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作者：Altissimo, Filippo; Mojon, Benoit; Zaffaroni, Paolo
作者单位：Imperial College London
摘要：An aggregation exercise is proposed that aims at investigating whether the fast average adjustments of the disaggregate inflation series of the euro area CPI is coherent with the slow adjustment of euro area aggregate inflation. Estimating a dynamic factor model for 404 inflation sub-indices of the euro area CPI allows to decompose the dynamics of inflation sub-indices into a part due to a common macroeconomic shock and to sector specific idiosyncratic shocks. Although idiosyncratic shocks dom...
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作者：Monacelli, Tommaso
作者单位：Bocconi University
摘要：Econometric evidence suggests that, in response to monetary policy shocks, durable and non-durable spending co-move positively, and durable spending exhibits a much larger sensitivity to the shocks. A standard two-sector New Keynesian model with perfect financial markets is at odds with these facts. The introduction of a borrowing constraint, where durables play the role of collateral assets, helps in reconciling the model with the empirical evidence. (C) 2008 Elsevier B.V. All rights reserved.
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作者：Mukoyama, Toshihiko; Sahin, Ayseguel
作者单位：University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：There has been a substantial increase in the average duration of unemployment relative to the unemployment rate in the U.S. over the last 30 years. We evaluate the performance of a standard job-search model in explaining this phenomenon. In particular, we examine whether the increase in within-group wage inequality and the decline in the incidence of unemployment can account for the increase in unemployment duration. The results indicate that these two changes can explain a significant part of...
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作者：Athreya, Kartik; Tam, Xuan S.; Young, Eric R.
作者单位：University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We study the extent to which unsecured credit markets have altered the transmission of increased income risk to consumption variability over the past several decades. We find that unsecured credit markets pass through increased income risk to consumption, irrespective of bankruptcy policy and the information possessed by lenders. If risk sharing has indeed improved over this period, the reasons do not therefore lie in the unsecured credit market. (C) 2008 Elsevier B.V. All rights reserved.
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作者：Evans, George W.; Honkapohja, Seppo; Mitra, Kaushik
作者单位：University of St Andrews; University of Oregon
摘要：The impact of anticipated policy changes when agents form expectations using adaptive learning rather than rational expectations is considered. Agents are assumed to combine limited structural knowledge with a standard adaptive learning rule. These issues are analyzed using two well-known set-ups, an endowment economy and the Ramsey model. In our scenario there are important deviations from both rational expectations and purely adaptive learning. The approach could be applied to other framewor...
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作者：Angeletos, George-Marios; Panousi, Vasia
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We revisit the macroeconomic effects of government consumption in the neoclassical growth model when agents face uninsured idiosyncratic investment risk. Under complete markets, a permanent increase in government consumption has no long-run effect on interest rates and capital intensity, while it increases work hours due to the negative wealth effect. These results are upset once we allow for incomplete markets. The same negative wealth effect now causes a reduction in risk taking and the dema...
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作者：Chambers, Matthew; Garriga, Carlos; Schlagenhauf, Don E.
作者单位：State University System of Florida; Florida State University; University System of Maryland; Towson University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Most countries have tax provisions and subsidies to promote homeownership. These provisions generate an asymmetry in the tax treatment of owner- and rental-occupied housing, which affects the incentives to supply tenant-occupied housing. This paper analyzes the quantitative importance of the interaction of these provisions with the progressivity of income taxation in the context of an overlapping generations model with housing and rental markets. The model replicates the key facts observed in ...
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作者：Goldberg, Linda; Tille, Cedric
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research
摘要：The U.S. dollar holds a dominant place in the invoicing of international trade. In addition to a direct role for most U.S. exports and imports, it plays a global role for trade flows outside the United States. Using a simple center-periphery model, we show that this global role magnifies the exposure of periphery countries to the U.S.'s monetary policy even when trade flows with the U.S. are limited. This generates gains from coordinated monetary policy, as U.S. policy leads to inefficient mov...
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作者：Edelstein, Paul; Kilian, Lutz
作者单位：University of Michigan System; University of Michigan
摘要：There is growing evidence that the primary effect of energy price shocks on the U.S. economy involves a reduction in consumer spending. We quantify the direct effect on real consumption of unanticipated changes in discretionary income, shifts in precautionary savings, and changes in the operating cost of energy-using durables, The possibility of asymmetries in the response of real consumption to energy price shocks is also considered. We demonstrate that linear models are consistent with the s...
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作者：Hansen, Sten; Lindstrom, Tomas
摘要：While using detailed firm-level data from the private business sector, this study identifies two empirical puzzles: (i) returns-to-scale (RTS) parameter estimates rise at higher levels of data aggregation and (ii) estimates from the firm level Suggest decreasing returns to scale. The analysis shows that, although consistent with rising estimates, neither entry/exit nor the Basu-Fernald [Returns to scale in U.S. production: estimates and implications. journal of Political Economy 105, 249-283) ...
