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作者：King, Robert G.
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作者：Krugman, Paul
作者单位：Princeton University
摘要：In responding to Nelson and Schwartz's [2008. The impact of Milton Friedman on modern monetary economics: setting the record straight on Paul Krugman's Who was Milton Friedman?. journal of Monetary Economics 55, this issue] critique of my Who Was Milton Friedman, I focus on three central economic topics: (i) whether it is reasonable to claim that the Federal Reserve caused the Great Depression: (ii) whether monetary policy had the power to engineer an economic recovery after the onset of the d...
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作者：Cogley, Timothy; Sargent, Thomas J.
作者单位：University of California System; University of California Davis; New York University
摘要：By positing learning and a pessimistic initial prior, we build a model that disconnects a representative consumer's subjective attitudes toward risk from the high price of risk that a rational-expectations econometrician would deduce from financial market data. We follow Friedman and Schwartz [1963. A Monetary History of the United States, 1857-1960. Princeton University Press, Princeton, NJ] in hypothesizing that the Great Depression heightened fears of economic instability. We use a robustne...
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作者：Restuccia, Diego; Yang, Dennis Tao; Zhua, Xiaodong
作者单位：University of Toronto; Virginia Polytechnic Institute & State University; Chinese University of Hong Kong
摘要：A decomposition of aggregate labor productivity based on internationally comparable data reveals that a high share of employment and low labor productivity in agriculture are mainly responsible for low aggregate productivity in poor countries. Using a two-sector general-equilibrium model, we show that differences in economy-wide productivity, barriers to modern intermediate inputs in agriculture, and barriers in the labor market generate large cross-country differences in the share of employme...
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作者：Nimark, Kristoffer
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
摘要：Monetary policy is conducted in an environment Of uncertainty. This paper presents a model where the central bank uses real time data from the bond market together with standard macroeconomic indicators to infer the current state of the economy more efficiently, while taking into account that its own actions influence the bond market and therefore what it observes. That the central bank uses the information in the term structure to set policy creates a link between the bond market and the macr...
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作者：Knotek, Edward S., II
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：Certain items' prices are often set to simplify and expedite transactions, by coinciding with available monetary units, requiring few pieces of money, or requiring little change. In this sense, these prices are more convenient than other proximate prices. This paper models a firm that explicitly incorporates convenience into its pricing decisions-where convenience is quantified by the number of currency units in a transaction-and illustrates the theoretical behaviors that can arise. Newspaper ...
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作者：Damjanovic, Tatiana; Damjanovic, Vladislav; Nolan, Charles
作者单位：University of St Andrews
摘要：We develop a simple and intuitive approach for analytically deriving unconditionally optimal (UO) policies, a topic of enduring interest in optimal monetary policy analysis. The approach can be employed in both general linear-quadratic problems and in the underlying non-linear environments. A detailed example is provided using a canonical New Keynesian framework. (C) 2008 Elsevier B.V. All rights reserved.
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作者：Mills, David C., Jr.; Nesmith, Travis D.
作者单位：Federal Reserve System - USA
摘要：What drives the intraday patterns of settlement in payment and securities settlement systems? Using a model of the strategic interaction of participants in these systems to capture some stylized facts about the Federal Reserve's Fedwire funds and securities systems, this paper identifies three factors that influence a participant's decision on when to send transactions intraday: cost of intraday liquidity, extent of settlement risk, and system design. With these factors, the model can make pre...
