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作者：Levy, Amnon; Hennessy, Christopher
作者单位：University of California System; University of California Berkeley
摘要：We develop a computable general equilibrium model explaining financing over the business cycle. To avert agency conflicts, managers must hold a high percentage of their firm's equity. During contractions, firms substitute debt for equity in order to maintain managerial equity shares. During expansions, risk-sharing improves, with increases in managerial wealth facilitating substitution of equity for debt. In calibrated simulations, (counter) cyclical variation in leverage is only exhibited by ...
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作者：Reynard, Samuel
作者单位：Swiss National Bank (SNB)
摘要：This paper presents a systematic empirical relationship between money and subsequent prices and output, using US, euro area and Swiss data since the 1960-1970s. Monetary developments, unlike interest rate stance measures, are shown to provide qualitative and quantitative information on subsequent inflation. The usefulness of monetary analysis is contrasted to weaknesses in modeling monetary policy and inflation with respectively short-term interest rates and real activity measures. The analysi...
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作者：Hong, Jay H.; Rios-Rull, Jose-Victor
作者单位：University of Pennsylvania; University of Rochester
摘要：In this paper we ask whether an aspect of social security, namely its role as a provider of insurance against uncertain life spans, is welfare enhancing. To this end we use an OLG model where agents have a bequest motive and differ in sex and marital status and where families are formed and destroyed and their characteristics evolve (exogenously) according to U.S. demographic patterns of marriage, divorce, fertility and mortality. We compare the implications of social security under a variety ...
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作者：Devereux, Michael B.; Engel, Charles
作者单位：University of British Columbia; University of Wisconsin System; University of Wisconsin Madison
摘要：This paper develops a view of exchange rate policy as a trade-off between the desire to smooth fluctuations in real exchange rates so as to reduce distortions in consumption allocations, and the need to allow flexibility in the nominal exchange rate so as to facilitate terms of trade adjustment. We show that optimal nominal exchange rate volatility will reflect these competing objectives. The key determinants of how much the exchange rate should respond to shocks will depend on the extent and ...
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作者：Tetlow, Robert J.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This is a discussion of the paper Simple versus Optimal Rules as Guides to Policy by Brock, Durlauf, Nason and Rondina (BDNR) presented in November 2006 at Carnegie-Mellon University under the auspices of the Carnegie-Rochester Conference Series on Public Policy. I review the authors' arguments, present a few suggestions for extension and outline where I think at least one strand of the literature should be heading. Published by Elsevier B.V.
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作者：Faia, Ester
作者单位：Pompeu Fabra University
摘要：Business cycles are more correlated among countries that have similar financial structures. We first document this empirical regularity using OECD data, and then build a two-country DSGE model with financial ftictions that replicates it. Alternative monetary policy regimes and parameter values are explored. Output co-movements increase when the countries involved are linked by a credible exchange rate peg and when they open up to trade; they decrease when their financial openness increases. Th...
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作者：Jermann, Urban J.; Quadrini, Vincenzo
作者单位：University of Southern California; University of Pennsylvania; National Bureau of Economic Research; University of Southern California
摘要：Together with a sense of entering a New Economy, the U.S. experienced in the second half of the 1990s an economic expansion, a stock market boom, a financing boom for new firms and productivity gains. This article proposes an interpretation of these events within a general equilibrium model with financial frictions and decreasing returns to scale in production. We show that the mere prospect of high future productivity growth can generate sizable gains in current productivity, as well as the o...
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作者：Bakhshi, Hasan; Khan, Hashmat; Rudolf, Barbara
作者单位：Swiss National Bank (SNB); Carleton University
摘要：We derive a Phillips curve equation from the dynamic stochastic general equilibrium (DSGE) model with state-dependent pricing developed by Dotsey et al. [1999. State-dependent pricing and the general equilibrium dynamics of money and output. Quarterly Journal of Economics 114, 655-690]. This state-dependent Phillips curve encompasses the new Keynesian Phillips curve (NKPC) based on Calvo-type price setting as a special case. We analyze the effect of the state-dependent terms (that is, the vari...
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作者：Ljungqvist, Lars; Sargent, Thomas J.
作者单位：Stockholm School of Economics; New York University
摘要：A representative family model with indivisible labor and employment lotteries has no labor market frictions and complete markets. Nevertheless, its aggregate responses to an increase in government supplied unemployment insurance (UI) and to an increase in microeconomic turbulence are qualitatively similar to those in two macromodels with labor market frictions and incomplete markets, namely, the matching and search-island models in Ljungqvist and Sargent [2007a. Understanding European unemploy...
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作者：Aliprantis, C. D.; Camera, G.; Puzzello, D.
作者单位：Purdue University System; Purdue University; University of Kentucky; University of Kentucky
摘要：We study infinite-horizon monetary economies characterized by trading frictions that originate from random pairwise meetings, and commitment and enforcement limitations. We prove that introducing occasional trade in 'centralized markets' opens the door to an informal enforcement scheme that sustains a non-monetary efficient allocation. All is required is that trading partners be patient and their actions be observable. We then present a matching environment in which trade may occur in large ma...
