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作者：Azzimonti, Marina
作者单位：University of Texas System; University of Texas Austin
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作者：Galenianos, Manolis; Kircher, Philipp
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Pennsylvania
摘要：We develop a model of decentralized monetary exchange to examine the distributional effects of inflation across heterogeneous agents. The agents have private information about their productivity, preferences, or money holdings. Matching is multilateral and each seller is visited by a stochastic number of buyers. The good is allocated according to a second-price auction in money. In equilibrium, homogeneous buyers hold different amounts of money leading to price dispersion. We find the closed-f...
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作者：Mendoza, Enrique G.; Ostry, Jonathan D.
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; International Monetary Fund
摘要：We conduct a cross-country empirical analysis of fiscal solvency based on dynamic stochastic general equilibrium conditions. The results show evidence of fiscal solvency, in the form of a robust positive conditional response of the primary balance to changes in public debt, in panels for emerging and industrial economies and in a combined panel. Emerging economies show a stronger response and hence converge to lower mean debt-output ratios, as observed in the data. The results are weaker for c...
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作者：Faia, Ester
作者单位：University of Rome Tor Vergata
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作者：Sveen, Tommy; Weinke, Lutz
作者单位：Norges Bank; Duke University
摘要：We find that demand shocks play an important role for business-cycle fluctuations ill unemployment and job vacancies. The reason is that those shocks give a strong incentive to demand-constrained firms to adjust production and thereby labor input. Furthermore we argue that whether real wage rigidity A la Hall [2005. Employment fluctuations With equilibrium wage stickiness. American Economic Review 95, 50-65] helps explain the remaining part of the unemployment volatility Puzzle depends critica...
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作者：Orphanides, Athanasios; Williams, John C.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：The optimal control approach to monetary policy has garnered increased attention in recent years. Optimal control policies, however, are designed for the specific features of a particular model and therefore may not be robust to model misspecification. One important source of potential misspecification is how agents form expectations. Specifically, whether they know the complete structure of the model as assumed in rational expectations or learn using a forecasting model that they update based...
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作者：Siu, Henry E.
作者单位：University of British Columbia
摘要：An often overlooked role of conscription is as a method of lump sum taxation in times of War. Conscription of military personnel allows the fiscal authority to minimize wartime government expenditure, and hence, minimize tax distortions associated with war finance. This paper presents a simple dynamic general equilibrium model to articulate this view, and calibrates the model to the U.S. World War II experience. Analysis of the calibrated model indicates that the welfare value of conscription ...
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作者：Antinolfi, Gaetano; Prasad, Suraj
作者单位：Washington University (WUSTL); University of New South Wales Sydney
摘要：We examine how banks and financial markets interact with one another to provide liquidity to investors. The critical assumption is that financial markets are characterized by limited enforcement of contracts, and in the event of default only a fraction of borrowers' assets can be seized. Limited enforcement reduces the fraction of assets that can be used as collateral and thus individuals subject to liquidity shocks face borrowing constraints. We show how banks endogenously overcome these borr...
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作者：Beck, Guenter W.; Wieland, Volker
作者单位：Goethe University Frankfurt
摘要：Research with Keynesian-style models has emphasized the importance of the output gap for policies aimed at controlling inflation while declaring monetary aggregates largely irrelevant. Critics, however, have argued that these models need to be modified to account for observed money growth and inflation trends, and that monetary trends may serve as a useful cross-check for monetary policy. We identify an important Source of monetary trends in form of persistent central bank misperceptions regar...
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作者：Krusell, Per; Mukoyama, Toshihiko; Rogerson, Richard; Sahin, Ayseguel
作者单位：Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research; National Bureau of Economic Research; Princeton University; Center for Economic & Policy Research (CEPR); University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We study the impact of tax and transfer programs on steady-state allocations in a model with search frictions, an operative labor supply margin, and incomplete markets. In a benchmark model that has indivisible labor and incomplete markets but no trading frictions we show that the aggregate effects of taxes are identical to those in the economy with employment lotteries, though individual employment and asset dynamics can be different. The effect of frictions oil the response of aggregate hour...
