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作者：Gahvari, Firouz
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：In overlapping generations models, money growth creates intergenerational wealth effects and leads to the breakdown of the Friedman rule; the rule can be restored via lump-sum tax and transfers that neutralize these wealth transfers. Additionally, and in contrast to money-in-the-utility-function models, the Friedman rule is not the unique first-best solution in cash-in-advance-constraint models of money: a continuum of combinations of money growth rates and consumption taxes implement the firs...
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作者：Alvarez, Fernando; Lucas, Robert E., Jr.
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：We study a variation of the Eaton-Kortum model, a competitive, constant-returns-to-scale multicountry Ricardian model of trade. We establish existence and uniqueness of an equilibrium with balanced trade where each country imposes an import tariff. We analyze the determinants of the cross-country distribution of trade volumes, such as size, tariffs and distance, and compare a calibrated version of the model with data for the largest 60 economies. We use the calibrated model to estimate the gai...
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作者：Klenow, Peter J.; Willis, Jonathan L.
作者单位：Federal Reserve System - USA; National Bureau of Economic Research; Stanford University
摘要：In the U.S. and Europe, prices change at least once a year. Yet nominal macro shocks seem to have real effects lasting well beyond a year. Sticky information models, as posited by Mankiw and Reis [2002. Sticky information versus sticky prices: a proposal to replace the new Keynesian Phillips curve. Quarterly Journal of Economics 117, 1295-1328], Sims [2003. Implications of rational inattention. Journal of Monetary Economics 50(3), 665-690], and Woodford [2003. Princeton University Press: Princ...
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作者：Duffy, John; Xiao, Wei
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Louisiana System; University of New Orleans
摘要：We provide conditions under which a general, reduced-form class of real business cycle (RBC) models has rational expectations equilibria that are both indeterminate and stable under adaptive learning. Indeterminacy of equilibrium allows for the possibility that non-fundamental sunspot variable realizations can be used to drive the model, and several researchers have offered calibrated structural models where sunspot shocks play such a role. However, we show that the structural restrictions res...
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作者：Minetti, Raoul
作者单位：Michigan State University
摘要：We construct an economy where a two way interaction between bank capital and project quality propagates negative shocks to technology or regulation. By shrinking the available liquidity and the scale of their activity, a contraction in bank loans discourages entrepreneurs from sustaining the setup effort of high quality projects, inducing them to shift to low quality ones. The deterioration in project quality erodes the value of bank assets and, hence, banks' capitalization and loanable funds....
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作者：Jacobs, Kris
作者单位：McGill University
摘要：We use panel data to estimate nonlinear Euler equations for preferences that are nonseparable in consumption and leisure. This approach departs from existing panel data studies that investigate linearizations and/or separable preferences. Intuitively plausible estimates are obtained only when excluding nonassetholders from the sample, which indicates the importance of asset market participation. For market participants, estimated parameter values are intuitively appealing, but differ from exis...
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作者：Eisfeldt, Andrea L.
作者单位：Northwestern University
摘要：A quantitative examination of the demand for liquid assets arising from consumption smoothing motives reveals that such demand is very low. Consumers faced with income streams calibrated to match income and unemployment data and returns and transactions costs calibrated to match US Treasury Bill data almost exclusively buy and hold illiquid long term assets even though the return premium on long term assets is quite small. This is because, with standard preferences, savings are highly persiste...
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作者：Wolman, Alexander L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
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作者：Erosa, Andres; Koreshkova, Tatyana
作者单位：University of Toronto; University System of Ohio; Oberlin College; University of Toronto; Concordia University - Canada
摘要：We develop a quantitative theory of economic inequality to investigate the effects of replacing the current U.S. progressive income tax system with a proportional one. The cross-sectional implications of the theory are used to discipline the assessment of the effects of tax policy and circumvent the lack of conclusive micro-evidence on the parameterization of the human capital production technology. We find that the elimination of progressive taxation increases steady state level of output by ...
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作者：Kennickell, Arthur B.
作者单位：Federal Reserve System - USA
