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作者：Corsetti, Giancarlo; Guimaraes, Bernardo; Roubini, Nouriel
作者单位：University of London; London School Economics & Political Science; New York University; National Bureau of Economic Research
摘要：This paper analyzes the trade-off between official liquidity provision and debtor moral hazard in international financial crises. In the model, crises are caused by the interaction of bad fundamentals, self-fulfilling runs and policies by three classes of optimizing agents: international investors, the local government and an international official lender. Limited contingent liquidity support helps to prevent liquidity runs by raising the number of investors willing to lend to the country for ...
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作者：Li, Wenli; Sarte, Pierre-Daniel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We study the implications of U.S. personal bankruptcy rules for resource allocation and welfare. Our analysis shows that general equilibrium considerations along with bankruptcy chapter choice and production matter crucially for the effects of policy reform. Contrary to previous work, we find that completely eliminating bankruptcy provisions causes significant declines in output and welfare by reducing capital formation and labor input. Furthermore, subjecting Chapter 7 filers to means testing...
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作者：Burnside, Craig; Eichenbaum, Martin; Rebelo, Sergio
作者单位：National Bureau of Economic Research; Northwestern University; Northwestern University; Center for Economic & Policy Research (CEPR); Duke University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We address three questions: (i) Can classical models be reconciled with the fact that many crises are marked by high rates of depreciation and small increases in seignorage revenue? (ii) What are the implications of different financing methods for post-crisis rates of inflation and depreciation? (iii) How do governments pay for the fiscal costs associated with currency crises? To study these questions we use a general equilibrium model in which prospective government deficits trigger a currenc...
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作者：Preston, Bruce
作者单位：Columbia University
摘要：This paper argues that recently popular forecast-based instrument rules for monetary policy may fail to stabilize economic fluctuations. In a New Keynesian model of output gap and inflation determination in which private agents face multi-period decision problems, but have non-rational expectations and learn over time, if the monetary authority adopts a forecast-based instrument rule and responds to observed private forecasts then this class of policies frequently induce divergent learning dyn...
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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：Benigno, Gianluca; Benigno, Pierpaolo
作者单位：New York University; University of London; London School Economics & Political Science
摘要：This study analyzes a two-country dynamic general equilibrium model with nominal rigidities, monopolistic competition and producer currency pricing. A quadratic approximation to the utility of the consumers is derived and assumed as the policy objective function of the policymakers. It is shown that only under special conditions there are no gains from cooperation and moreover that the paths of the exchange rate and prices in the constrained-efficient solution depend on the kind of disturbance...
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作者：Delacroix, A
作者单位：University of Quebec; University of Quebec Montreal
摘要：We develop an equilibrium matching model where unions have an important institutional presence. Monopolistic competition characterizes the goods market, where only some sectors are unionized. Thus, the model can vary the coverage of collective bargaining. It can vary the degree of coordination between unions, and alternatively consider national and sectorial unions. Calibration to the union premium implies a workers' rent extraction parameter much lower than assumed in the matching literature....
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作者：Eisfeldt, Andrea L.; Rampini, Adriano A.
作者单位：Northwestern University
摘要：This paper shows that the amount of capital reallocation between firms is procyclical. In contrast, the benefits to capital reallocation appear countercyclical. We measure the amount of reallocation using data on flows of capital across firms and the benefits to capital reallocation using several measures of the cross-sectional dispersion of the productivity of capital. We then study a calibrated model economy where capital reallocation is costly and impute the cost of reallocation. We find th...
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作者：Jensen, Mark J.; Liu, Ming
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Chinese University of Hong Kong
摘要：This paper investigates how the occasional long swing in the business cycle can produce long-memory behaviour in US output. chain regime switching model of real aggregate output to include the occasional long regime. We do this by modeling the duration length of the expansion and recession regimes as draws from a fat-tailed distribution with realized durations that are high in variability and occasionally extreme in value. Empirically, we find that the tail indices for the length of US economi...
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作者：Wang, Weimin; Shi, Shouyong
作者单位：University of Toronto
摘要：We construct a dynamic equilibrium model where there is costly search in the goods market and the labor market. Incorporating shocks to money growth and productivity, we calibrate the model to the US time series data to examine the model's quantitative predictions on aggregate variables and, in particular, on the variability of consumption velocity of money. Despite the fact that money is the only asset, the model captures most of the variability of velocity in the data. It also generates real...
