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作者：Mackowiak, Bartosz
作者单位：European Central Bank
摘要：Estimated structural VARs show that external shocks are an important source of macroeconomic fluctuations in emerging markets. Furthermore, U.S. monetary policy shocks affect interest rates and the exchange rate in a typical emerging market quickly and strongly. The price level and real output in a typical emerging market respond to U.S. monetary policy shocks by more than the price level and real output in the U.S. itself. These findings are consistent with the idea that when the U.S. sneezes...
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作者：Eichenbaum, Martin; Fisher, Jonas D. M.
作者单位：Northwestern University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This paper assesses the empirical performance Calvo style models of price re-optimization. We first show that versions of these models in which firms update non-re-optimized prices to lagged inflation account well for the statistical behavior of post-war U.S. inflation rates. We then investigate whether these models imply plausible degrees of inertia in price setting behavior by firms. They do, but only if we depart from two standard auxiliary assumptions: monopolistically competitive firms fa...
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作者：Chugh, Sanjay K.
摘要：Ramsey models of fiscal and monetary policy featuring time-separable preferences and a fixed supply of capital predict highly volatile inflation with no serial correlation. In this paper, we show that an otherwise-standard Ramsey model that incorporates capital accumulation and habit persistence predicts highly persistent inflation. The result depends on increases in either the ability to smooth consumption or the preference for doing so. The effect operates through the Fisher relationship: a ...
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作者：Greenwood, Jeremy; Krusell, Per
作者单位：Princeton University; University of Pennsylvania; Stockholm University
摘要：Two approaches taken to the embodiment question are compared and discussed: quantitative theory and traditional growth accounting. The two approaches give very different estimates for the contribution of investment-specific technological advance to economic growth. Therefore, the approach taken matters. It is argued that the measures used in traditional growth accounting to gauge the importance of investment-specific technological progress have little economic content, unlike the measure obtai...
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作者：den Haan, Wouter J.; Sumner, Steven W.; Yamashiro, Guy M.
作者单位：Vrije Universiteit Amsterdam; University of Amsterdam; University of San Diego; California State University System; California State University Long Beach
摘要：We study the portfolio behavior of bank loans following a monetary tightening and find that real estate and consumer loans sharply decrease, while commercial and industrial (C&I) loans increase. These responses are compared with responses following non-monetary shocks, which also reduce output but keep interest rates roughly unchanged. During such a non-monetary downturn, C&I loans sharply decrease, while real estate and consumer loans show no substantial response. These responses, together wi...
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作者：Hafer, R. W.; Haslag, Joseph H.; Jones, Garett
作者单位：University of Missouri System; University of Missouri Columbia; Southern Illinois University System; Southern Illinois University Edwardsville
摘要：There is an emerging consensus that money can be largely ignored in making monetary policy decisions. Rudebusch and Svensson [1999, Policy Rules and Inflation Targeting. In Taylor, J.B. (Ed.), Monetary Policy Rules. University of Chicago Press, Chicago, 203-246; 2002, Eurosystem Monetary Targeting: Lessons from US Data. European Economic Review 46, 417-442] provide some empirical support for this view. We reconsider the role of money and find that money is not redundant. More specifically, the...
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作者：Laitner, John
作者单位：University of Michigan System; University of Michigan
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作者：Wolff, Edward N.
作者单位：New York University
摘要：The paper compares the well-being of the baby boom generation (ages 40-55) in 2001 with the same age group in 1983. I find little evidence that their relative position deteriorated over the period. By some indicators, this generation has seen an improvement. In terms of income, the 40-55 age group was at about the same relative position in 2001 as in 1983. In terms of conventional wealth, there was some slippage over the period. In terms of mean augmented wealth (net worth plus pension and Soc...
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作者：Midrigan, Virgiliu
作者单位：New York University
摘要：Menu-cost models predict a hump-shaped relationship between real and nominal exchange rate volatility. The hump occurs at higher values of nominal exchange rate volatility, the higher trade costs and lower international substitution elasticities are. These predictions accord well with the negative relationship between relative price and nominal exchange rate volatility I document using a data set of prices collected in Eastern Europe in a volatile environment. In contrast, trade costs must be ...
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作者：Roush, Jennifer E.
作者单位：Federal Reserve System - USA
摘要：In practice, the expectations theory of the term structure is employed extensively in monetary policy analysis despite its empirical failure. This paper performs a conditional test of the theory that is directly relevant to monetary theory and policy. It finds that the theory holds quite well conditional on identified monetary policy shocks, but fails conditional on aggregate supply shocks that prompt an immediate jump in prices. It also finds that policy responses to movements in the term str...
