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作者：Alonso-Ortiz, Jorge; Rogerson, Richard
作者单位：Arizona State University; Arizona State University-Tempe
摘要：The consequences of increases in the scale of tax and transfer programs are assessed in the context of a model with idiosyncratic productivity shocks and incomplete markets The effects are contrasted with those obtained in a stand-in household model featuring no idiosyncratic shocks and complete markets The main finding is that the impact on hours remains very large but the welfare consequences are very different The analysis also suggests that tax and transfer policies have large effects on a...
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作者：Karnizova, Lilia
作者单位：University of Ottawa
摘要：While news shocks are believed to be instrumental in explaining business cycles, many existing models fail to predict a boom in consumption, investment, employment, output and asset prices in response to good news about future productivity. A model with the intrinsic desire for wealth is shown to generate the aforementioned responses. A news-driven boom is explained predominantly by an expansion of labor supply and is characterized by the falling real wage. The simulated model not only capture...
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作者：Kuester, Keith
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Frictional unemployment means that workers, for some time, are a firm-specific factor of production. This paper models the resulting interaction of wage bargaining and price setting at the firm level in a New Keynesian model with labor market matching frictions. Real rigidities arise and the labor share ceases to be a good proxy for marginal costs. The model replicates the impulse responses of an SVAR for U.S. data better than alternatives in which the real rigidities arising at the firm level...
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作者：Heaton, John C.; Lucas, Deborah; McDonald, Robert L.
作者单位：University of Chicago; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Northwestern University
摘要：Fundamental economic principles provide a rationale for requiring financial institutions to use mark-to-market, or fair value, accounting for financial reporting. The recent turmoil in financial markets, however, has raised questions about whether fair value accounting is exacerbating the problems. In this paper, we review the history and practice of fair value accounting, and summarize the literature on the channels through which it can adversely affect the real economy. We propose a new mode...
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作者：Singh, Aarti
作者单位：University of Sydney
摘要：The aggregate effects of market incompleteness are studied in a model where agents face idiosyncratic, uninsurable human capital investment risk. Using a life-cycle model with a version of a Ben-Porath (1967) human capital accumulation technology, stationary equilibria of calibrated cases are analyzed in which risk arises from specialization risk and career risk. With career risk only, stationary equilibria resemble those studied by Aiyagari (1994), and the impact of uninsurable idiosyncratic ...
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作者：Davig, Troy; Leeper, Eric M.; Walker, Todd B.
作者单位：Indiana University System; Indiana University Bloomington; Federal Reserve System - USA; Federal Reserve Bank - Kansas City; National Bureau of Economic Research
摘要：A rational expectations framework is developed to study the consequences of alternative means to resolve the unfunded liabilities problem-unsustainable exponential growth in federal Social Security, Medicare, and Medicaid spending with no plan to finance it. Resolution requires specifying a probability distribution for how and when monetary and fiscal policies will change as the economy evolves through the 21st century. Beliefs based on that distribution determine the existence of and the natu...
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作者：Rodrigues, Mauro
作者单位：Universidade de Sao Paulo
摘要：Despite Latin America's dismal performance between the 1950s and 1980s, the region experienced strong capital deepening. We suggest that these facts can be explained as a consequence of the restrictive trade regime adopted at that time. Our framework is based on a dynamic Heckscher-Ohlin model, with scale economies in the capital-intensive sector. Initially, the economy is open and produces only the labor-intensive good. The trade regime is modeled as a move to a closed economy. The model prod...
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作者：Del Negro, Marco; Perri, Fabrizio; Schivardi, Fabiano
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research; University of Cagliari
摘要：The paper studies a fiscal policy instrument that can reduce fiscal distortions without affecting revenues, in a politically viable way. The instrument is a private contract (tax buyout), offered by the government to each citizen, whereby the citizen can choose to pay a fixed price in exchange for a given reduction in her tax rate for a period of time. We introduce the tax buyout in a dynamic overlapping generations economy, calibrated to match several features of the US income, taxes and weal...
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作者：Bech, Morten L.; Chapman, James T. E.; Garratt, Rodney J.
作者单位：Bank of Canada; Federal Reserve System - USA; Federal Reserve Bank - New York; University of California System; University of California Santa Barbara
摘要：Liquidity flows through a financial network cannot be accurately described using external processing constraints alone. Behavioral aspects of participants also matter. A method similar to Google's PageRank procedure is used to produce a ranking of participants in the Canadian Large Value Transfer System in terms of their daily liquidity holdings. Accounting for differences in banks' processing speeds is essential for explaining why observed distributions of liquidity differ from the initial di...
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作者：Prati, Alessandro; Sbracia, Massimo
作者单位：International Monetary Fund
摘要：How does uncertainty about fundamentals affect speculation in the foreign exchange markets? This paper studies empirically the role of uncertainty in currency crises. Uncertainty, which is measured using the dispersion of survey forecasts of key macroeconomic variables, is found to have a non-monotonic effect on exchange rate pressures: it heightens speculative pressures when expected fundamentals are good and eases them when they are bad. This prediction is consistent with a broad class of cu...
