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作者：Adao, Bernardino; Correia, Isabel; Teles, Pedro
作者单位：Banco de Portugal; Universidade Catolica Portuguesa; Center for Economic & Policy Research (CEPR)
摘要：Can both short and long-term interest rates be targeted independently? Can the target of the term structure help solve the problem of multiplicity of equilibria that occurs when only the short rate is targeted? Both questions are addressed, and the answer is yes to both. (C) 2014 Elsevier B.V. All rights reserved.
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作者：Bhattarai, Saroj; Schoenle, Raphael
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Brandeis University
摘要：Using micro-data on U.S. producer prices, we establish three new facts about price setting by multi-product firms. First, firms selling more goods adjust prices more frequently but on average by smaller amounts. Moreover, their fraction of positive price changes is lower and the dispersion of price changes is higher. Second, price changes within firms are substantially synchronized, which plays a dominant role in explaining pricing dynamics. Third, firms selling more goods have greater within-...
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作者：Canova, Fabio
作者单位：European University Institute; Center for Economic & Policy Research (CEPR)
摘要：A method to estimate DSGE models using the raw data is proposed. The approach links the observables to the model counterparts via a flexible specification which does not require the model-based component to be located solely at business cycle frequencies, allows the non-model-based component to take various time series patterns, and permits certain types of model misspecification. Applying standard data transformations induces biases in structural estimates and distortions in the policy conclu...
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作者：Rubini, Loris
作者单位：Universidad Carlos III de Madrid; Pontificia Universidad Catolica de Chile
摘要：The reaction of trade volumes to tariffs is far larger than what current models predict. One reason for this is that they abstract from endogenous productivity choices (innovation), which amplify this reaction. To show this, I develop a model of international trade with innovation, and calibrate it to Canada and United States before the Free Trade Agreement. Feeding in the tariff drops observed during the agreement, the increase in the trade volumes is within the empirical estimates. Without i...
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作者：Bilbiie, Florin O.; Fujiwara, Ippei; Ghironi, Fabio
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Paris School of Economics; Australian National University; University of Washington; University of Washington Seattle; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：Deviations from long-run price stability are optimal in the presence of endogenous entry and product variety in a sticky-price model in which price stability would be optimal otherwise Long-run inflation (deflation) is optimal when the benefit of variety to consumers falls short of (exceeds) the market incentive for creating that variety the desired markup; Price indexation exacerbates this mechanism. Plausible preference specifications and parameter values justify positive long-run inflation ...
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作者：Myatt, David P.; Wallace, Chris
作者单位：University of London; London Business School; University of Leicester
摘要：In a Lucas-Phelps island economy, an island has access to many informative signals about demand conditions. Each signal incorporates both public and private information: the correlation of a signal's realizations across the economy determines its publicity. If information sources differ in their publicity then price-formation and expectations-formation processes separate, causing output gaps to open. An output-stabilizing central bank prefers averagely public information, and sometimes limits ...
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作者：Alvarez, Fernando; Dixit, Avinash
作者单位：University of Chicago; Princeton University
摘要：A break-up of the Eurozone is no longer regarded as implausible. This will be a costly and irreversible decision in conditions of continuing uncertainty; therefore it is amenable to analysis in the real options framework. We do so by solving as an n-dimensional optimal stopping problem with country-specific shocks and convergence of member economies. We compare a complete break-up with individual country departures. In calibrated solutions for a symmetric case we find a non-negligible but smal...
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作者：[Anonymous]
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作者：Croce, Mariano Massimiliano
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：The examination of the intertemporal distribution of US productivity risk suggests that the conditional mean of productivity growth is an important determinant of macro quantities and asset prices. After establishing this empirical link, I rationalize it in a production economy featuring long-run productivity risk, Epstein and Zin (1989) preferences, and investment frictions. Both convex capital adjustment costs and convex reallocation costs across consumption and investment produce an annual ...
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作者：Kerr, William R.
作者单位：Harvard University; National Bureau of Economic Research
摘要：Countries with greater inequality typically exhibit less support for redistribution and greater acceptance of inequality (e.g., U.S. versus Western Europe). If individual nations evolve along this pattern, a vicious cycle could form with reduced social concern amplifying primal increases in inequality. Exploring movements around these long-term levels, however, this study finds mixed evidence regarding the vicious cycle hypothesis. Larger compensation differentials are accepted as inequality g...
