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作者：Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain
作者单位：Roma Tre University; Roma Tre University; European University Institute; European Central Bank; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Two specifications of an open-economy model are shown to generate high exchangerate volatility and low exchange-rate pass-through (ERPT). In the model, price discrimination causes ERPT to be incomplete in both the short and the long run. In the short run, a small amount of nominal rigidities is enough to reduce ERPT sharply: still, exchange-rate depreciation worsens the terms of trade, consistent with the evidence. Possible biases from omitted variables and measurement error in the ERPT empiri...
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作者：Dotsey, Michael; Duarte, Margarida
作者单位：University of Toronto; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Empirical evidence suggests that movements in international relative prices are large and persistent. Nontraded goods, both in the form of final consumption goods and as an input into the production of final tradable goods, are an important aspect driving international relative price movements. In this paper we show that nontraded goods play an important role in the context of an otherwise standard open-economy macromodel. Our quantitative study with nontraded goods generates implications alon...
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作者：Sala, Luca; Soderstrom, Ulf; Trigari, Antonella
作者单位：Bocconi University; Bocconi University
摘要：We study the design of monetary policy in an estimated model with sticky prices, search and matching frictions, and staggered nominal wage bargaining. We find that the estimated natural rate of unemployment is consistent with the NBER description of the U.S. business cycle, and that the inflation/unemployment trade-off facing monetary policymakers is quantitatively important. We also show that parameter uncertainty has a limited effect on the performance or design of monetary policy, while nat...
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作者：Blalock, Garrick; Gertler, Paul J.; Levine, David I.
作者单位：Cornell University; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：We investigate whether capital market imperfections constrain investment during an emerging market financial crisis. Both large currency devaluations and banking sector failures characterize recent crises. Although a currency devaluation should increase exporters' competitiveness and investment, a failing banking system may limit credit to these firms. Foreign-owned firms, which may have greater access to overseas financing but otherwise face the same investment prospects, provide an ideal con...
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作者：Monnet, Cyril; Roberds, William
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：Payments are increasingly being made with payment cards despite the fact that the cost of clearing a card payment Usually exceeds the cost of transferring cash. We examine this puzzle through the lens of monetary theory, We consider the design of ail optimal card-based payment system when cash is available as an alternative means of payment. We find that a feature akin to the controversial no-surcharge rule may be necessary to ensure the viability of the card payment system. This rule states t...
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作者：Levine, Paul; McAdam, Peter; Pearlman, Joseph
作者单位：European Central Bank; University of Surrey; London Metropolitan University
摘要：Our objectives are: to quantify the stabilization welfare gains from commitment; to examine how commitment to an optimal rule can be sustained as an equilibrium: to find a simple interest rate rule that approximates the optimal commitment one. We utilize an empirical micro-founded euro-area DSGE model, a quadratic approximation of household utility as the welfare criterion, employing a nominal interest rate lower bound. In contrast to previous studies, we find significant commitment stabilizat...
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作者：Shi, Shouyong
作者单位：University of Toronto
摘要：In a monetary search model with nominal bonds, agents face matching/taste shocks but they cannot insure, borrow or trade against such shocks. A government imposes a legal restriction that prohibits bonds from being used to buy a subset of goods. I show that this legal restriction can increase the society's welfare. In contrast to the literature this, efficiency role persists in the steady state and even when the households cannot trade assets after receiving the shocks. Moreover, it can exist ...
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作者：Klee, Elizabeth
作者单位：Federal Reserve System - USA
摘要：Empirical evidence based on grocery store transaction data shows that consumer payment behavior at the point of sale is important for understanding models of money demand. There are statistically significant effects of transaction costs, opportunity costs, and product characteristics on the choice of payment instrument, which then, in turn, affect money demand. These results emphasize the overlap between the work of empirical researchers in payment choice and theoretical modelers of monetary e...
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作者：Kahn, Charles M.; Roberds, William
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：The quintessential crime of the information age is identity theft, the malicious use of personal identifying data. In this paper we model identity and its use in credit transactions. Various types of identity theft occur in equilibrium, including new account fraud, existing account fraud, and friendly fraud. The equilibrium incidence of identity theft represents a tradeoff between a desire to avoid costly or invasive monitoring of individuals on the one hand, and the need to control transactio...
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作者：Devereux, Michael B.; Sutherland, Alan
作者单位：University of British Columbia; University of British Columbia; University of St Andrews
摘要：Recent data Show Substantial increases in the size of gross external asset and liability positions. The implications of these developments for optimal Conduct of monetary policy are analyzed in a standard open economy model which is augmented to allow for endogenous portfolio choice. The model shows that monetary policy takes on new importance due to its impact oil nominal asset returns. Nevertheless, the case for price stability as an optimal monetary rule remains. In fact, it is reinforced. ...
