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作者：Krueger, Dirk; Ludwig, Alexander
作者单位：University of Mannheim; Center for Economic & Policy Research (CEPR); University of Pennsylvania; National Bureau of Economic Research
摘要：This paper employs a multi-country large-scale Overlapping Generations model with uninsurable labor productivity and mortality risk to quantify the impact of the demographic transition towards an older population in industrialized countries on world-wide rates of return, international capital flows and the distribution of wealth and welfare in the OECD. We find that for the U.S. as an open economy, rates of return are predicted to decline by 86 basis points between 2005 and 2080 and wages incr...
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作者：Edge, Rochelle M.; Rudd, Jeremy B.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：A nominal tax system is added to a sticky-price monetary business cycle model. When nominal interest income is taxed, the coefficient on inflation in a Taylor-type monetary policy rule must be significantly larger than one in order for the model economy to have a determinate rational-expectations equilibrium. When effective tax rates are raised by inflation, the stability of the economy's equilibrium can be adversely affected. Finally, when depreciation is treated as a charge against taxable i...
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作者：Sun, Hongfel
作者单位：University of Toronto
摘要：This paper addresses the problem of monitoring the monitor in a model of money and banking with private information and aggregate uncertainty. There is no need to monitor a bank if it requires loans to be repaid partly with money. A market arises at the repayment stage and generates information-revealing prices that perfectly discipline the bank. This mechanism also applies when there exist multiple banks. With multiple banks, competition of private monies improves welfare. A prohibition on pr...
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作者：Oulton, Nicholas
作者单位：University of London; London School Economics & Political Science
摘要：Greenwood et at. [1997. Long-run implications of investment- specific technological change. American Economic Review 87(3), 342-362; and 2000. The role of investment-specific technological change in the business cycle. European Economic Review 44, 91-115] and Hercowitz [1998. The 'embodiment' controversy: a review essay. Journal of Monetary Economics 41, 217-224] have claimed that the Jorgenson form of growth accounting is conceptually flawed and severely understates the importance of technolo...
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作者：Chari, V. V.; Kehoe, Patrick J.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：The desirability of fiscal constraints in monetary unions depends critically on whether the monetary authority can commit to following its policies. If it can commit, then debt constraints can only impose costs. If it cannot commit, then fiscal policy has a free-rider problem, and debt constraints may be desirable. This type of free-rider problem is new and arises only because of a time inconsistency problem. (c) 2007 Elsevier B.V. All rights reserved.
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作者：Liu, Zheng; Phaneuf, Louis
作者单位：Emory University; University of Quebec; University of Quebec Montreal
摘要：A positive technology shock may lead to a rise or a fall in per capita hours, depending on how hours enter the empirical VAR model. We provide evidence that, independent of how hours enter the VAR, a positive technology shock leads to a weak response in nominal wage inflation, a modest decline in price inflation, and a modest rise in the real wage in the short-run and a permanent rise in the long-run. We then examine the ability of several competing theories to account for this VAR evidence. O...
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作者：Cooper, Russell; Haltiwanger, John; Willis, Jonathan L.
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; Federal Reserve System - USA
摘要：We estimate a search model to match hours, employment, vacancies and unemployment at the micro- and macrolevels. We establish a set of facts concerning the variability of unemployment and vacancies in the aggregate and the distribution of net employment growth and the comovement of hours and employment growth at the establishment level. A search model with non-convex costs of posting vacancies, establishment-level profitability shocks and a contracting framework to set hours provides a structu...
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作者：Eisfeldt, Andrea L.; Rampini, Adriano A.
作者单位：Northwestern University; Duke University
摘要：Used capital is cheap up front but requires higher maintenance payments later on. We argue that the timing of these investment cash outflows makes used capital attractive to financially constrained firms, since it is cheap when evaluated using their discount factor. In contrast, it may be expensive from the vantage point of an unconstrained agent. We provide an overlapping generations model and determine the price of used capital in equilibrium. Agents with less internal funds are more credit ...
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作者：Goodfriend, Marvin; McCallum, Bennett T.
作者单位：Carnegie Mellon University
摘要：The paper reconsiders the role of money and banking in monetary policy analysis by including a banking sector and money in an optimizing model otherwise of a standard type. The model is implemented quantitatively, with a calibration based on US data. It is reasonably successful in providing an endogenous explanation for substantial steady-state differentials between the interbank policy rate and (i) the collateralized loan rate, (ii) the uncollateralized loan rate, (iii) the T-bill rate, (iv) ...
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作者：Gorodnichenko, Yuriy; Shapiro, Matthew D.
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：The Fed kept interest rates low and essentially unchanged during the late 1990s despite a booming economy and record-low unemployment. These interest rates were accommodative by historical standards. Nonetheless, inflation remained low. How did the Fed succeed in sustaining rapid economic growth without fueling inflation and inflationary expectations? In retrospect, it is evident that the productive capacity of the economy increased. Yet as events unfolded, there was uncertainty about the expa...
