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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：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. ...
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作者：Ohanian, Lee; Raffo, Andrea; Rogerson, Richard
作者单位：University of California System; University of California Los Angeles; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; Federal Reserve System - USA; Arizona State University; Arizona State University-Tempe
摘要：We document large differences in trend changes ill hours worked across OECD countries between 1956 and 2004. We assess the extent to which these changes are consistent With the intratemporal first order condition from the neoclassical growth model, augmented with taxes on labor income and Consumption expenditures. We find that the model can account for most of the trend changes in hours worked measured in the data. Differences in taxes explain much Of the variation in hours worked both over ti...
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作者：Arseneau, David M.; Chugh, Sanjay K.
作者单位：University System of Maryland; University of Maryland College Park; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Costly nominal wage adjustment has received renewed attention in the design of optimal policy. in this paper, we embed costly nominal wage adjustment into the modern theory Of frictional labor markets to Study optimal fiscal and monetary policy. The main result is that the optimal rate of price inflation is quite volatile despite the presence of nominal wage rigidities. This finding contrasts with results obtained in standard sticky-wage models, which employ neoclassical labor markets at their...
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作者：Pavan, Marina
作者单位：University College Dublin
摘要：There exist substantial differences in the generosity Of bankruptcy protection across U.S. states. This paper exploits cross-state variation in exemption levels to assess the dual role Of durable goods as informal collateral for unsecured debt and self insurance against had shocks to earnings. The generosity of bankruptcy protection is found to change both the incentives and the ability of households to accumulate durable wealth. The gains from a high level of insurance are reduced by the effe...
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作者：Adam, Klaus; Billi, Roberto M.
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：Does an inflation conservative central bank a la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal Policy games Without commitment in a dynamic, stochastic sticky-price economy with monopolistic distortions. Monetary policy determines nominal interest Fates and fiscal policy provides public goods generating private utility. We find that lack of fiscal commitment gives rise to excessive Public spending. The optimal infla...
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作者：Capistran, Carlos
作者单位：Bank of Mexico
摘要：Inflation forecasts of the Federal Reserve seem to have systematically under-predicted inflation from the fourth quarter of 1968 until Volcker's appointment as Chairman, and to systematically over-predict it afterwards until the second quarter of 1998. Furthermore, under quadratic loss, commercial forecasts seem to have information not contained in those forecasts. To investigate the Cause of this apparent irrationality, this paper recovers the loss function implied by Federal Reserve's inflat...
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作者：Chari, V. V.; Kehoe, Patrick J.; McGrattan, Ellen R.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities
摘要：No, unless technology shocks account for virtually all of the fluctuations in output. (C) 2008 Published by Elsevier B.V.
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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...
