3期

最新文章

• Instability of sunspot equilibria in real business cycle models under adaptive learning AI翻译
  作者：Duffy, John; Xiao, Wei
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Louisiana System; University of New Orleans
  摘要：We provide conditions under which a general, reduced-form class of real business cycle (RBC) models has rational expectations equilibria that are both indeterminate and stable under adaptive learning. Indeterminacy of equilibrium allows for the possibility that non-fundamental sunspot variable realizations can be used to drive the model, and several researchers have offered calibrated structural models where sunspot shocks play such a role. However, we show that the structural restrictions res...
• Progressive taxation in a dynastic model of human capital AI翻译
  作者：Erosa, Andres; Koreshkova, Tatyana
  作者单位：University of Toronto; University System of Ohio; Oberlin College; University of Toronto; Concordia University - Canada
  摘要：We develop a quantitative theory of economic inequality to investigate the effects of replacing the current U.S. progressive income tax system with a proportional one. The cross-sectional implications of the theory are used to discipline the assessment of the effects of tax policy and circumvent the lack of conclusive micro-evidence on the parameterization of the human capital production technology. We find that the elimination of progressive taxation increases steady state level of output by ...
• Vested interests and technology adoption AI翻译
  作者：Bridgman, Benjamin R.; Livshits, Igor D.; MacGee, James C.
  作者单位：Western University (University of Western Ontario); Western University (University of Western Ontario)
  摘要：The asymmetric ability of different interest groups to exclude non-members and the concentrated benefits and diffused costs of policies favoring vested interests matters for technology adoption. We analyze a political economy model where coalitions of workers in many small industries lobby government for a prohibition on the adoption of superior technologies. For reasonable parameter values, the smallness of industry lobbies leads to barriers to the adoption of technologies that would make all...
• Bank loan portfolios and the monetary transmission mechanism AI翻译
  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...
• On money and output: Is money redundant? AI翻译
  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...
• Discretionary monetary policy and the zero lower bound on nominal interest rates AI翻译
  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 ...
• Similarities and convergence in G-7 cycles AI翻译
  作者：Canova, Fabio; Ciccarelli, Matteo; Ortega, Eva
  作者单位：European Central Bank; ICREA; Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Banco de Espana
  摘要：This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross-country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller role. We detect differences across business cycle phases but, apart from an increase in synchronicity in the late 1990s, find little evidence of major structural changes. We also find no evidence of the ...
• Structural identification of high and low investment regimes AI翻译
  作者：Letterie, Wilko A.; Pfann, Gerard A.
  作者单位：Maastricht University
  摘要：We propose a structural model to investigate the existence and possible differences between low and high regimes of investment expenditures in equipment at the firm level. The existence of such differences is predicted by recent theoretical studies of investment behavior stressing the role of asymmetries and non-convexities in the adjustment cost technology. The structural spike model is estimated for a balanced panel of Dutch firms operating in 13 different industrial sectors. The flexibility...
• Menu costs and Markov inflation: A theoretical revision with new evidence AI翻译
  作者：Ahlin, Christian; Shintani, Mototsugu
  作者单位：Vanderbilt University
  摘要：We revisit a foundational theoretical paper in the menu-cost literature, Sheshinski and Weiss [1983. Optimum pricing policy under stochastic inflation. Review of Economic Studies 50(3), 513-529], one of the few to treat stochastic inflation with persistent deviations from trend. In contrast to the original finding, we show that optimal pricing in this environment entails using different (s, S) bands in high-inflation and low-inflation states of the world. The low-inflation band is strictly con...
• Risk aversion, intertemporal substitution, and the aggregate investment-uncertainty relationship AI翻译
  作者：Saltari, Enrico; Ticchi, Davide
  作者单位：University of Urbino; Sapienza University Rome
  摘要：We analyze the role of risk aversion and intertemporal substitution in a simple dynamic general equilibrium model of investment and savings. Our main finding is that risk aversion cannot by itself explain a negative relationship between aggregate investment and aggregate uncertainty, as the effect of increased uncertainty on investment also depends on the intertemporal elasticity of substitution. In particular, the relationship between aggregate investment and aggregate uncertainty is positive...