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作者：Clementi, Gian Luca
作者单位：New York University
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作者：Feldman, Ron J.; Stern, Gary H.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：The Squam Lake Report (SLR) contains a host of recommendations to fix the financial sector. A credible fix must take on the excessive risk-taking of financial institutions created when uninsured creditors of important financial institutions expect government protection from loss (i.e., the too-big-to-fail problem). The vast majority of SLR's recommendations constitute important contributions to addressing TBTF; the analysis offered in support of recommendations is sound and brings modern econo...
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作者：Panageas, Stavros
作者单位：University of Chicago; National Bureau of Economic Research
摘要：The termination of a representative financial firm due to excessive leverage may lead to substantial bankruptcy costs. A government in the tradition of Ramsey (1927) may be inclined to provide transfers to the firm so as to prevent its liquidation and the associated deadweight costs. It is shown that the optimal taxation policy to finance such transfers exhibits procyclicality and history dependence, even in a complete market. These results are in contrast with pre-existing literature on optim...
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作者：Dennis, Richard
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：Model uncertainty has the potential to change importantly how monetary policy is conducted, making it an issue that central banks cannot ignore. Using a standard new Keynesian business cycle model, this paper analyzes the behavior of a central bank that conducts policy under discretion while fearing that its model is misspecified. The main results are as follows. First, policy performance can be improved if the discretionary central bank implements a robust policy. This important result is obt...
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作者：Meh, Cesaire A.; Rios-Rull, Jose-Victor; Terajima, Yaz
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); National Bureau of Economic Research
摘要：An unanticipated rise in the price level redistributes wealth from lenders to borrowers. Its size depends on the monetary policy regime, as inflation targeting (IT) and price-level targeting (PT) have different implications for the price-level path following price-level movements. The effects of an unexpected 1% price-level increase are measured and assessed under both regimes. Overall, the redistribution of wealth and the implied aggregate and welfare effects are larger under IT than they are...
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作者：Cole, Harold L.
作者单位：University of Pennsylvania
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作者：Kimura, Takeshi; Kurozumi, Takushi
作者单位：Bank of Japan
摘要：Recent empirical research finds that the degree of nominal rigidities vanes over monetary policy regimes This implies that monetary policy analysis with exogenously given nominal rigidities is subject to the Lucas critique We allow firms to choose the probability of price adjustment in a Calvo-style sticky price model and analyze how this probability changes according to an inflation coefficient of the Taylor rule The model shows that a more aggressive monetary policy response to inflation mak...
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作者：Acharya, Viral
作者单位：New York University
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作者：Faraglia, Elisa; Marcet, Albert; Scott, Andrew
作者单位：University of London; London Business School; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：The complete market approach to government debt management argues that a portfolio of non-contingent bonds at different maturities should be chosen so that fluctuations in market value offset changes in expected future deficits. However, this approach recommends huge fluctuations in positions, enormous changes in portfolios for minor changes in maturities and no presumption it is always optimal to issue long and invest short term in a wide array of model specifications. These extreme, volatile...
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作者：Chiu, Jonathan; Molico, Miguel
作者单位：Bank of Canada
摘要：The long-run welfare costs of inflation are studied in a micro-founded model with trading frictions and costly liquidity management. By modelling the liquidity management decision, the model endogenizes the responses of velocity, output, the degree of market segmentation, and the distribution of money. Compared to the traditional estimates based on a representative agent model, the welfare costs of inflation are significantly smaller due to distributional effects of inflation. The welfare cost...
