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作者：Faia, Ester
作者单位：Pompeu Fabra University
摘要：Business cycles are more correlated among countries that have similar financial structures. We first document this empirical regularity using OECD data, and then build a two-country DSGE model with financial ftictions that replicates it. Alternative monetary policy regimes and parameter values are explored. Output co-movements increase when the countries involved are linked by a credible exchange rate peg and when they open up to trade; they decrease when their financial openness increases. Th...
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作者：Lippi, Francesco; Neri, Stefano
摘要：A small scale new keynesian model for the euro area is estimated with maximum likelihood under the assumptions of imperfect information and discretionary monetary policy. The estimated parametrization of this widely used dynamic stochastic model unveils the monetary authorities' objectives and the information content of two indicator variables: monetary aggregates and real unit labour costs. The results highlight a significant policy concern about interest-rate smoothing and inflation; almost ...
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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：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...
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作者：Gollin, Douglas; Parente, Stephen L.; Rogerson, Richard
作者单位：Arizona State University; Arizona State University-Tempe; Williams College; University of Illinois System; University of Illinois Urbana-Champaign
摘要：In most poor countries, large fractions of land, labor, and other productive resources are devoted to producing food for subsistence needs. We show that a model incorporating the food problem can provide new and useful insights into the evolution of international income levels. In particular, we find that the food problem can explain why some countries started to realize increases in per capita output more than 250 years later in history than others. We also show that the food problem has impo...
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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：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：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：Goldberg, Dror
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：Partially directed search replaces the total randomness of monetary search models. Agents choose whether to stay in their production location or visit other locations. Each visiting agent randomly chooses one shop among many in each location. As in random matching models, a commodity or fiat object can endogenously become money, but the details are richer and conform better with evidence: any commodity can be money; the best commodity is the most likely money; fiat money can totally crowd out ...
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作者：DeJong, David N.; Ripoll, Marla
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：In the context of a simple asset-pricing environment, we study the ability of self-control preferences to account for the stock-price volatility, risk-free-rate and equity-premium puzzles. Using a full-information estimation procedure, we estimate the presence of a quantitatively small self-control effect in the data. Moreover, with results obtained using CRRA preferences serving as a benchmark, we find that the adoption of self-control preferences makes only a marginal contribution towards a ...
