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作者：Bayer, Christian
作者单位：Dortmund University of Technology
摘要：This paper examines the implications of financing frictions on capital stocks and on capital accumulation in the presence of non-convex costs of adjusting the capital stock. In this setup finance has an influence on both, the level of capital and the timing of investment. Finance and productivity are complements and finance influences investment the strongest when firms wish to significantly adjust capital for fundamental reasons. These theoretical considerations are confronted with UK data. W...
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作者：Alvarez-Lois, Pedro P.
作者单位：Bank of England
摘要：This paper presents a monetary dynamic general equilibrium model featuring a strong internal propagation mechanism. Limited short-run factor substitutability and idiosyncratic demand uncertainty play a prominent role in the results. Firms are ex post heterogeneous and a well defined distribution of capacity utilization rates characterizes the equilibrium of the model. The economy responds gradually to aggregate shocks since firms with excess capacity can raise production without experiencing l...
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作者：Uribe, Martin
作者单位：Duke University; National Bureau of Economic Research
摘要：Under certain monetary-fiscal regimes the risk of default and thus the emergence of sovereign risk premiums are inevitable. This paper argues that in this context even small differences in the specification of monetary policy can have enormous effects on the equilibrium behavior of default rates and risk premiums. Under some monetary policy rules studied, the conditional expectation of default rates and sovereign risk premiums are constant, so movements in these variables always arrive as a su...
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作者：Ellison, Martin
作者单位：University of Warwick; Centre for Economic Policy Research - UK
摘要：Many central banks in many time periods have sought to avoid interest rate reversals, but at present there is no good explanation of this phenomenon. Our analysis identifies a new learning cost associated with reversing the interest rate. In a standard monetary model with forward-looking expectations, data uncertainty and parameter uncertainty, a policy that frequently reverses the interest rate makes learning the key parameters of the model more difficult. Optimal monetary policy internalises...
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作者：Bergin, Paul R.; Glick, Reuven; Taylor, Alan M.
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：Long-run cross-country price data exhibit a puzzle. Today, richer countries exhibit higher price levels than poorer countries, a stylized fact usually attributed to the Balassa-Samuelson (BS) effect. But looking back 50 years, this effect virtually disappears from the data. What is often assumed to be a universal property is actually quite specific to recent times, emerging a half century ago and growing steadily over time. What might potentially explain this historical pattern? We develop an ...
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作者：Kimbrough, Kent P.
作者单位：Duke University
摘要：A classic monetary policy result is that revenue maximization entails setting the inflation tax rate equal to the inverse of the interest semi-elasticity of the demand for money. The standard approach underlying Cagan's rule is partial equilibrium in nature, treating money demand as being given from outside the model and abstracting from the real effects of inflation. This paper reconsiders the question of the revenue maximizing inflation rate in a general equilibrium framework with a laborlei...
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作者：Li, Yiting
作者单位：National Taiwan University
摘要：We study competition between inside and outside money in economies with trading frictions and financial intermediation. Claims on banks circulate if the redemption rate is low. When the quantity of fiat money is scarce, coexistence of inside and outside money dominates equilibria with a unique medium of exchange. If outside money is ample, banks choose to redeem claims in outside money, which increases welfare. Under binding reserve requirements, tightening monetary policy leads to credit rati...
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作者：Rappaport, Jordan
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：A simple augmentation of the Ramsey-Cass-Koopmans growth model allows it to match observed transitions by initially poor economies. A high-convexity installation cost directly dampens investment demand for a first capital input. The resulting scarcity acts as a bottleneck, strongly dampening demand for investment in a complementary capital input as well. The match to observed transitions holds both for narrow and broad interpretations of capital. In either case, the bottleneck capital's share ...
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作者：Ortigueira, Salvador
作者单位：European University Institute
摘要：The persistence of high-unemployment rates in Europe has fueled theories advocating the existence of multiple natural rates of unemployment. Labor-market institutions and increasing returns to scale have been singled out as the main causes of multiplicity and, therefore, of high-unemployment traps. The contribution of this paper is both to expand the set of mechanisms leading to multiple natural rates of unemployment and to establish a minimum set of assumptions under which such multiplicity m...
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作者：Flandreau, Marc; Komlos, John
作者单位：University of Munich
摘要：An experiment with an exchange-rate band in Austria-Hungary in the early 20th century provides a rare opportunity to discuss critical aspects of the theory of target zones. Providing a new derivation of the target zone model as a set of nested hypotheses, the inference is drawn that policy credibility and market efficiency were paramount in the success of the Austro-Hungarian experience. (c) 2006 Elsevier B.V. All rights reserved.
