituencies from the consequences of becoming unemployed. Since workers are averse to fluctuations in income, they typically welcome having such a safety net. Most unemployment insurance programs imply temporary allowances that represent a fraction of past...
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This paper provides a survey on studies that analyze the macroeconomic effects of intellectual property rights (IPR). The first part of this paper introduces different patent policy instruments and reviews their effects on R&D and economic growth. This part also discusses the distortionary effects and distributional consequences of IPR protection a...
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This paper uses a heterogeneous agent model with liquidity constrained workers subject to employment shocks to study the feasibility of a system of unemployment accounts with the example of Oregon under various moral hazard scenarios. We determine the optimal policy parameter vector and compare outcomes with (optimal) unemployment insurance and sel...
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Article 22 of the 1948 Universal Declaration of Human Rights and Article 9 of the International Covenant on Economic, Social and Cultural Rights (ICESCR) require that parties recognize the right to social security, including social insurance. Realization of the right to social security is also a fundamental part of the mandate of the International...
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This special issue of Economic Analysis and Policy is devoted to try and understand the academic publishing industry and in particular the recent move towards open access, as EAP has done in 2008. The various articles examine the motivations, the challenges and the roadblocks for authors, editors, publishers, libraries and readers. It also highligh...
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As many as one million deaths annually are attributed to malaria, a parasitic disease transmitted by mosquitoes. The heaviest burdens of malaria are found in poor tropical countries, where medical systems are often ill-equipped to treat the sick, and where public health programs may lack the resources for effective and sustainable campaigns of prev...
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The goal of this paper is to establish if unemployment insurance policies are more generous in Europe than in the United States, and by how much. We take the examples of France and one particular American state, Ohio, and use the methodology of Pallage, Scruggs and Zimmermann (2008) to find a unique parameter value for each region that fully charac...
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Unemployment insurance policies are multidimensional objects, with variable waiting periods, eligibility duration, benefit levels, and asset tests, making intertemporal or international comparisons very difficult. Furthermore, labor market conditions, such as the likelihood and duration of unemployment, matter when assessing the generosity of diffe...
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This note shows that the assumptions about the abatement technology modify the impact of the environmental taxation on the long-run growth driven by human capital accumulation � la Lucas (1988), when lifetime is finite. Whereas no impact of the environmental policy on long-run growth is found when pollution originates from final output and abatemen...
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This documents describes the data collection and use for the computation of rankings within RePEc (Research Papers in Economics). This encompasses the determination of impact factors for journals and working paper series, as well as the ranking of authors, institutions and geographic regions. The various ranking methods are also compared, using a s...
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In this paper, we study the citation decision of a scientific author. By citing a related work, authors can make their arguments more persuasive. We call this the correlation effect. But if authors cite other work, they may give the impression that they think the cited work is more competent than theirs. We call this the reputation effect. These tw...
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In this paper we view child labor as a negative externality exerted by some poor countries on richer nations. We inquire into the feasibility of international transfers as a way of addressing this externality. We build a two-country growth model with human capital and child labor. We then calibrate our model to the United States and a poor country,...
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The Canadian unemployment insurance program is designed to reflect the varying risk of joblessness across regions. Regions that are considered low-risk areas subsidize higher risk ones. A region's risk is typically proxied by its relative unemployment rate. We use a dynamic, heterogeneous-agent model calibrated to Canada to analyze voters preferenc...
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Through marriage, individuals can share some risks that would otherwise be uninsurable. In this paper, we ask how much idiosyncratic income risk can be diversified away through marriage contracts alone versus how much risk there remains for public unemployment insurance programs to alleviate. We tackle this question in a dynamic general equilibrium...
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We investigate the key differences in the distributions of European, Canadian and US labor forces to explain cross-country differences in unemployment insurance generosity in a dynamic model with indivisible labor and with constraints on borrowing. Agents differ in education leading to country-specific differences in employment probabilities and in...
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In this paper, we discuss the provision of bibliographic data as an extension of the open source concept. Our particular concern is the sustainability of such endeavors. We describe the RePEc (Research Papers in Economics) project, probably the largest "open source" bibliographic database. It demonstrates that open-source bibliographic data collect...
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This paper examines the role of housing decisions on business cycles fluctuations. We use an overlapping generation model where to acquire a house whose services are an argument in the utility function households have to save for a down payment and make a long term financial committment. Because of the indivisibility of housing, households buy "too...
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In this paper, we introduce a dynamic general equilibrium model with numerous and heterogeneous investment projects and endogenous occupational choice to study a credit crunch. Asset accumulation of assets by households as they face various employment and return risks over a long lifetime determines whether they are entrepreneurs or workers. The or...
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Modern business cycle theory involves developing models that explain stylized facts. For this strategy to be successful, these facts should be well established. In this paper, we focus on the stylized facts of international business cycles. We use the generalized method of moments and quarterly data from twenty industrialized countries to estimate...
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Standard multi-country models do not replicate important features of the international transmission of business cycles, predicting cross-country correlations of output and consumption which are, respectively, too low and too high. In this paper we modify the supply side of a two-country model by adding multiple sectors and trade in intermediate goo...
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This paper examines the efficiency of the Canadian treasury bill market as measured by the performance of the expectations model of the term structure of interest rates. In particular, market efficiency is shown to depend upon certain institutional features of the treasury bill auction process. Building on past work by B. Campbell and J.W. Galbrait...
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In this article, we ask heterogeneous agents in a dynamic general equilibrium economy to vote on the generosity of their unemployment insurance program. We observe the influence on their vote of (1) moral hazard, (2) private alternatives, and (3) changes in employment status. Agents differ in skills, employment probabilities, income prospects, and...
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Forecasting at business cycle frequencies is traditionally done with statistically estimated econometric models. This paper takes a different approach, using a calibrated dynamic general equilibrium model in line with the real business cycle literature. First attempts by others have not proved very successful, most probably because the structure of...
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Japan has gone through a long period of stagnation in the 1990s. We use a model of financial intermediation and endogenous occupational choice to understand this stagnation. In this model, investment projects are partly financed by loans and banks screen candidates by looking at their wealth. Due to various idiosyncratic risks, total wealth is hete...
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Modern Business cycle theory involves developing models that explain stylized facts. For this strategy to be success, these facts should be we established. In this paper, we focus on the stylized facts of international business cycles.
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: In this paper, we introduce a dynamic general equilibrium model with numerous and heterogeneous investment projects and endogenous occupational choice to study a credit crunch. The investment decision is determined through the occupational choice of households which is driven by the endogenous accumulation of assets as they face various employmen...
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This paper studies a credit crunch in a dynamic general equilibrium model economy with numerous and heterogeneous investment projects. Banks provide loans to endogenously arising entrepreneurs and deposit to the rest of the population. The credit crunch is caused by conservative lending policies during periods of financial duress and reduced profit...
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This survey covers the major methods used to forecast interest rates. The theoretical underpinings are presented and discussed in the perspective of forecast accuracy using results published in the literature. A basic review of interest rate modeling is also provided. Ce survol couvre les principales méthodes utilisées pour prévoir des raux d'inté...
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In this paper, we investigate whether the different distributions of European, Canadian and US labor forces may explain their differences in unemployment insurance generosity and attitude towards moral hazard. We do so within a dynamic general equilibrium model with indivisible labor and borrowing constraints. Agents differ in their educational att...
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Dans ce texte, nous nous penchons sur la question du chômage et de sa provenance. Notre réflexion nous amène à considérer le chômage essentiellement comme l'effet de l'adaptation de comportements individuels à une série de règles sociales. Une assurance chômage peut s'avérer utile, encore faut-il qu'elle soit choisie en tenant compte des effets dis...
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Models of international real business cycles are not able to account for the high volatility of exports, imports, the trade balance, and the terms of trade. By introducing exogenous exchange rate movements in addition to standard technological shocks, the model presented here comes much closer to replicating the relatively high volatility observed...
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In this paper, we show that in a dynamic general equilibrium economy, the presence of moral hazard need not induce large cuts in optimal unemployment insurance benefits when agents are asked to vote on these benefits. We find that it takes a quite large proportion of "shirkers" to bend the generosity of the unemployment insurance program desired by...
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Multi-country models have not been very successful in replicating important features of the international transmission of business cycles. This paper extends previous work by introducing multiple sectors and traded intermediate inputs. Trade in intermediate goods represents approximately 60% of total trade and could significantly affect the main fe...
Article
Full-text available
In this paper, we show that in a dynamic general equilibrium economy, the presence of moral hazard need not induce large cuts in optimal unemployment insurance benefits. We find that it takes a quite large proportion of "shirkers" to bend the generosity of the optimal unemployment insurance program. This result stands in sharp contrast to the extan...
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The authors propose a procedure for representing a time series of a smoothly varying trend component and a cyclical component. They document the nature of the comovements of the cyclical components of a variety of macroeconomic time series. The authors find that comovements are very different than the corresponding comovements of the slowly varying...
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Business cycle statistics differ widely across countries for some aggregates, especially for trade-related variables. Part of these variations relates to the size of the economies and to their distance from each other. This paper asks whether a three-country model is able to display the marked diversity of business cycle statistics observed across...
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Are business cycles different according to the exchange rate regime? Baxter & Stockman (1989) have inconclusive results. We reinvestigate this question with more recent data and a different methodology and find evidence, for some aggregates, that their business cycle behavior has changed. We then try to replicate this change with an international r...
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This is a non comprehensive list of references on economic fluctuations, with a special focus on real business cycle models and similar models. This bibliography is regularly updated and downloadable in various formats. Ce document comprend une liste importante, quoique incompl�te, de r�f�rences concernant les fluctuations �conomiques, avec une at...
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Using quarterly national accounts for 19 industrialized economies, the business cycle behavior of trade related aggregates and prices is assessed. Emphasis is put on the distinction between small, relatively open, and large, relatively closed, economies. Comparing those facts with the computational experiments of international real business cycle m...

Citations

... More tightly regulations, checking, confinements, solid supervision, more capital, and new reforms positively affect effectiveness. Berka and Zimmermann (2018) assessed the impact of the Basel Accord on financial intermediation. They found that a monetary policy approach increments credit volume indeed when the economy is in great shape. ...
... This study replicates the model developed by Mahmood et al. (2019) by replicates the verification and disconfirmation functions of the research carried out by Muma (1993). Furthermore, studies conducted by Zimmermann (2015) and Muma (1993) had relatively small sample sizes to help broaden the generalizability of entrepreneurial intentions in Indonesia. Moreover, one main principle of the scientific method is the necessity of replicating research (Aim & Reed, 2015). ...
... The demonstrated approach to make a research information system semantically enrichable is based on the following background: a) the CERIF Semantics [4]; b) the web annotation and the open annotation specifications 1 from W3C; c) taxonomy of scientific relationships which can exist between research information objects [12,13,14]; d) the specification of registered authors with their personal profiles linked with their publications [8]. ...
... In this section, the methods from Section I are applied to the ranking of universities by impact factors, using data on 662,604 articles by 40,496 authors which were deposited on RePEc (Zimmermann, 2013) in July 2021. We remove authors whose affiliation is missing or who have multiple affiliations, but did not specify weights for them. ...
... Perlindungan sosial juga menjadi masalah utama di forum internasional. Tema sentral pada KTT Dunia untuk Pembangunan Sosial yang diadakan di Kopenhagen pada tahun 1995, bahwa semua negara berkomitmen untuk mengembangkan dan menerapkan kebijakan untuk memastikan, bahwa semua orang memiliki perlindungan ekonomi dan sosial yang memadai selama pengangguran, gangguan kesehatan, persalinan, membesarkan anak, menjanda, cacat dan usia lanjut (Garcia & Gruat, 2003;Chemmenche, 2016;Scruggs, Zimmermann, & Jeffords, 2019). ...
... Tutto ciò induce a mettere in discussione l'attuale sistema di welfare, incentrato sullo status occupazionale e non sulla persona, e a prendere in considerazione, fosse anche per dimostrarne l'inefficacia e la inadeguatezza, forme di sostegno al reddito di tipo assistenziale e non solo sistemi assicurativi di tutela del reddito -ad esempio il reddito minimo garantito volto ad assicurare la sussistenza dell'individuo (Spattini, 2012, pp. 18-20), il c.d. universal basic income (Van Parijs, 2004;Fabre, Pallage, Zimmermann, 2014) o anche un reddito vincolato alla ricollocazione, da utilizzare per corsi di formazione in grado di riportare il lavoratore che ha perso l'occupazione nel mercato del lavoro. Verso una tutela della persona sembra andare la misura del reddito di cittadinanza su cui, tuttavia, si riscontrano non poche criticità, legate in particolare all'effettività della condizionalità del beneficio economico (Marocco, Spattini, 2019). ...
... Some countries, such as Chile and Brazil, have begun to experiment with such new forms of unemployment insurance, which we will call Unemployment Accounts (UA). The idea is simple: If contributing to the common pool makes some people want to shirk, why not consider a system in which individual workers contribute to a personal account (an unemployment account) from which they can withdraw only when they are jobless or upon retirement (Feldstein & Altman, 1998;Orszag & Snower, 2002;Pallage & Zimmermann, 2009)? This certainly would eliminate the problem of moral hazard, since agents would be solely responsible for their accounts. ...
... The use of CRIS-CERIF guarantees that enrichment data created at one RIS can be easily moved, visualized and re-used outside the originating information system at other RIS or at an Institutional Repository (IR). The demonstrated approach to make a research information system semantically enrichable is based on the following background: a) the CERIF Semantics [4]; b) the web annotation and the open annotation specifications 1 from W3C; c) taxonomy of scientific relationships which can exist between research information objects [12, 13, 14]; d) the specification of registered authors with their personal profiles linked with their publications [8]. We implemented our approach as a whole ecosystem of tools and services at the SocioNet research information system. ...
... Indirect pathways of climate change can include water and food insecurity and the spread of infectious diseases (Gollin & Zimmermann 2012;McMichael & Lindgren 2011). As water and food insecurity is predicted to be more devastating in developing countries, climate change may increase population displacement and migration to the less affected countries. ...
... Most of the existing studies on the role of financial market regulation look at variations in regulatory capital requirements derived from a theoretical model (see Covas and Fujita (2010), Devereux and Yetman (2010), Gerali et al. (2010), Berka and Zimmermann (2011), Kim and Mangla (2012)). Kim and Mangla (2012), for example, model the decision of banks to become regulated, such that they can "move around their capital in and out of the regulation umbrella depending on the severity of the regulation" and find that pro-cyclical regulation policy is appropriate. ...