-
作者：Cole, Harold L.
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：A model of self-enforcing stochastic monitoring with investment and production is developed. The optimal contract leads to debt-like and equity-like claims on the firm that are held by symmetrically informed outside investors and rationalizes the separation of these claims in order to efficiently generate the correct monitoring incentives. Self-enforcing monitoring leads to misreporting in equilibrium. While stochastic monitoring means that the failure to repay the face value of the debt can l...
-
作者：Henriksen, Espen; Kydland, Finn E.; Sustek, Roman
作者单位：University of California System; University of California Davis; University of California System; University of California Santa Barbara; National Bureau of Economic Research; University of Southampton
摘要：Fluctuations in nominal variables-aggregate price levels and nominal interest rates are documented to be substantially more synchronized across countries at business cycle frequencies than fluctuations in real output. A transparent mechanism accounting for this striking feature of the nominal environment is described and quantitatively evaluated. It is based on the interaction between (small) cross-country spillovers of shocks, Taylor rules, and domestic no-arbitrage conditions. The mechanism ...
-
作者：Carlino, Gerald A.; Inman, Robert P.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Pennsylvania
摘要：Using a sample of the 48 mainland US states for the period 1973-2009, we study the ability of US states to expand their own state employment through the use of state deficit policies. The analysis allows for the facts that US states are part of a wider monetary and economic union with free factor mobility across all states and that state residents and firms may purchase goods from neighboring states. Those purchases may generate economic spillovers across neighbors. Estimates suggest that stat...
-
作者：Chen, Hui
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
-
作者：Eyraud, Luc; Lusinyan, Lusine
作者单位：International Monetary Fund; International Monetary Fund
摘要：The paper examines empirically, using a measure of vertical fiscal imbalances (VFI), the relationship between overall fiscal performance and the financing structure of subnational governments. It presents stylized facts regarding the size, evolution, and components of measured VFI using data from 28 OECD countries. On average, the general government fiscal balance is found to improve by 1 percent of GDP for each 10 percentage point reduction in VFI. (c) 2013 Elsevier B.V. All rights reserved.
-
作者：Ulrich, Maxim
作者单位：Columbia University
摘要：Variations in trend inflation are the main driver for variations in the nominal yield curve. According to empirical data, investors observe a set of empirical models that could all have generated the time-series for trend inflation. This set has been large and volatile during the 1970s and early 1980s and small during the 1990s. I show that log utility together with Knightian uncertainty about trend inflation can explain the term premium in U.S. Treasury bonds. The equilibrium has two inflatio...
-
作者：Reiter, Michael; Sveen, Tommy; Weinke, Lutz
作者单位：BI Norwegian Business School; Humboldt University of Berlin
摘要：The lumpy nature of plant-level investment is generally not taken into account in the context of New Keynesian monetary theory (see, e.g., Christiano et al., 2005; Woodford, 2005). Our main result shows that if this theory is augmented by a standard model of lumpy investment, monetary policy shocks lead to large but very short-lived impacts on output and inflation, in a way that goes against empirical evidence and the consensus view in the literature. (C) 2013 Elsevier B.V. All rights reserved.
-
作者：Iacoviello, Matteo; Pavan, Marina
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Universitat Jaume I; Universitat Jaume I
摘要：Housing and mortgage debt are studied in a quantitative general equilibrium model. The model matches wealth distribution, age profiles of homeownership and debt, and frequency of housing adjustment. Over the cycle, the model matches the cyclicality and volatility of housing investment, and the procyclicality of debt. Higher individual income risk and lower downpayments can explain the reduced volatility of housing investment, the reduced procyclicality of debt, and part of the reduced volatili...
-
作者：Fujiwara, Ippei; Nakajima, Tomoyuki; Sudo, Nao; Teranishi, Yuki
作者单位：Australian National University; Kyoto University; Keio University
摘要：How should monetary policy respond to a global liquidity trap, where the two countries may fall into a liquidity trap simultaneously? Using a two-country New Open Economy Macroeconomics model, we first characterize optimal monetary policy, and show that the optimal rate of inflation in one country is affected by whether or not the other country is in a liquidity trap. We next examine how well the optimal monetary policy is approximated by relatively simple monetary policy rules. The interest-r...
-
作者：Coen-Pirani, Daniele
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
