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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：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：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：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：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：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：Williamson, Stephen D.
作者单位：Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：A segmented markets model of monetary policy is constructed, in which a novel feature is goods market segmentation, and its relationship to conventional asset market segmentation. The implications of the model for the response of prices, interest rates, consumption, labor supply, and output to monetary policy are determined. As well, optimal monetary policy is studied, as are the costs of inflation. The model features persistent nonneutralities of money, relative price effects of increases in ...
