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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...
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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 ...
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作者：Sheedy, Kevin D.
作者单位：University of London; London School Economics & Political Science
摘要：Empirical evidence suggests that inflation determination is not purely forward-looking but models of price setting have struggled to rationalize this finding without directly assuming backward-looking pricing rules for firms This paper shows that intrinsic inflation persistence can be explained with no deviation from optimizing forward-looking behaviour if prices that have remained fixed for longer are more likely to be changed than those set recently A relationship between the probability of ...
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作者：Lagos, Ricardo
作者单位：New York University
摘要：An asset-pricing model is developed in which financial assets are valued for their liquidity-the extent to which they are useful in facilitating exchange as well as for being claims to streams of consumption goods The theory is used to study the implications of this liquidity channel for average asset returns the equity-premium puzzle and the risk-free rate puzzle (C) 2010 Elsevier B V All rights reserved
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作者：Zhylyevskyy, Oleksandr
作者单位：Iowa State University
摘要：The two leading explanations for the counterintuitive behavior of Interest rates during the Greenback Era (1862-1878) - the resumption expectations model of Calomiris (1988) and the capital flow argument of Friedman and Schwartz (1963) - are inconsistent with each other in terms of their treatment of financial arbitrage A methodology to identify unexploited arbitrage opportunities in financial data is proposed Observable returns strongly suggest that the money market of the Greenback Era did n...
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作者：Hryshko, Dmytro; Luengo-Prado, Maria Jose; Sorensen, Bent E.
作者单位：University of Alberta; Northeastern University; University of Houston System; University of Houston
摘要：Homeowners in the Panel Study of Income Dynamics are able to maintain a high level of consumption following job loss (or disability) in periods of rising local house prices while the consumption drop for homeowners who lose their job in times of lower house prices is substantial These results are consistent with homeowners being able to access wealth gains when housing appreciates as witnessed by their ability to smooth consumption more than renters A calibrated model of endogenous homeownersh...
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作者：Rios-Rull, Jose-Victor; Santaeulalia-Llopis, Raul
作者单位：Center for Economic & Policy Research (CEPR); University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：A productivity innovation reduces labor share at impact making it countercyclical it subsequently produces a long-lasting increase that peaks five years later at a level larger in absolute terms than the initial drop before slowly returning to average i e labor share overshoots We estimate a bivariate shock process to the production function that under competition in factor markets accounts for this overshooting We pose this process in an otherwise standard real business cycle economy and we f...
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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：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：Barnichon, Regis
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：The low correlation between cyclical unemployment and productivity over the postwar period hides a large sign switch in the mid-1980s from significantly negative the correlation became significantly positive Using a search model of unemployment with nominal rigidities and variable labor effort I show that technology shocks can generate a positive unemployment-productivity correlation whereas non-technology shocks (i e aggregate demand shocks) tend to do the opposite In this context I identify ...
