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作者：Niemann, Stefan
作者单位：University of Essex
摘要：Assuming that macroeconomic policies are directed by distinct monetary and fiscal policy makers who cannot commit to future actions, we reassess the implications of monetary conservatism and fiscal impatience in a setting with nominal government debt. For environments where a non-negative steady state level of government debt (assets) emerges in the absence of conservatism and impatience, monetary conservatism induces accumulation of a higher stock of liabilities (assets) and has adverse (posi...
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作者：Alquist, Ron; Chabot, Benjamin
作者单位：Bank of Canada; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research
摘要：A commonly cited benefit of the classical gold standard is that it reduced borrowing costs by signaling a country's commitment to financial probity. Using a new dataset, this paper tests whether gold-standard adherence was negatively correlated with the cost of capital. Conditional on UK risk factors, there is no evidence that the bonds issued by countries off gold earned systematically higher excess returns than the bonds issued by countries on gold. This conclusion is robust to allowing beta...
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作者：Soderberg, Johan
作者单位：Uppsala University
摘要：A customer market model in which firms and customers form long-term relations is developed and integrated into the canonical New Keynesian framework. This leads to two important differences compared to the standard model. First, the purely forward-looking Phillips curve is replaced by a hybrid variant where current inflation also depends on past inflation. Second, the welfare cost of inflation is much lower, which leads to an optimal monetary policy where relatively more weight is put on outpu...
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作者：Barsky, Robert B.; Sims, Eric R.
作者单位：University of Notre Dame; University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：This paper proposes and implements a novel structural VAR approach to the identification of news shocks about future technology. The news shock is identified as the shock orthogonal to the innovation in current utilization-adjusted TFP that best explains variation in future TFP. A favorable news shock leads to an increase in consumption and decreases in output, hours, and investment on impact - more suggestive of standard DSGE models than of recent extensions designed to generate news-driven b...
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作者：Mayoral, Laura; Dolores Gadea, Maria
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); University of Zaragoza; Barcelona School of Economics
摘要：A novel approach to analyzing real exchange rate (RER) persistence and its sources is presented. Using highly disaggregated data for a group of EU-15 countries, it is shown that the distribution of sectoral persistence is highly heterogeneous and skewed to the right, so that a limited number of sectors are responsible for the high levels of persistence observed at the aggregate level. Quantile regression has been employed to investigate whether traditional theories, such as the lack of arbitra...
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作者：Hagedorn, Marcus
作者单位：University of Cologne
摘要：Central bankers' conventional wisdom suggests that nominal interest rates should be raised to attain a lower inflation target. In contrast, I show that the standard New Keynesian monetary model with rational expectations and full credibility predicts that nominal interest rates should be decreased to attain this goal. Real interest rates, however, are virtually unchanged. These results also hold in recent vintages of New Keynesian models with sticky wages, price and wage indexation and habit f...
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作者：Nakamura, Emi; Steinsson, Jon
作者单位：Columbia University; National Bureau of Economic Research
摘要：If consumers form habits in individual goods, firms face a time-inconsistency problem. Low prices in the future help attract customers in the present. Firms, therefore, have an incentive to promise low prices in the future, but price gouge when the future arrives. In this setting, firms benefit from committing to a sticky price. If consumers have incomplete information about costs and demand, the firm-preferred equilibrium has the firm price at or below a price cap. The model therefore provide...
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作者：Rocheteau, Guillaume
作者单位：University of California System; University of California Irvine; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：Informational asymmetries regarding the future value of assets affect their role in exchange. I construct a random-matching economy composed of two assets: a risk-free bond and a Lucas tree whose terminal value is privately known to its holder. No restrictions are imposed on payment arrangements. The main finding supports a pecking-order theory of payments: Agents use their risk-free bonds first in order to finance their spending shocks, and they use their information-sensitive assets only if ...
