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作者：Anagnostopoulos, Alexis; Licandro, Omar; Bove, Italo; Schlag, Karl
作者单位：State University of New York (SUNY) System; Stony Brook University; Universidad de la Republica, Uruguay; Universite de Bretagne Occidentale
摘要：We provide a simple theory of inflation inertia in a staggered price setting framework la Calvo (1983). Contrary to Calvo's formulation, the frequency of price changes is allowed to vary according to an evolutionary criterion. Inertia is the direct result of gradual adjustment in this frequency following a permanent change in the rate of money growth.
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作者：Romalis, John
摘要：This paper uses detailed international trade data to examine whether the rapid growth of Ireland in the 1990s and its accompanying substantial increase in trade in goods and services might have been spurred by an interaction of low taxation of capital and declining international trade costs. Both tariffs and other trade costs for an important class of goods and services have declined to very low levels in the 1990s, while the expansion of foreign direct investment worldwide in that period sugg...
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作者：Tomz, Michael; Wright, Mark L. J.
作者单位：Stanford University; University of California System; University of California Los Angeles; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper uses a new dataset to study the relationship between economic output and sovereign default for the period 1820-2004. We find a negative but surprisingly weak relationship between economic output in the borrowing country and default on loans from private foreign creditors. Throughout history, countries have indeed defaulted during bad times (when output was relatively low), but they have also suspended payments when the domestic economy was favorable, and they have maintained debt se...
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作者：Mankiw, N. Gregory; Reis, Ricardo
作者单位：Harvard University; Princeton University
摘要：This paper develops and analyzes a general-equilibrium model with sticky information. The only rigidity in goods, labor, and financial markets is that agents are inattentive, sporadically updating their information sets, when setting prices, wages, and consumption. After presenting the ingredients of such a model, the paper develops an algorithm to solve this class of models and uses it to study the model's dynamic properties. It then estimates the parameters of the model using U.S. data on fi...
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作者：Jaimovich, Nir; Rebelo, Sergio
作者单位：Stanford University; Northwestern University
摘要：We explore the business cycle implications of expectation shocks and of two well-known psychological biases, optimism and overconfidence. The expectations of optimistic agents are biased toward good outcomes, whereas overconfident agents overestimate the precision of the signals that they receive. Both expectation shocks and overconfidence can increase business-cycle volatility, while preserving the model's properties in terms of comovement and relative volatilities. In contrast, optimism is n...
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作者：Buldyrev, Sergey V.; Riccaboni, Massimo; Growiec, Jakub; Stanley, H. Eugene; Pammolli, Fabio
作者单位：Yeshiva University; Warsaw School of Economics; University of Florence; Boston University
摘要：We refer to the framework developed by Ijiri and Simon (1977) and to the notion of independent submarkets (Sutton 1998) to provide a simple candidate explanation for the shape of the firm growth distribution based on a model of proportional growth at the level of both the introduction of new products by firms and their size dynamics. We exploit the features of a unique longitudinal data set which covers the entire distribution of products and firms in the worldwide pharmaceutical industry to t...
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作者：Fisman, Raymond; Love, Inessa
作者单位：Columbia University; The World Bank
摘要：We revisit an earlier, highly influential paper on financial dependence and growth by Rajan and Zingales (1998). We re-examine their assumptions, and the robustness of their results to alternative theories and interpretations. We first show that they may be implicitly testing whether financial intermediaries allow firms to better respond to global shocks to growth opportunities, rather than the extent that financial intermediaries allow firms to grow in industries with an inherent (technologic...
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作者：Dewatripont, Mathias; Ginsburgh, Victor; Legros, Patrick; Walckiers, Alexis
作者单位：Universite Libre de Bruxelles
摘要：We analyze the empirical relationship between journal prices, their quality measured by their citation counts, their age, as well as conduct of publishers. The database covers 22 scientific fields and more than 2,600 of among the most highly reputed and cited journals in 2003. We show that (a) for-profit journals charge roughly 3 times more than journals run by scientific societies; (b) the number of citations has a positive impact on prices; (c) there are large differences in prices across fi...
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作者：Morris, Stephen; Shin, Hyun Song
作者单位：Princeton University
摘要：Optimal communication to a group often entails a trade-off between precision of information conveyed and common understanding (or approximate common knowledge) of the information within the group. We argue that an understanding of this trade-off is central in many contexts, including central bank communication and the design of accounting standards, as well as understanding the design of language itself.
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作者：Assenmacher-Wesche, Katrin; Gerlach, Stefan
摘要：Many central banks have abandoned monetary targeting because the link between money growth and inflation seemed to disappear in the 1980s. Using spectral regression techniques, we show that for the euro area, Japan, the UK, and the US there is a unit relationship between money growth and inflation at low frequencies when the impact of interest rate changes on money demand is accounted for. We estimate Phillips-curve equations in which the low-frequency information from money growth is combined...
