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作者：Chirinko, Robert S.; Schaller, Huntley
作者单位：Carleton University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：When investment is irreversible, theory suggests that firms will be reluctant to invest. This reluctance creates a wedge between the discount rate guiding investment decisions and the standard Jorgensonian user cost (adjusted for risk). We use the intertemporal tradeoff between benefits and costs of changing the capital stock to estimate this wedge, which we label the irreversibility premium. Estimates are based on panel data for the period 1980-2001. The large dataset allows us to estimate th...
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作者：Kim, Jinill; Ruge-Murcia, Francisco J.
作者单位：Universite de Montreal; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Tobin's proposition that inflation greases the wheels of the labor market is studied using a simple dynamic stochastic general equilibrium model with asymmetric wage adjustment costs. The simulated method of moments is used to estimate the nonlinear model based on its second-order approximation. Optimal inflation is determined by a benevolent government that maximizes the households' welfare. Econometric results indicate that nominal wages are downwardly rigid and that the optimal level of gre...
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作者：Favara, Giovanni; Giordani, Paolo
作者单位：University of Lausanne
摘要：New Keynesian models of monetary policy downplay the role of monetary aggregates, in the sense that the level of output, prices, and interest rates can be determined without knowledge of the quantity of money. This paper evaluates the empirical validity of this prediction by studying the effects of shocks to monetary aggregates using a vector autoregression (VAR). Shocks to monetary aggregates are identified by the restrictions suggested by New Keynesian monetary models. Contrary to the theore...
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作者：Kleshchelski, Isaac; Vincent, Nicolas
作者单位：Universite de Montreal; HEC Montreal; Washington University (WUSTL)
摘要：Survey evidence shows that the main reason why firms keep prices stable is that they are concerned about losing customers or market share. We construct a general equilibrium model in which firms care about the size of their customer base. Firms and customers form long-term relationships because consumers incur costs to switch sellers. In an environment with sectoral productivity shocks, we show that cost pass-through is a non-monotonic function of the size of switching costs. Specifically, pri...
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作者：Den Haan, Wouter J.; Kaltenbrunner, Georg
作者单位：University of Amsterdam; Vrije Universiteit Amsterdam; Centre for Economic Policy Research - UK
摘要：In a business cycle model that incorporates a standard matching framework, employment increases in response to news shocks, even though the wealth effect associated with the increase in expected productivity reduces labor force participation. The reason is that the matching friction induces entrepreneurs to increase investment ill new projects and vacancies early. If there is underinvestment in new projects ill the competitive equilibrium, then the efficiency gains associated with all increase...
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作者：Amano, Robert; Moran, Kevin; Murchison, Stephen; Rennison, Andrew
作者单位：Bank of Canada; Laval University
摘要：What are the steady-state implications of inflation in a general-equilibrium model with real per capita output growth and staggered nominal price and wage contracts? Surprisingly, a benchmark calibration implies an optimal inflation rate of -1.9 percent. The analysis also shows that trend inflation has important effects on the economy when combined with nominal contracts and real output growth. Steady-state output and welfare losses are quantitatively important even for low values of trend inf...
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作者：Andolfatto, David; Nosal, Ed
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Simon Fraser University
摘要：The business of money creation is conceptually distinct from that of intermediation. Yet, these two activities are frequently-but not always-combined together in the form of a banking system. We develop a simple model to examine the question: When is banking essential? There is a role for money due to a lack of record-keeping and a role for intermediation due to the existence of private information: both money and intermediation are essential. When monitoring costs associated with intermediati...
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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) ...
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作者：Colacelli, Mariana; Blackburn, David J. H.
作者单位：Columbia University
摘要：Many cases exist of multiple Currency usage throughout history. As two leading examples, secondary currencies were widespread during both the Great Depression in the United States and the 2002 recession in Argentina. What are the determinants of multiple currency usage and what is the effect on economic activity? Both issues are empirically addressed using inclividual-level surveys collected by the authors in Argentina during 2002 and 2003. The evidence supports the theoretically predicted det...
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作者：Deviatov, Alexei; Wallace, Neil
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; New Economic School
摘要：Optimal monetary policy is Studied in a model with (i) heterogeneity in the degree to which different people are monitored (have publicly known histories); (ii) idiosyncratic shocks that give rise to heterogeneity in earning and spending realizations; and (iii) central-bank intervention in a market in claims or credit in which the participants are those who are heavily monitored. A special case of the model has everyone perfectly monitored. In that case, there is no role for money and no role ...
