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作者：Barseghyan, Levon
作者单位：Cornell University
摘要：The delay in the government bailout of the financial sector played a key role in Japan's slowdown during the 1990s and early 2000s. This argument is articulated in a general equilibrium model in which the government provides deposit insurance to the financial sector. The existence of non-performing loans, combined with a delay in the bailout, leads to a persistent decline in economic activity. Consistent with Japan's experience, the decline in output is caused not only by a fall in investment,...
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作者：Chakraborty, Shankha; Papageorgiou, Chris; Perez Sebastian, Fidel
作者单位：Universitat d'Alacant; University of Oregon; International Monetary Fund
摘要：The relationship between health and development is a subject of ongoing debate. This paper contributes to the debate by proposing a general equilibrium theory of infectious disease transmission, prevention investment, and rational behavior. Diseases cause premature death, labor productivity loss and lower quality of life. Higher disease prevalence lowers the average saving-investment propensity. The model offers two insights. First, infectious disease can plausibly generate an unconventional g...
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作者：Danthine, Jean-Pierre; Kurmann, Andre
作者单位：University of Quebec; University of Quebec Montreal
摘要：A reciprocity-based model of wage determination is incorporated into a modern dynamic general equilibrium framework and estimated on U.S. data. The estimation reveals that rent-sharing (between workers and firms) and wage entitlement (based on past wages) are important determinants of wage setting for the model to fit the dynamic responses of output, wages and inflation to various exogenous shocks. Aggregate employment conditions (measuring workers' outside option), on the other hand, are foun...
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作者：King, Robert G.
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作者：Patton, Andrew J.; Timmermann, Allan
作者单位：Duke University; University of California System; University of California San Diego
摘要：Key sources of disagreement among economic forecasters are identified by using data on cross-sectional dispersion in forecasters' long- and short-run predictions of macroeconomic variables. Dispersion among forecasters is highest at long horizons where private information is of limited value and lower at short forecast horizons. Moreover, differences in views persist through time. Such differences in opinion cannot be explained by differences in information sets; our results indicate they stem...
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作者：Blinder, Alan S.
作者单位：Princeton University
摘要：The Squam Lake Report is a volume by economists for economists. It offers the fruits of the labors of 15 top economists who met at Squam Lake, New Hampshire, to discuss financial reform. While somewhat disjointed, and avoiding many important issues, the book is nonetheless a tour du force. Its many recommendations derive from two basic principles: that reformers need to think systemically, and that third-party costs stemming from systemic risk need to be internalized. And its approach is just ...
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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：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：Olivei, Giovanni; Tenreyro, Silvana
作者单位：Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：Systematic differences in the timing of wage-setting decisions among industrialized countries provide an ideal framework to study the importance of wage rigidity for the transmission of monetary policy. Synchronization in wage-setting decisions is prevalent in Japan and the United States, yielding varying degrees of wage rigidity within the year: instead, in France, Germany, and the United Kingdom decisions are more uniformly spread over time. Exploiting within-year variation in the timing of ...
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作者：Coen-Pirani, Daniele
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：The main cross-sectional and time-series properties of state-level gross and net worker flows, wages, and rents are characterized using micro-data from the U.S. Census. A dynamic general equilibrium model of worker migration is introduced to explain the stylized facts. In the model, a location may experience simultaneous inflows and outflows of workers. Recent migrants choose to migrate more often than incumbent workers. Thus, locations that attract high numbers of migrants also tend to experi...
