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作者：Ball, Laurence
作者单位：Johns Hopkins University
摘要：The conventional wisdom holds that the short-run demand for money is unstable. This paper challenges the conventional view by finding a stable demand for M1 in U.S. data from 1959 through 1993. The approach follows previous work in interpreting long-run money demand as a cointegrating relation, and it uses Goldfeld's partial-adjustment model to interpret short-run dynamics. The key innovation is the choice of the interest rate in the money demand function. Most previous work uses a short-term ...
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作者：Anagnostopoulos, Alexis; Carceles-Poveda, Eva; Lin, Danmo
作者单位：State University of New York (SUNY) System; Stony Brook University; University System of Maryland; University of Maryland College Park
摘要：Motivated by the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003, the effects of capital income tax cuts are investigated in an economy with heterogeneous households and a representative, mature firm. Dividend tax cuts, contrary to capital gains tax cuts, lead to a decrease in investment and capital. This is because they increase the market value of existing capital and households require a higher return to hold this additional wealth. In line with empirical evidence, the model ...
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作者：Lewis, Vivien; Poilly, Celine
作者单位：Universite Catholique Louvain; University of Lausanne
摘要：Two business cycle models with endogenous firm and product entry are estimated by matching impulse responses to a monetary policy shock. The 'competition effect' implies that entry lowers desired markups and dampens inflation. Under translog preferences, where the substitutability between goods depends on their number, we find evidence of such an effect. That model generates more countercyclical markups than Dixit and Stiglitz (1977) monopolistic competition model, where price stickiness is th...
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作者：Nakajima, Makoto
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Extensions of unemployment insurance (UI) benefits have been implemented in response to the Great Recession. This paper measures the effect of these extensions on the unemployment rate using a calibrated structural model featuring job search and consumption-saving decisions, skill depreciation, and Ul eligibility. The ongoing Ul benefit extensions are found to have raised the unemployment rate by 1.4 percentage points, which is about 30% of the observed increase since 2007. Moreover, the contr...
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作者：Flandreau, Marc; Oosterlinck, Kim
作者单位：Universite Libre de Bruxelles
摘要：The emergence of the gold standard has for a long time been viewed as inevitable. We analyze agents' expectations using the spread between gold and silver bonds issued by the Indian government. We find that bimetallism was credible until France surprised markets by suspending domestic operation of bimetallism, triggering a run away from silver. Thereafter, markets began demanding a premium to hold silver bonds, indicating their belief that silver would depreciate in the future as more countrie...
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作者：van Binsbergen, Jules H.; Fernandez-Villaverde, Jesus; Koijen, Ralph S. J.; Rubio-Ramirez, Juan
作者单位：Stanford University; National Bureau of Economic Research; University of Pennsylvania; Centre for Economic Policy Research - UK; University of Chicago; Duke University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：A dynamic stochastic general equilibrium (DSGE) model in which households have Epstein and Zin recursive preferences is solved with perturbation. The parameters governing preferences and technology are estimated by maximum likelihood using macroeconomic data and the term structure of interest rates. The estimates imply a large risk aversion, an elasticity of intertemporal substitution higher than one, and substantial adjustment costs. Furthermore, the paper identifies the tensions within the m...
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作者：Araujo, Luis; Camargo, Braz; Minetti, Raoul; Puzzello, Daniela
作者单位：Michigan State University; Indiana University System; Indiana University Bloomington
摘要：Lagos and Wright (2005) introduced an influential model of monetary exchange in which trade alternates between centralized and decentralized markets and money is essential. A limitation of their model and of the literature that follows is that they do not provide a microfoundation for the process of exchange in the centralized market. In this paper, we show that how one models exchange in the centralized market matters for the essentiality of money by describing the centralized market as a str...
