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作者：Antunes, Antonio; Cavalcanti, Tiago; Villamil, Anne
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Banco de Portugal; University of Cambridge
摘要：A general equilibrium model with heterogeneous agents (with respect to wealth and ability) shows that differences across countries in intermediation costs and enforcement generate differences in occupational choice., firm size, credit, output and income inequality. Counterfactual experiments are performed for Latin American, European, transition and high growth Asian countries, with empirical estimates of each country's financial frictions and United States values for all other parameters. The...
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作者：Bullard, James; Singh, Aarti
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Sydney
摘要：We Study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a monetary policy maker that attempts to control the economy through the use of a linear nominal interest rate feedback rule. The main results show how the determinacy of worldwide equilibrium depends on the joint behavior of policyrnakers worldwide. The results also show how indeterminacy exposes all economies to endogenous volatility, even ones where monetary policy may be judged ...
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作者：Molodtsova, Tanya; Nikolsko-Rzhevskyy, Alex; Papell, David H.
作者单位：University of Houston System; University of Houston; Emory University; University of Memphis
摘要：Using real-time data that reflects information available to monetary authorities at the time they are formulating policy, we find that estimated Taylor rules based on revised and real-time data differ more for Germany than for the U.S., Taylor rules using real-time data suggest differences between U.S. and German monetary policies, and Taylor rules for the U.S. using inflation forecasts are nearly identical to those using lagged inflation rates. Evidence of out-of-sample predictability for the...
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作者：Veracierto, Marcelo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：In this paper I evaluate to what extent a real business cycle (RBC) model that incorporates search and home production decisions can simultaneously account for the observed behavior of employment, unemployment and out-of-the-labor-force. This contrasts with the previous RBC literature, which analyzed employment or hours fluctuations either by lumping together unemployment and out-of-the-labor-force into a single non-employment state or by assuming a fixed labor force. Once the three employment...
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作者：John, A. Andrew; Wolman, Alexander L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：State-dependent pricing models are now an operational framework for quantitative business cycle analysis. The analysis in Ball and Romer [1991. Sticky prices as coordination failure. American Economic Review 81 (3), 539-552], however, suggests that such models may be rife with multiple equilibria, for in their static model, price adjustment is always characterized by complementarity, a necessary condition for multiplicity. We study existence and uniqueness of steady-state equilibrium in a disc...
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作者：Albanesi, Stefania
作者单位：National Bureau of Economic Research; Columbia University; Center for Economic & Policy Research (CEPR)
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作者：Berentsen, Aleksander; Monnet, Cyril
作者单位：University of Basel; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Channel systems for conducting monetary policy are becoming increasingly popular. Despite its popularity, the consequences of implementing policy with a channel system are not well understood. We develop a general equilibrium framework of a channel system and study the optimal policy. A novel aspect of the channel system is that a central bank can tighten or loosen its policy without changing its policy rate. This policy instrument has so far been overlooked by a large body of the literature o...
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作者：Cordoba, Juan Carlos; Ripoll, Marla
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Rice University
摘要：Using a class of endogenous growth models that exhibit international spillovers, we show that most of the cross-country differences in output per worker are explained by barriers to the accumulation of rival factors (physical and human capital) rather than by barriers to the accumulation of knowledge. This is shown theoretically, by comparing models with exogenous and endogenous TFP, and quantitatively by using a carefully calibrated version of the model, The main finding is that barriers to t...
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作者：Abraham, Arpad
作者单位：University of Rochester
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作者：Nimark, Kristoffer
作者单位：Reserve Bank of Australia
摘要：Introducing private information into the dynamic pricing decision of firms by adding an idiosyncratic component to marginal cost can help explain two stylised facts about price changes: Aggregate inflation responds gradually and with inertia to shocks at the same time as individual price changes can be large. The inertial behaviour of inflation is driven by privately informed firms strategically 'herding' on the public information contained in the observations of lagged aggregate variables. Th...
