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作者：Bidder, R. M.; Smith, M. E.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：In a real business cycle model, an agent's fear of model misspecification interacts with stochastic volatility to induce time varying worst case scenarios. These time varying worst case scenarios capture a notion of animal spirits where the probability distributions used to evaluate decision rules and price assets do not necessarily reflect the fundamental characteristics of the economy. Households entertain a pessimistic view of the world and their pessimism varies with the overall level of v...
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作者：Hofmann, Boris; Peersman, Gert; Straub, Roland
作者单位：Bank for International Settlements (BIS); Ghent University; European Central Bank
摘要：Supply and demand shocks had much stronger long-run effects on nominal wages and prices during the Great Inflation. For supply shocks, there is even a sign switch in the nominal wage response. Before and after the Great Inflation, nominal wages moved in the same direction as real wages and in the opposite direction of the price level, whereas nominal wages and prices moved in the same direction at longer horizons after the shock in the 1970s. Estimation of a DSGE model shows that these results...
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作者：Jacquet, Nicolas L.; Tan, Serene
作者单位：University of Adelaide; Singapore Management University; National University of Singapore
摘要：We present a theory of differences of liquidity across assets, based on an endogenous ranking of assets as media of exchange arising from their relative quality as hedging devices. When assets have two distinct roles, as intertemporal media of exchange and hedging devices, buyers have generically a strict preference for paying sellers with the asset which is the relative better hedging device for sellers. The consequence of this preference is that there are three monetary policy regimes, and t...
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作者：Lkhagvasuren, Damba
作者单位：Concordia University - Canada
摘要：Considerable labor mobility exists across US states, enough that, if migration arbitrages local unemployment, one might expect very low unemployment differences across states. However, cross-state data reveal large unemployment differences. An equilibrium multi-location model with stochastic worker-location match productivity and within-location trading frictions can account for these facts. In the model, some workers move to, or stay in, a location with high unemployment because they are more...
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作者：Rios-Rull, Jose-Victor; Schorfheide, Frank; Fuentes-Albero, Cristina; Kryshko, Maxym; Santaeulalia-Llopis, Raul
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; University of Pennsylvania; Rutgers University System; Rutgers University New Brunswick; International Monetary Fund; Washington University (WUSTL)
摘要：Calibration and modern (Bayesian) estimation methods for a neoclassical stochastic growth model are applied to make the case that the identification of key parameters, rather than quantitative methodologies per se, is responsible for empirical findings. For concreteness, the model is used to measure the contributions of technology shocks to the business cycle fluctuations of hours worked and output. Along the way, new insights are provided in the parameter identification associated with likeli...
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作者：Marimon, Ramon; Pablo Nicolini, Juan; Teles, Pedro
作者单位：European University Institute; Pompeu Fabra University; National Bureau of Economic Research; Universidad Torcuato Di Tella; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Banco de Portugal; Universidade Catolica Portuguesa
摘要：The interplay between competition and trust as efficiency-enhancing mechanisms in the private provision of money is studied. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a bound on efficiency. Stationary inflation must be non-negative and, therefore, the Friedman rule cannot be achieved. The quality of money can be observed only after its purchasing capacity is realized. I...
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作者：Bonaparte, Yosef; Cooper, Russell; Zhu, Guozhong
作者单位：University of British Columbia; University of British Columbia Okanagan; European University Institute; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Peking University
摘要：A household's response to income and return shocks depends on the costs of portfolio adjustment. In particular, the extent of portfolio rebalancing and consumption smoothing are influenced by the presence of non-convex portfolio adjustment costs. Suppose bonds can be adjusted costlessly while adjustments to stock accounts entail adjustment costs. Due to these portfolio adjustment costs, the household demands both stocks and bonds. A household can buffer some income fluctuations without incurri...
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作者：Behrens, Kristian; Murata, Yasusada
作者单位：University of Quebec; University of Quebec Montreal; Nihon University
摘要：We analyze the impact of globalization on individual gains from trade in a general equilibrium model of monopolistic competition featuring product diversity, pro-competitive effects and income heterogeneity between and within countries. Although trade reduces markups in both countries in our framework, its impact on variety depends on their relative position in the world income distribution: product diversity in the lower income country always expands, while that in the higher income country m...
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作者：Berentsen, Aleksander; Breu, Mariana Rojas; Shi, Shouyong
作者单位：University of Basel; Universite PSL; Universite Paris-Dauphine; University of Toronto
摘要：Many countries simultaneously suffer from high inflation, low growth and poorly developed financial sectors. In this paper, we integrate a microfounded model of money and finance into a model of endogenous growth to examine the effects of inflation on welfare, growth and the size of the financial sector. A novel feature is that the innovation sector is decentralized. Financial intermediaries arise endogenously to provide liquidity to this sector. Consistent with the data but in contrast to pre...
