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作者：Devereux, Michael B.; Engel, Charles
作者单位：University of British Columbia; University of Wisconsin System; University of Wisconsin Madison
摘要：This paper develops a view of exchange rate policy as a trade-off between the desire to smooth fluctuations in real exchange rates so as to reduce distortions in consumption allocations, and the need to allow flexibility in the nominal exchange rate so as to facilitate terms of trade adjustment. We show that optimal nominal exchange rate volatility will reflect these competing objectives. The key determinants of how much the exchange rate should respond to shocks will depend on the extent and ...
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作者：Bakhshi, Hasan; Khan, Hashmat; Rudolf, Barbara
作者单位：Swiss National Bank (SNB); Carleton University
摘要：We derive a Phillips curve equation from the dynamic stochastic general equilibrium (DSGE) model with state-dependent pricing developed by Dotsey et al. [1999. State-dependent pricing and the general equilibrium dynamics of money and output. Quarterly Journal of Economics 114, 655-690]. This state-dependent Phillips curve encompasses the new Keynesian Phillips curve (NKPC) based on Calvo-type price setting as a special case. We analyze the effect of the state-dependent terms (that is, the vari...
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作者：Ljungqvist, Lars; Sargent, Thomas J.
作者单位：Stockholm School of Economics; New York University
摘要：A representative family model with indivisible labor and employment lotteries has no labor market frictions and complete markets. Nevertheless, its aggregate responses to an increase in government supplied unemployment insurance (UI) and to an increase in microeconomic turbulence are qualitatively similar to those in two macromodels with labor market frictions and incomplete markets, namely, the matching and search-island models in Ljungqvist and Sargent [2007a. Understanding European unemploy...
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作者：Ascari, Guido; Ropele, Tiziano
作者单位：University of Pavia; University of Milano-Bicocca; European Central Bank; Bank of Italy
摘要：In the monetary policy literature it is common to assume that trend inflation is zero, despite overwhelming evidence that zero inflation is neither empirically relevant nor a practical objective for central bank policy. We therefore extend the standard New Keynesian model to allow for positive trend inflation, showing that even low trend inflation has strong effects on optimal monetary policy and the dynamics of inflation, output and interest rates. Under discretion, the efficient policy deter...
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作者：Campbell, John Y.; Nosbusch, Yves
作者单位：Harvard University; University of London; London School Economics & Political Science
摘要：In the presence of overlapping generations, a social security system, with contingent taxes and benefits, can affect both asset prices and intergenerational risksharing. In a simple model with two risky factors of production-human capital, owned by the young, and physical capital, owned by all older generations-asocial security system that optimally shares risks exposes future generations to a share of the risk in physical capital. Such a system reduces precautionary saving and increases the r...
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作者：Aruoba, S. Boragan; Rocheteau, Guillaume; Waller, Christopher
作者单位：University of Notre Dame; Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University System of Maryland; University of Maryland College Park
摘要：Search models of monetary exchange have typically relied on Nash [1950. The bargaining problem. Econometrica 18, 155-162] bargaining, or strategic games that yield an equivalent outcome, to determine the terms of trade. By considering alternative axiomatic bargaining solutions in a search model with divisible money, we show that the properties of the bargaining solutions do matter both qualitatively and quantitatively for questions of first-degree importance in monetary economics such as: (i) ...
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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：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：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...
