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作者：Kahn, Charles M.; Roberds, William
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：The quintessential crime of the information age is identity theft, the malicious use of personal identifying data. In this paper we model identity and its use in credit transactions. Various types of identity theft occur in equilibrium, including new account fraud, existing account fraud, and friendly fraud. The equilibrium incidence of identity theft represents a tradeoff between a desire to avoid costly or invasive monitoring of individuals on the one hand, and the need to control transactio...
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作者：Andolfatto, David; Hendry, Scott; Moran, Kevin
作者单位：Laval University; Simon Fraser University; Bank of Canada
摘要：Several recent papers report evidence of an apparent statistical bias in inflation expectations and interpret these findings as overturning the rational expectations hypothesis. In this paper, we investigate the validity of such an interpretation. We present a computational dynamic general equilibrium model capable of generating aggregate behavior similar to the data alone several dimensions. By construction, model agents form rational expectations. We run a standard regression on equilibrium ...
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作者：Cordoba, Juan-Carlos
作者单位：Rice University
摘要：To examine the role of debt constraints and incomplete asset markets (lack of insurance markets) in explaining U.S. inequality. we run horse races between competing models. For a widely used model, we decompose inequality into its fundamental driving forces. The underlying source of inequality in all models is uninsurable idiosyncratic risk. Both debt constraints and incomplete asset markets are needed to account for inequality, but asset market incompleteness is the key friction. It better ac...
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作者：Moore, Michael J.; Roche, Maurice J.
作者单位：Queens University Belfast; Maynooth University; Queens University - Canada
摘要：The flexible-price two-country monetary model is extended to include a consumption externality with habit persistence. Two methodologies are employed to explore this model's ability to generate volatile and persistent exchange rates. In the first, actual data is used for the exogenous driving processes. In the second, the model is simulated using estimated forcing processes. The theory, in both cases, is capable of explaining the high volatility and persistence of real and nominal exchange rat...
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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：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：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...
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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：Gollin, Douglas
作者单位：Williams College
摘要：In most poor countries, small firms and self-employment are the dominant forms of business enterprise-even in the manufacturing sector. For rich countries, in contrast, self-employed people account for very small shares of manufacturing employment and output. This paper builds on Lucas [1978. On the size distribution of business firms. Bell Journal of Economics 9(2), 508-523] to ask whether structural changes of this kind are driven by productivity differences. A model, calibrated to Japanese ...
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作者：Antinolfi, Gaetano; Kawamura, Enrique
作者单位：Washington University (WUSTL)
摘要：Modern financial sectors consist of banks, asset markets and a central bank. This paper builds a model where these institutions provide different financial services, and their interaction supports efficient allocations. When one institution is missing equilibria are, by construction, inefficient. The paper analyzes how interest rates and asset prices depend on the structure of the financial sector and characterizes the central bank policy that supports efficient allocations. The analysis relie...
