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作者：McKay, Alisdair; Reis, Ricardo
作者单位：Princeton University; Princeton University
摘要：Early studies of business cycles argued that contractions in economic activity were briefer (shorter) and more violent (rapid) than expansions. This paper systematically investigates this claim and in the process discovers a robust new business cycle fact: contractions in employment are briefer and more violent than expansions but we cannot reject the null of equal brevity and violence for expansions and contractions in output. The difference arises because employment typically lags output aro...
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作者：Lustig, Hanno; Sleet, Christopher; Yeltekin, Sevin
作者单位：Carnegie Mellon University; University of California System; University of California Los Angeles
摘要：We analyze optimal fiscal and monetary policy in an economy with distortionary labor incorne taxes, nominal rigidities, nominal debt of various maturities and short-selling constraints. Optimal policy prescribes the almost exclusive use of long term debt. Such debt mitigates the distortions associated with hedging fiscal shocks by allowing the government to allocate them efficiently across states and periods. (c) 2008 Elsevier B.V. All rights reserved.
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作者：Hassler, John; Krusell, Per; Storesletten, Kjetil; Zilibotti, Fabrizio
作者单位：Stockholm University; Princeton University; National Bureau of Economic Research; University of Oslo; University of Zurich
摘要：For many kinds of capital, depreciation rates change systematically with the age of the capital. Consider an example that captures essential aspects of human capital, both regarding its accumulation and its depreciation: a worker obtains knowledge in period 0, then uses this knowledge in production in periods I and 2, and thereafter retires. Here, depreciation accelerates: it occurs at a 100% rate after period 2, and at a lower (perhaps zero) rate before that. The present paper analyzes the im...
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作者：Krugman, Paul
作者单位：Princeton University
摘要：In responding to Nelson and Schwartz's [2008. The impact of Milton Friedman on modern monetary economics: setting the record straight on Paul Krugman's Who was Milton Friedman?. journal of Monetary Economics 55, this issue] critique of my Who Was Milton Friedman, I focus on three central economic topics: (i) whether it is reasonable to claim that the Federal Reserve caused the Great Depression: (ii) whether monetary policy had the power to engineer an economic recovery after the onset of the d...
