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作者：Sveen, Tommy; Weinke, Lutz
作者单位：Norges Bank; Duke University
摘要：Smoothness in aggregate capital accumulation is a necessary condition for New-Keynesian (NK) models to imply a quantitatively relevant monetary transmission mechanism (see, e.g., [Woodford, 2005. Firm-specific capital and the new Keynesian Phillips curve. International Journal of Central Banking 2, 1-46]). Can that aggregate smoothness be entertained in the context of an NK model featuring lumpy plant-level investment? Our answer is yes. Imperfect competition in goods markets and/or sticky pri...
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作者：Bullard, James
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Comments on the paper by Orphanides and Williams from the November 2006 Carnegie-Rochester conference. (c) 2007 Elsevier B.V. All rights reserved.
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作者：Monnet, Cyril; Quintin, Erwan
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different financial structures. Because setting up financial markets is costly in our model, economies that emphasize bank lending are more likely to continue doing so in the future, all else equal. (C) 2006 Elsev...
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作者：Kawamura, Enrique
摘要：This paper presents a small-open-economy, two-good version of the Diamond and Dybvig model with cash constraints to analyze the implications on banking of different exchange rate regimes and monetary policies. I show that fixed exchange rates with a Central Bank providing liquidity in local currency imply Pareto efficiency, with conditions for a run equilibrium stronger than in the literature. In a flexible exchange rate regime, multiple equilibria may not be eliminated. In particular, for ver...
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作者：Davis, Morris A.; Heathcote, Jonathan
作者单位：University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve System Board of Governors; Georgetown University; Center for Economic & Policy Research (CEPR)
摘要：One can conceptualize a house as a bundle comprising a reproducible tangible structure and a nonreproducible plot of land. When the value of a home is decomposed this way, land capitalizes the market value of a home's location. We develop a formal relationship between the dynamics of house prices, structures costs and land prices, and thereby construct the first constant-quality price and quantity indexes for the aggregate stock of residential land in the United States. In a range of applicati...
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作者：Otrok, Christopher; Ravikumar, B.; Whiteman, Charles H.
作者单位：University of Virginia; University of Iowa
摘要：We develop a generalization of the Hansen-Jagannathan (1991) volatility bound that (i) incorporates the serial correlation properties of return data and (ii) allows us to calculate a spectral version of the bound. This generalization enables us to judge whether models match important aspects of the data in the long run, at business cycle frequencies, seasonal frequencies, etc. Our bound permits evaluation of models without requiring their explicit solution in a way that respects the dynamic im...
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作者：Wang, Neng
作者单位：Columbia University
摘要：I present an explicitly solved equilibrium model for the distribution of wealth and income in an incomplete-markets economy. I first propose a self-insurance model with an inter-tempo rally dependent preference [Uzawa, H. 1968. Time preference, the consumption function, and optimal asset holdings. In: Wolfe, J.N. (Ed.), Value, Capital, and Growth: Papers in Honour of Sir John Hicks. Edinburgh University Press, Edinburgh, pp. 485-504]. Ithen derive an analytical consumption rule which captures ...
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作者：Nelson, Edward
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
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作者：Lubik, Thomas A.; Schorfheide, Frank
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Pennsylvania
摘要：We estimate a small-scale, structural general equilibrium model of a small open economy using Bayesian methods. Our main focus is the conduct of monetary policy in Australia, Canada, New Zealand and the UK. We consider generic Taylor-type rules, where the monetary authority reacts in response to output, inflation, and exchange-rate movements. We perform posterior odds tests to investigate the hypothesis whether central banks do target exchange rates. The main result of this paper is that the c...
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作者：Adam, Klaus; Billi, Roberto M.
作者单位：European Central Bank; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：ignoring the existence of the zero lower bound on nominal interest rates one considerably understates the value of monetary commitment in New Keynesian models. A stochastic forward-looking model with an occasionally binding lower bound, calibrated to the U.S. economy, suggests that low values for the natural rate of interest lead to sizeable output losses and deflation under discretionary monetary policy. The fall in output and deflation are much larger than in the case with policy commitment ...
