2010

最新文章

• Could making banks hold only liquid assets induce bank runs? AI翻译
  作者：Peck, James; Shell, Karl
  作者单位：University System of Ohio; Ohio State University; Cornell University
  摘要：Restrictions placed on bank portfolios are analyzed in a banking model designed to capture the role of checking accounts in facilitating transactions. Forcing banks to hold only liquid assets creates the incentive for liquidity-based runs. Even when a run does not occur, welfare is reduced as a result of overinvestment in the liquid asset. (C) 2010 Elsevier B.V. All rights reserved.
• Comment on: A model of a systemic bank run by Harald Uhlig AI翻译
  作者：Keister, Todd
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
• Comment on: Is mark-to-market accounting destablizing? Analysis and implications for policy by John Heaton, Deborah Lucas and Robert McDonald AI翻译
  作者：Milbradt, Konstantin
  作者单位：Massachusetts Institute of Technology (MIT)
• Labor-dependent capital income taxation AI翻译
  作者：Kitao, Sagiri
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
  摘要：Capital taxation which is negatively correlated with labor supply is proposed This paper uses a life-cycle model of heterogeneous agents that face idiosyncratic productivity shocks and shows that the tax scheme provides a strong work incentive when households possess large assets and high productivity later in the life-cycle when they otherwise would work less The system also adds to the saving motive of prime-age households and raises aggregate capital The increased economic activities expand...
• Comment on: Global effects of fiscal stimulus during the crisis by Charles Freedman, Michael Kumhof, Douglas Laxton, Dick Muir, Susanna Mursula AI翻译
  作者：Taylor, John B.
  作者单位：Stanford University
• Credit frictions and the comovement between durable and non-durable consumption AI翻译
  作者：Sterk, Vincent
  作者单位：European Central Bank; De Nederlandsche Bank NV; Vrije Universiteit Amsterdam; University of Amsterdam
  摘要：Frictions in lending between households have been proposed as a Solution to the difficulties new-Keynesian models have in predicting a decline ill both durable and nondurable consumption following a monetary tightening. By revisiting a standard new-Keynesian framework with collateral constraints, it is shown that the presence Of Such credit frictions in fact makes it more difficult to generate the joint decline. The intuitive reasons behind this result are provided, which should be helpful in ...
• Inference in models with adaptive learning AI翻译
  作者：Chevillon, Guillaume; Massmann, Michael; Mavroeidis, Sophocles
  作者单位：Brown University; Vrije Universiteit Amsterdam; ESSEC Business School; Institut Polytechnique de Paris; ENSAE Paris
  摘要：Identification of structural parameters in models with adaptive learning can be weak, causing standard inference procedures to become unreliable. Learning also induces persistent dynamics, and this makes the distribution of estimators and test statistics non-standard. Valid inference can be conducted using the Anderson-Rubin statistic with appropriate choice of instruments. Application of this method to a typical new Keynesian sticky-price model with perpetual learning demonstrates its usefuln...
• Investment shocks and business cycles AI翻译
  作者：Justiniano, Alejandro; Primiceri, Giorgio E.; Tambalotti, Andrea
  作者单位：Northwestern University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - New York
  摘要：The origins of business cycles are still controversial among macroeconomists. This paper contributes to this debate by studying the driving forces of fluctuations in an estimated new neoclassical synthesis model of the U.S. economy. In this model, most of the variability of output and hours at business cycle frequencies is due to shocks to the marginal efficiency of investment. Imperfect competition and, to a lesser extent, technological frictions are the key to their transmission. Although la...
• Credit crises, money and contractions: An historical view AI翻译
  作者：Bordo, Michael D.; Haubrich, Joseph G.
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; National Bureau of Economic Research; Rutgers University System; Rutgers University New Brunswick
  摘要：The relatively infrequent nature of major credit distress events makes an historical approach particularly useful. Using a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 to 2007, examine the extent to which credit distress arises as part of the transmission of monetary policy, and document the subsequent effect on output. Using turning points defined by the Harding-Pagan algorithm, we identify and compare the timing, durat...
• Government investment and fiscal stimulus AI翻译
  作者：Leeper, Eric M.; Walker, Todd B.; Yang, Shu-Chun S.
  作者单位：Indiana University System; Indiana University Bloomington; National Bureau of Economic Research; International Monetary Fund
  摘要：Effects of government investment are studied in an estimated neoclassical growth model The analysis focuses on two dimensions that are critical for understanding government investment as a fiscal stimulus implementation delays for building public capital and expected fiscal adjustments to deficit-financed spending Implementation delays can produce small or even negative labor and output responses to Increases in government investment in the short run Anticipated fiscal adjustments matter both ...