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作者：Fatum, R
作者单位：University of Alberta
摘要：This paper employs a multi-country delegation monetary policy model and argues that a decision-making mechanism based on the median voter theorem where intensity of preferences cannot play a role does not capture important aspects of policy setting in the European Monetary Union. Replacing the median voter mechanism with a less restrictive weighted mean mechanism, it is shown that strategic delegation can lead to a surprising degree of central bank inflation aversion. This finding supports the...
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作者：Bordo, Michael D.
作者单位：Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research
摘要：This is a book review of A History of the Federal Reserve. Volume 1 (2003) by Allan H. Meltzer. (c) 2006 Elsevier B.V. All rights reserved.
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作者：Silber, WL
作者单位：New York University
摘要：The outbreak of World War I shut the New York Stock Exchange for more than 4 months. The conventional explanation maintains that the closure prevented a collapse in stock prices that threatened a repetition of the Panic of 1907. This paper shows that the Wilson Administration encouraged the suspension of trading to pave the way for launching the Federal Reserve System, which was in the process of being born. Federal Reserve insiders considered an adequate stock of gold crucial to the success o...
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作者：Pennacchi, G
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：Empirical evidence is presented to show that in modern times banks can hedge liquidity shocks but could not, do so prior to FDIC insurance. However, the government's limitations in properly pricing FDIC insurance are leading to many current examples of moral hazard. A model is presented to show that if insurance premiums are set to be actuarially fair, incentives for banks to take excessive systematic risks remain. Motivated by empirical evidence that money market Mutual funds also can hedge l...
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作者：Wei, Shang-Jin
作者单位：International Monetary Fund
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作者：Brandt, Michael W.; Cochrane, John H.; Santa-Clara, Pedro
作者单位：University of Chicago; Duke University; University of California System; University of California Los Angeles
摘要：Exchange rates depreciate by the difference between domestic and foreign marginal utility growth or discount factors. Exchange rates vary a lot. as Much as 15% per year. However. equity premia imply that marginal utility growth varies much more, by at least 50% per year. Therefore. marginal utility growth must be highly correlated across countries: international risk sharing is better than you think. Conversely, if risks really are not shared internationally. exchange rates should vary more th...
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作者：Andersson, Malin; Dlllen, Hans; Sellin, Peter
作者单位：Sveriges Riksbank; European Central Bank
摘要：This paper examines how various monetary policy signals such as repo rate changes, inflation reports, speeches, and minutes from monetary policy meetings affect the term structure of interest rates. We find that unexpected movements in the short end of the yield curve are mainly driven by unexpected changes in the repo rate. However, published inflation reports and speeches also have some impact on short rates. Speeches are found to be a more important determinant for the longer end of the ter...
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作者：Collard, Fabrice; Dellas, Harris
作者单位：University of Bern; Centre National de la Recherche Scientifique (CNRS); Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：We evaluate the case for inflation stabilization in a New Keynesian (NNS) model that includes various frictions, capital accumulation and a variety of shocks. In such a model, price rigidity may provide the monetary authorities with an opportunity to improve upon the inefficient flexible price equilibrium via the suitable cyclical manipulation of real marginal costs. We find that such an opportunity is of limited value and that a strong case for perfect inflation stabilization remains. Policie...
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作者：Harrison, Sharon G.; Weder, Mark
作者单位：Columbia University; Humboldt University of Berlin; Humboldt University of Berlin; University of Adelaide
摘要：We apply a dynamic general equilibrium model to the period of the U.S. Great Depression. In particular, we examine a modification of the real business cycle model in which the possibility of indeterminacy of equilibria arises. In other words, agents' self-fulfilling expectations can serve as a primary impulse behind fluctuations. We find that the model, driven only by these measured sunspot shocks, can explain well the entire Depression era. That is, the decline from 1929 to 1932, the subseque...
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作者：Brissimis, Sophocles N.; Magginas, Nicholas S.
作者单位：European Central Bank; Bank of Greece; University of Piraeus; Athens University of Economics & Business
摘要：With a view to addressing the major disadvantage of the VAR model, namely the inadequate description of the central bank reaction function, we propose a VAR specification that proves successful in solving the price puzzle featuring in monetary VARs for the US. This specification consists in augmenting a standard VAR with two forward-looking variables: the federal funds futures rate (or alternatively a money market forward rate) reflecting monetary policy expectations and a composite leading in...
