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作者：Marcet, Albert; Obiols-Homs, Francesc; Weil, Philippe
作者单位：Autonomous University of Barcelona; Pompeu Fabra University; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Universite Libre de Bruxelles
摘要：Endogenous labor supply decisions are introduced in an equilibrium model of limited insurance against idiosyncratic shocks. Unlike in the standard case with exogenous labor (e.g. [Aiyagari, S.R., 1994. Uninsured idiosyncratic risk and aggregate saving. Quarterly Journal of Economics 109, 659-684; Huggett, M., 1997. The one-sector growth model with idiosyncratic shocks: steady states and dynamics. Journal of Monetary Economics 39, 385-403]), labor supply is likely to be lower than under complet...
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作者：Gilchrist, Simon
作者单位：Boston University
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作者：Faust, Jon; Rogers, John H.; Wang, Shing-Yi B.; Wright, Jonathan H.
作者单位：Federal Reserve System - USA; Yale University; Federal Reserve System - USA
摘要：The joint movements of exchange rates and U.S. and foreign term structures over short-time windows around macro announcements are studied using a 14-year span of high-frequency data. In order to evaluate whether the joint effects can be reconciled with conventional theory, the implications of these joint movements for changes in expected future exchange rates and changes in foreign exchange risk premia are deduced. For several real macro announcements, a stronger than expected release apprecia...
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作者：DeJuan, Joseph P.; Seater, John J.
作者单位：University of Waterloo; North Carolina State University
摘要：We use modern household data and econometric methods to conduct some of the original tests of the permanent income hypothesis (PIH) suggested and used by Friedman [1957. A Theory of the Consumption Function. Princeton University Press, Princeton]. The data and methods are superior to those available to Friedman, allowing us to refine Friedman's tests and perform tests he could not do. The results provide overall though not universal support for PIH. (c) 2006 Elsevier B.V. All rights reserved.
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作者：Krause, Michael U.; Lubik, Thomas A.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Deutsche Bundesbank
摘要：We develop a New Keynesian model with search and matching frictions in the labor market. We show that the model generates counterfactual labor market dynamics. In particular, it fails to generate the negative correlation between vacancies and unemployment in the data, i.e., the Beveridge curve. Introducing real wage rigidity leads to a negative correlation, and increases the magnitude of labor market flows to more realistic values. However, inflation dynamics are only weakly affected by real w...
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作者：Dwyer, Gerald P., Jr.; Hasan, Iftekhar
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Rensselaer Polytechnic Institute
摘要：We present evidence on the effects of suspensions of payments from an episode that is close to a controlled experiment for examining those effects. In 1861, about 44% of the banks in Wisconsin closed, 81% of the banks in Illinois closed, and noteholders suffered substantial losses. The historical record suggests that an effective suspension of payments in Wisconsin but not in Illinois may explain the difference. Our statistical evidence indicates that the suspension of payments increased the p...
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作者：Imrohoroglu, Ayse
作者单位：University of Southern California
