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作者：Finocchiaro, Daria
作者单位：Sveriges Riksbank
摘要：Heterogeneity in planning propensity affects wealth inequality and asset prices. This paper presents an economy where attentive agents plan their consumption period by period, while inattentive agents plan every other period. Inattentive consumers face more uncertainty and trade at unfavorable prices. If the only source of uncertainty is future income, inattentive consumers accumulate more wealth. In contrast, with uncertain asset returns inattentive investors accumulate less wealth. Asset pri...
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作者：Gu, Chao; Guzman, Mark; Haslag, Joseph
作者单位：University of Missouri System; University of Missouri Columbia; University of Reading
摘要：Using a modified version of Freeman's (1996) payment system model, the optimal intraday rate is examined. The production set is modified to account for a non-degenerate distribution of settlements within a day. In addition to the modified production set, the consumption set is modified. A positive intraday interest rate may be able to implement the planner's allocation. (C) 2011 Elsevier B.V. All rights reserved.
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作者：Gourio, Francois
作者单位：Boston University; National Bureau of Economic Research
摘要：Firms' first-order conditions imply that stock returns equal investment returns from the production technology. Much applied work uses the adjustment cost technology, which implies that the realized return is high when the investment-capital ratio is high. This paper derives, for an arbitrary stochastic discount factor, the investment return implied by the putty-clay technology. The combination of capital heterogeneity and irreversibility creates a novel channel for return volatility. The inve...
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作者：Taylor, John B.
作者单位：Stanford University
摘要：This is a review of Allan Meltzer's A History of the Federal Reserve, Volume 2. By carefully reviewing thousands of transcripts and records, Meltzer's history lets policy makers explain their decisions in their own words, and creatively weaves historical events into a single exceptionally clear story as he did in Volume 1. In this review I first examine the book's main theme that discretionary monetary policy failed in the Great Depression (1929-1933), in the Great Inflation (1965-1980), and i...
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作者：Aruoba, S. Boragan; Waller, Christopher J.; Wright, Randall
作者单位：University System of Maryland; University of Maryland College Park; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Notre Dame; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：The effects of money (anticipated inflation) on capital formation is a classic issue in macroeconomics. Previous papers adopt reduced-form approaches, putting money in the utility function, or imposing cash in advance, but using otherwise frictionless models. We follow instead a literature that tries to be explicit about the frictions making money essential. This introduces new elements, including a two-sector structure with centralized and decentralized markets, stochastic trading opportuniti...
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作者：Rabanal, Pau; Rubio-Ramirez, Juan F.; Tuesta, Vicente
作者单位：Duke University; International Monetary Fund; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：A puzzle in international macroeconomics is that real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. This paper provides evidence that TFP processes for the U.S. and the rest of the world are characterized by a vector error correction model (VECM) and that adding cointegrated technology shocks to the standard IRBC model helps to explain the observed high real exchange rate volatility. Also, the model can explain the obse...
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作者：Beaudry, Paul; Collard, Fabrice; Portier, Franck
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of British Columbia; University of Adelaide
摘要：A flexible price model of the business cycle is proposed, in which fluctuations are driven primarily by inefficient movements in investment around a stochastic trend. A boom in the model arises when investors rush to exploit new market opportunities even though the resulting investments simply crowd out the value of previous investments. A metaphor for such profit driven fluctuations are gold rushes, as they are periods of economic boom associated with expenditures aimed at securing claims nea...
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作者：Martin, Fernando M.
作者单位：Simon Fraser University
摘要：The conduct of fiscal and monetary policy absent commitment depends on the interaction between the objective of smoothing distortions intertemporally and a time-consistency problem. When net nominal government obligations are positive, both fiscal and monetary policies are distortionary and the choice of debt depends on how the anticipated response in future monetary policy affects the current demand for money and bonds. There exists a unique steady state with positive net nominal government o...
